PROVIDENCE – The median price of a single-family home in Rhode Island in November increased 11.4% year over year to $323,000, the Rhode Island Association of Realtors said Thursday.
The median price of a home in Rhode Island was $335,000 one month prior.
There were 1,102 sales of single-family homes in the state in November, an increase of 26.4% year over year.
Listings in the state declined 44% year over year to 1,670. Pending sales increased by 41.7% in that time to 1,311.
“The last time we saw such a strong sellers’ market was the early 2000s, but the conditions are completely different now. That frenzy was caused by the rampant availability of sub-prime loans. This time, the market has been driven by scarce inventory, historically low interest rates and buyers’ desire for a comfortable home base in the era of COVID,” said Leann D’Ettore, president of the Rhode Island Association of Realtors.
Part of the strong home sale market was also driven by an increase in out-of-state buyers, RIAR said.
Condominium sales in the state totaled 213 in November, a rise of 10.9% year over year.
The median sale price of a condo was $250,000, a decline of 8.3% year over year.
Listings of condos in the state totaled 526, a decline of 23.7% from one year prior. Meanwhile, pending sales surged 61.5% over the year to 344.
“This is the first time all year that we saw a year-over-year dip in median price among condo sales. Overall, condo prices have remained relatively stable. Condos remain a good option for first-time home buyers, as the entry-level price tag tends to be lower than multifamily and single-family homes,” said D’Ettore.
Multifamily home sales totaled 193 in November, a decline of three year over year.The median sale price of a multifamily home in the state was $330,100, a rise of 17.9% year over year.
Listings of multifamily homes increased 2.2% year over year to 458. Pending sales rose 28.9% in that time to 424.
