WARWICK – The price of a single-family house in Rhode Island continued to rise in July, to $331,825, fed by a shortage of available listings and continued demand, the Rhode Island Association of Realtors reported.
That sum represents an 11.5% increase over July 2019 and a 7.3% gain from last month.
The lack of inventory is problematic across all market sectors, including single-family homes and condos, the association said.
The state had a 35.7% decline in condos, single-family and multifamily home listings in July, compared to July 2019.
Across the state, nearly all communities are defined as extreme seller’s markets, where the market has less than two months of inventory, and is most advantageous to people selling properties.
In July, 1,222 single-family houses were sold in Rhode Island. The average time on market was 51 days, a 15% drop from last year.
In the condominium market, 217 units sold for a median price of $242,000. The average for days on market was 71, a 20% increase over 2019.
In the multifamily market, 148 units were sold for a median price of $300,000. The average for days on market was 43, a slight increase over last year.
Mary MacDonald is a staff writer for the PBN. Contact her at macdonald@pbn.com.
