WARWICK – The median price of single-family homes sold in Rhode Island continued to climb in January, rising 10.8 % from a year ago, while sales increased after falling in the last six months of 2021, the Rhode Island Association of Realtors said Thursday.
The median sale price rose to $370,000, while the number of sales increased by 5.4 % in January compared with the same month last year.
“We expected to stay busy into 2022, but the sudden year-over-year uptick in closed sales was a bit unexpected after six months of decline. It could be that the threat of rising interest rates brought more buyers into the market and/or the volatility of the stock market caused more people to invest in real estate.” Agueda Del Borgo, president of the Rhode Island Association of Realtors said. “Given the rising rate of inflation, others may have been enticed to stabilize their housing expense by avoiding rising rents.”
Condominium sales rose by 1.9 % and multifamily home closings increased 17.3% from January 2020. Median prices also increased for both sectors. The median condominium price of $299,999 climbed 20.3% compared to last year, while the median price of multifamily homes jumped 21.2% to $399,900.
The number of days a home stayed on the market decreased in January to 42 compared with 50 a year ago.
