PROVIDENCE – The single-family housing market in Rhode Island saw a rise in median price of 7.5 percent in the second quarter of 2017 year over year, the Rhode Island Association of Realtors Inc. announced in a report released Wednesday.
The median sale price of single-family homes was $258,000 for those sold between April and June. Towns that received the largest bump in price year over year for the single-family home market were Scituate (37.4 percent to $312,950), Burrillville (31.6 percent to $266.500) and Tiverton (27.8 percent to $309,900).
Central Falls single-family home prices fell more than any other municipality in Rhode Island year over year in the second quarter of 2017, falling 24.91 percent to $110,000, however, only four sales were recorded in that time.
Over the same period of time, the median price for condominiums rose to $212,500, a 6.3 percent increase from one year prior.
Sales activity also rose in the second quarter, 3.7 percent year over year for single-family homes and 4.1 percent for condominiums over the same period last year.
Multi-family homes median sales prices rose 11.1 percent year over year and sales activity increased by 24.7 percent.
“While the supply of homes for sale remains lower than last year, the market remains extremely active,” said Brenda L. Marchwicki, president of the Rhode Island Association of Realtors. “It appears that better economic conditions and the fear of rising prices are motivating people to buy now.”
Distressed single-family home properties in the state also declined 17.1 percent year over year to 252 distressed properties in the second quarter of 2017.
Kyle Borowski is a PBN contributing writer.
