Report: R.I. had fastest drop in median home value from 2010-2018 in U.S.

THE MEDIAN home price in Rhode Island declined 10.6% from 2010 to 2018, the fastest rate of decline of any state in the U.S./ BLOOMBERG NEWS FILE PHOTO/SCOTT MCINTYRE
THE MEDIAN home price in Rhode Island declined 10.6% from 2010 to 2018, the fastest rate of decline of any state in the U.S./ BLOOMBERG NEWS FILE PHOTO/SCOTT MCINTYRE

PROVIDENCE – Rhode Island had the largest percent drop of median home values of any state and Washington, D.C., from 2010 to 2018, according to a LendEdu analysis of U.S. Census Bureau data.

The analysis, released Thursday, shows that the median value of a home in Rhode Island fell 10.6% in that time to $249,800 from $279,300.

Rhode Island was one of three New England states with a decline in value during between 2010 and 2018, the most recent census data available.

It’s worth noting that earlier this week, the Rhode Island Association of Realtors said that 2019 values of sold homes set a record high for the state, passing pre-recession prices. However, the census values reflect the value of all homes, not just homes involved in transactions.

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The report also said that Rhode Island had the 15th highest median home value among states in 2018, while the Ocean State had the ninth highest median home price among states in 2010.

New England home value changes from 2010 to 2018:

  • Vermont: No. 30 in the country, increasing 7.3% to $223,700
  • Mane: No. 32, increasing 4.7% to $184,500
  • Massachusetts: No. 33, increasing 4.1% to $366,800
  • New Hampshire: No. 42, declining 0.2% to $252,800
  • Connecticut: No. 49, declining 8% to $272,700
  • Rhode Island: No. 51, declining 10.6% to $249,800

North Dakota had the highest percent increase in the study’s timeline, rising 66.2% to $185,000, followed by Colorado, where home values rose 32.5% to $313,600.

Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.

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