Market Trends

R.I. single-family home sales rise in second quarter

August 1, 2019 — The Rhode Island Association of Realtors released second-quarter sales statistics today from State-Wide Multiple Listing Service, an association subsidiary which tracks all Realtor-assisted sales. The data portrayed a Rhode Island housing market that continued to gain momentum from the previous year. The number of existing single-family home sales increased 2.6 percent in the second quarter, compared to the same time period in 2018. The median price of those sales rose 4.3 percent to $292,000.

“Despite still struggling with a low supply of homes for sale, Rhode Island’s housing market is moving along. A good economy and continued low-interest rates have done a lot to keep the market active,” said Dean deTonnancourt, 2019 President of the Rhode Island Association of Realtors.

Twenty-seven out of the 40 Rhode Island areas reported showed a year-over-year increase in the median sales price of single-family homes in the second quarter. Little Compton, Portsmouth and East Greenwich saw the biggest gains — 36.1, 17.7 and 15.1 percent respectively. Median sales price, the midpoint of sales with half selling for more and half selling for less, generally reflects the type and size of the properties sold at the time and is not representative of home appreciation or depreciation among all homes in the area.

Condominium sales followed the same trends. Closings increased by 4.3 percent while the median sales price rose by 3.6 percent to $232,000.

Only the multifamily home market showed a lull in activity. Sales fell by 12 percent last quarter while median price rose by 9.6 percent to $263,000.

Historic information about Rhode Island property sales can be found on RhodeIslandLiving.com/pressreleases.