PROVIDENCE – The median price of single-family homes sold in the Providence-Warwick metro area rose to $450,000 in February, a 5% increase from a year ago, according to Realtor.com.
The online real estate seller’s Monthly Housing Trends Report found that the U.S. median listing price hit a new all-time high of $392,000, a 12% spike from February 2021.
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The Rhode Island Association of Realtors reported in January the median price of single-family homes was $370,000 in the Ocean State, an increase of 5.4% from January 2021.
“Over the last five years, we have seen home prices break records early in the season as buyers try to get ahead of the competition. But this is the first time the record has been broken in February, signaling that competition is already heating up weeks before the start of the spring buying season in a typical year,” Realtor.com Chief Economist Danielle Hale said in a March 4 news release. “While the number of homes on the market remains woefully behind buyer demand, in February we saw declines in new listings improve for the first time since November 2021, indicating potential hope on the horizon. Whether inventory continues to improve will depend on a variety of economic and geopolitical factors, including the conflict in Ukraine and mortgage rate hikes, which haven’t impacted home sales or price growth so far, but will increasingly lessen buyers’ purchasing power.”
Las Vegas metro area saw the highest increase in the nation at 39.6%, followed by Miami, 31.6%, and Tampa, Fla. 31.5%, according to the Realtor.com report. Rochester, N.Y., minus 18.5, Detroit, minus 16.5%, and Pittsburgh, minus 14.5, had the biggest median sale price declines in the U.S.
Boston-Cambridge-Newton, Mass., had the highest median-price in New England at $749,000, a 10.2% increase from February 2022 according to the Realtor.com data. Hartford, Conn., metro area, which included data from East Hartford and West Hartford, saw median-price year over year increase of 21.7% at $365,000.
The U.S. inventory of active listings declined 24.5% year-over-year in February, improving slightly over last month’s annual gap of minus 28.4%, according to the report. However, there were still 122,000 fewer available listings than during a typical day in February 2021 and inventory was down 62.6% from February 2020, the online real estate seller said.
