Warwick, RI – June 20, 2018…The median price of single-family homes sold in Rhode Island reached $275,000 last month, a ten percent increase over May of 2017. Rhode Island has not reached a higher monthly median sales price since August 2007 according to a report released today by the Rhode Island Association of Realtors® and its subsidiary, State-Wide Multiple Listing Service.
Single-family properties remained on the market just 49 days before selling, the shortest time frame in nearly 14 years. The number of homes for sale continued to fall year-over-year, continuing a trend of tightening inventory which began in 2015. The diminished supply resulted in a 7.6 percent drop in sales compared to a year earlier.
“Competition is fierce and buyers are finding themselves in a race to the finish line. Inventory is so tight that properties are being sold as soon as they go on the market, often in multiple bid situations,” said Joe Luca, President of the Rhode Island Association of Realtors. “Fortunately, the market isn’t being fueled by lax lending rules as we’ve seen in the past – just by pent-up demand.”