Warwick, RI, December 19, 2019 – Sales data released today by the Rhode Association of Realtors showed that the median sales price of single-family homes sold in Rhode Island rose to $290,000 in November, an 8.3 percent increase over November of 2018. Though sales activity decreased by 5.6 percent year-over-year, pending sales – or those under contract in November but not yet closed – rose by 23.8 percent, an indication of increasing sales in the weeks ahead.
“Double-digit increases in pending sales for the past two months point to a strong finish for Rhode Island’s housing market. Though we could use more homes on the market, overall, it’s been a robust year for Rhode Island real estate,” said Shannon Buss, president of the Rhode Island Association of Realtors.
Condominium sales followed the same trend with November’s median sales price rising a robust 22.2 percent year-over-year while sales activity dropped four percent. At $272,500, November’s median sales price was the highest monthly median condo price on record.
The median price of multifamily property sales also climbed to $280,000, an increase of 12 percent from November of 2018. Sales activity in the multifamily home sector also rose by 7.1 percent.