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Continued strength evident in Rhode Island’s third quarter housing market

At $295,000, the median price of single-family homes sold in the third quarter rose 7.3 percent from the same time last year. The data reported today by the Rhode Island Association of Realtors and its subsidiary, State-Wide Multiple Listing Service, also showed a 4.6 percent increase in closing activity year-over-year.

“Rhode Island’s housing market remains steady heading into the last quarter of the year. Low interest rates are definitely keeping potential buyers in the game,” said Dean detonnancourt, 2019 president of the statewide Realtor Association.

Washington County saw some of the largest increases in median price, with three of its municipalities leading the state in gains. The median sales price of single-family homes in Hopkinton and Exeter rose just over 21 percent, and Westerly saw a 17.4 percent increase.

The Newport County towns of Middletown, Tiverton and Portsmouth saw the largest expansion in sales activity from year to year.

In other sectors, growth in the median price of multifamily homes sold in the third quarter surpassed that of single-family homes, rising ten percent to $275,000. Sales activity slowed marginally however, ending the quarter.2 percent below July through September of 2018. As expected, Providence had the largest number of multifamily homes sold with 196 sales followed by Pawtucket with 77.

The median sales price of condominiums saw the largest gain of all housing types. Last quarter’s $239,900 median price represented an 11.6 percent increase from third quarter, 2018. Sales remained relatively stable, rising just .5 percent. However, due to less stringent financing guidelines for condos put in effect this month, sales activity is expected to increase in the coming months.

“Overall we’re optimistic about the market going forward. Though prices are rising, extremely low interest rates are boosting affordability – a boon for buyers and sellers,” said deTonnancourt.