October 22, 2019 — The Rhode Island Association of Realtors (RIAR) and its subsidiary, State-Wide Multiple Listing Service, released September sales data today which showed that Rhode Island’s single-family home market is holding steady heading into the fall. The median price of September sales rose 9.1 percent to $295,000. Closing activity also increased 11.6 percent from 12 months earlier. Single-family homes under contract but not sold by the end of the month rose 4.4 percent, an indication that closing activity should remain strong in the coming months.
In other sectors of the market, condominium sales also saw a hike in median price, rising nine percent to $242,950, though sales activity declined 11.9 percent from September of 2018. Multifamily properties followed the same trends with median price increasing by 7.9 percent to $275,000 and closings decreasing by 4.2 percent.
“It’s a good time to be a homeowner or a potential homeowner,” said 2019 RIAR president, Dean deTonnancourt. “Inventory remains scarce, so sellers are seeing higher gains and buyers who find a home are seeing some of the lowest mortgage rates ever. It’s a win-win all around,” he commented.
New consumer findings from a National Association of Realtors® survey released in September support DeTonnancourt’s opinion. Sixty-three percent of those polled said they believe that now is a good time for a home purchase. Encouraged by historically low mortgage rates, older demographics – baby boomers and older – were particularly optimistic. Seventy-four percent of those polled said that now is a good time to sell a home.