Warwick, R.I. – November 4, 2024 – Sales data released by the Rhode Island Association of Realtors indicates a jump in year-over-year single-family home sales in the third quarter, compared to falling sales in the first two quarters of the year.  The number of closed sales rose 8.5% compared to July through September of last year.

“Mortgage rates fell over the summer in anticipation of the Federal Reserve’s September rate cut which helped spark sales in the third quarter. Since then, rates have climbed, so we’re seeing sales slow down a bit again,” said Sally Hersey, 2024 President of the Rhode Island Association of Realtors.

The median price of single-family home sales continued to climb, rising from $448,000 in Q3 2023 to $490,000 this year. Homes that sold for less than $500,000 accounted for more than half of all sales.

The multifamily home sector slowed considerably from July through September, following a robust second quarter. The third quarter saw no change in sales activity from Q3 2023, though median price continued to climb, rising 15.7% to $561,000.

Condominium sales increased by 7.4% compared to 12 months earlier, while the median price remained relatively stable, falling .4% to $377,500.

“It’s important to remember that local markets and sales trends can vary significantly from nationwide or even statewide movements. A successful sale in today’s housing market requires that sellers rely on a Realtor to let them know what is happening in the town and neighborhood their property is in. A professional that knows their market will guide them on how to position their real estate to maximize their return. An over-priced home that sits too long can ultimately lower the sale price,” said Hersey.