Market Trends

Rhode Island Property Prices Rise by Double Digits in September

Warwick, RI, October 24, 2017….The median price of single-family homes sold in September rose 13.1 percent from the prior year, to $261,300, according to statistics released by RI Realtors today. The data, which reflects all Realtor-assisted property sales last month, also showed that sales activity decreased from the prior year, falling 4.3 percent, a drop which was likely related to a 13.1 percent decline in the number of single-family homes for sale. Pending sales – or those under contract but not yet sold – also decreased 13.5 percent compared to September 2016.

No such slowdown in activity was seen in other sectors of the housing market. Condominium sales not only saw a 23.2 percent increase in median price from 12 months earlier, but closing activity also increased substantially, rising 18.4 percent. September’s median condo sales price was $228,000. The supply of condos for sale last month was 5.2 percent lower than September 2016, while pending sales rose by .37 percent.

The median price of multifamily property sales rose 22.2 percent to $219,900 while sales activity increased 15.3 percent. The number of listings on the market was 23.5 percent lower than September of 2016 and pending sales in this sector fell 8.4 percent.

“A lack of competition due to low inventory is causing prices to escalate. Thankfully interest rates remain low but we need more properties to come on the market if homes are to remain affordable, especially for first-time homeowners,” commented Brenda L. Marchwicki, 2017 President of the Rhode Island Association of Realtors.

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