While still rising, the appreciation in Rhode Island’s median single-family home sales price continued to moderate in August according to the Rhode Island Association of Realtors. While up year-over-year by more than 20% earlier this year, the median home sale in August was $405,000, an increase of just 3.9% from August 2021.
According to data from State-Wide Multiple Listing Service, a subsidiary of the Rhode Island Association of Realtors, the monthly median price of single-family homes has followed an upward trend for 66 consecutive months. The rate of increase has been diminishing since April however, when the median price of homes escalated by 20% more than 12 months earlier. By July, the median price rose only 6.8 percent to $410,000, the lowest rate of increase since the spring of 2020, following the economic shutdown.
As a result of a new law, all rental properties, units, or rooms that will be listed on a third-party hosting platform and rented for not more than thirty (30) nights, will be required to register with the Rhode Island Department of Business Regulation. DBR anticipates that registration will be available starting on October 1, 2022.
The REALTOR® Foundation: Rhode Island offers quarterly grants of up to $5000 to non-profit organizations that provide financial and other forms of assistance to Rhode Islanders affected by a personal or natural disaster. The deadline for the third quarter application cycle is August 15th at 5 pm.
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All rental properties, units, or rooms that will be listed on a hosting platform, such as Airbnb, Vacation Rental by Owner, etc., and rented for not more than thirty (30) nights, will be required to register with the Rhode Island Department of Business Regulation as a result of a law that went into effect earlier this year.
Second-quarter home sales data released today by the Rhode Island Association of Realtors and its subsidiary, State-Wide Multiple Listing Service, displayed a continued trend of waning sales that started in the third-quarter of last year. Closed transactions fell 14.1% in the second-quarter of this year from the same time in 2021.
The median price of single-family homes sold in Rhode Island hit an all-time high of $430,000 in June. Sales fell year over year for the fifth consecutive month, leading to an increase in supply.
Incentives available for landlords willing to help support households who have been experiencing homelessness.
Would you like to have input into issues that affect you and your profession? Become a leader at the national level. Apply to serve on the 2022-2023 National Association of REALTORS® Board of Directors by August 4th.
Warwick, R.I. – June 16, 2022 –Single-family home sales fell year-over-year by 8% in May while the median price of those sales rose 14.8%, to $419,000. Inventory continued to increase for the third consecutive month to a 1.5-month supply. While still well below the six-month supply indicative of a balanced market, May’s inventory of single-family homes for sale was the highest it has been since October of last year. The supply of homes available for sale takes into consideration the number of listings on the market in a given month and the rate of sales.