WARWICK – The median price of single-family homes sold in Rhode Island continued to climb in November, rising 16.1% from a year ago, though sales fell for a fifth consecutive month, The Rhode Island Association of Realtors said on Wednesday.
The median sale price rose to $375,000, while the number of sales fell by 8.2% in November compared to the same month last year.
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“Though prices are escalating, houses are moving,” said association President Agueda Del Borgo in a statement. “Sales may have dropped from 12 months earlier, but they still hit a second-best record for November. Preliminary data for December shows that sales should continue to be strong through the remainder of the year.”
The shortage of single-family homes on the market led buyers to other sectors, according to the association.
Condominium sales rose by 11.7% and multifamily home closings increased 4.7% from November 2020. Median prices also increased for both sectors. The median condominium price of $293,500 increased 17.4% compared to last year, while the median price of multifamily homes increased 16.6% to $385,000.
Earlier this month, Realtor.com forecast the real estate market in and around Providence will be among the hottest in the nation next year, with home sales forecasted to rise 8.1%.
