Warwick, R.I. – November 19, 2020 – With a 24.7 percent year increase in October sales year over year, it doesn’t appear that the pandemic has tempered demand in Rhode Island’s housing market. Today the Rhode Island Association of Realtors released October home sales statistics that portray a record-breaking market that shows little sign of slowing down, even into the holidays. With 1252 single-family home sales last month, October was the busiest month on record, despite being the time of year when sales typically begin to decelerate.
In addition to experiencing more monthly sales than ever before, the median price of single-family homes has risen by double digits for the past four months. October’s median price was $335,000, 16.6 percent higher than that realized in October of 2019.
The number of days a single-family home remained on the market, fell by 21 percent last month while pending sales – those under contract but not closed by the end of October – rose by 47.1 percent from a year ago.
Rhode Island saw a 56.7 percent increase in out-of-state buyers last month, with the most out-of-state buyers coming from Massachusetts, New York and Connecticut. The number of buyers from each of those states increased nearly 60 percent from the previous October.
“This is unprecedented. Rather than slowing sales down, the pandemic fueled our housing market. Pent-up demand, already growing due to lack of inventory and low interest rates, has increased even more by an influx of new buyers choosing Rhode Island as their home,” said Leann D’Ettore, president of the Rhode Island Association of Realtors.
The same trends followed among multifamily home sales which rose 14.9 percent. The median sales price of those sales increased 20 percent from October of 2019 to $330,000, the highest monthly price for multifamily home sales on record. Days on market decreased to 31 days from 49, while pending sales rose by 18.8 percent.
The condominium market realized a 34.2 percent gain in sales activity though median price appreciation was more subdued at just one percent. The average number of days condominiums stayed on the market remained stable, falling from 62 days in October of 2019 to 61 days last month. Pending sales rose 31 percent.
See more statistics and market information here.