Market Trends

Low Inventory Drives Up Median Price

February 22, 2018–A diminishing supply of homes for sale continues to push prices upward in Rhode Island’s single-family home market. At $244,900, January’s median sales price was nine percent higher than that seen a year earlier.
Last month’s closing activity dropped 8.8 percent from a year ago and pending sales – those under contract but not closed – dropped 33 percent year-over-year.
With just 2497 single-family homes on the market last month, Rhode Island had less than a three-month supply of listings in January, resulting in a single-family home market that significantly favored sellers. The diminishing supply is clearly hindering sales activity.
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