Warwick, R.I. – May 17, 2024 – Rhode Island’s spring housing market started off with increased activity last month. The Rhode Island Association of Realtors reported that year-over-year sales of single-family homes rose by 6.3% from the previous April, marking just the second time since the beginning of 2022 that monthly sales have outpaced those of 12 months earlier. 

In April, the number of listings also increased 4.4% from the prior year, although due to a higher rate of sales, an already critically low supply of inventory diminished further.

The median sales price of single-family homes of $453,000 was 6.6% higher than that realized in April 2023.

“Despite higher interest rates and prices, pent up buyer demand is bringing buyers back into the market, but more inventory is still desperately needed to accommodate the demand. That’s why the Rhode Island Association of Realtors supports Speaker Shekarchi’s plan to increase housing units in Rhode Island. More production means more access to homeownership, which is critical to our residents, our communities and our economy,” said Sally Hersey, president of the Rhode Island Association of Realtors.

Hersey pointed out that in 2023, the real estate industry accounted for $14.6 billion or 18.9% of Rhode Island’s gross state product, according to research from the National Association of Realtors.

Multifamily home sales saw the largest annual increase in the median sales price last month, rising 16.7% to $525,000. Closing activity rose 12.9% and the number of listings increased by 10.2%. Often attracting investors and cash and financially fit buyers, the multifamily market is rife with competition.

The median price of $349,900 for condominiums sold in April appeared to be a relative bargain compared to single-family and multifamily home sales. Sales increased by 17.8% from the previous year and the median price of those sales rose 2.9% from $340,000 a year earlier. The number of condominiums listed for sale shot up by 16.7%.

All residential property types continue to suffer a critical shortage of supply with multifamily homes having the least availability and the condominium market providing the most options, though still limited.

Sales data is pulled from State-Wide Multiple Listing Service and represents all Realtor-transacted sales in Rhode Island. State-Wide MLS is a subsidiary of the Rhode Island Association of Realtors.