Market Trends

Rhode Island Median Home Price Nears $340K

Warwick, R.I. – October 15, 2020 – Single-family home sales transacted through State-Wide Multiple Listing Service reached a median price of $339,900 in September, the highest monthly median price to date. MLS reported a year-over-year increase in median price of 15 percent and a hike in sales activity of 18 percent. State-Wide MLS is the listing information exchange and transaction system of the Rhode Island Association of Realtors.

Only three of the past 72 months have seen a dip in the monthly median price of single-family homes sales from the previous year.  The uphill trajectory has been fueled by low mortgage rates and a shortage of available properties for sale. Last month’s median price represented a 65 percent increase over the September 2014 price of $206,000

“If the pandemic has taught us anything, it’s how important home is. Except for the brief period of the shutdown, the housing market barely skipped a beat this year. I can’t remember the last time we were moving into the last few months of the year with so much momentum,” commented Shannon Buss, 2020.

In the condominium market, RI Realtors reported that September’s median price rose nine percent from 12 months earlier, to $264,950. Sales activity skyrocketed 40 percent from the prior year.

“Condos are a great alternative for first-time home buyers and empty nesters frustrated by the lack of inventory in the single-family home market. Though there’s a tight supply of condos as well, there’s more options in the condominium market than among single-family homes,” explained Buss.

The median price of multifamily homes sold in September also hit an all-time high at $327,000, a 19 percent increase from September of 2019. The number of sales also rose by 19 percent following five months of year-over-year decline.

The Rhode Island Association of Realtors will release third quarter sales data including out-of-state buyer information on October 28th.

View full press release

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