Tuesday, November 22, 2022
The Rhode Island real estate market is a paradox.
The number of single-family homes on the market decreased by 7.9% year-on-year.
Median prices for single-family homes remained close to record prices as inventories were scarce. The price is up 7.3% year-over-year and is now $405,000.
Rhode Island has grown 100% in the last seven years.
Ben Scuungio of Mott & Chace Sotheby’s International said: Even in more than feeder markets like Boston, Connecticut, and New York, prices remain high because there aren’t enough homes to sell. “
20% lower sales activity
Sales activity was down 20.1% year-on-year, and pending sales (sales with contracts but not through the October closing process) were down 40.9% year-on-year. Pending sales are a leading indicator of near-term sales activity.
“We are seeing an interesting property market right now. On the one hand, sales activity has fallen to roughly the same levels seen during the 2020 economic shutdown. The good news is that inflation started to come down last month and if this continues we should see interest rates fall and the market will be active again. But we still have to fix the supply problem before we can see a balanced market again.” Bryant Da Cruz, President of the Rhode Island Real Estate Association.
Multifamily and condominium trends
In the condominium market, the median sales price increased 18.5% from October 2021 to $319,900. However, listings decreased by 22.3% and closed sales decreased by 26.2%. Pending sales decreased 43.4% year-on-year.
In the investor-favorite multi-family market, median selling prices rose to $437,500, up 15.1% and down 25.3% in listings from 12 months ago.
Economic uncertainty also contributed to the sharp decline in multifamily sales, which plummeted 44.7%. Pending sales are also down 43.6% from 12 months ago, indicating that the slowdown will continue over the next few months.
- RI home sales fall 6.9%, median price jumps to $280,000, highest since 2007
- RI RI median home prices rose 12.3% in 2020
- For the record: the average single-family home price in Rhode Island is now $420,000
- RI median single-family home prices fall for second month in a row
- Buyer Relief – RI Single-Family Home Median Price Falls, But Sales Decrease
- RI Real Estate: Median $405,000, Low Inventory, Average Mortgage Payments Up 53% Over One Year
- RI Home Prices Soar in Q2 – East Side Median $682k, BI $1.28m
- RI median prices for single-family homes finally fall
- Out-of-state buys RI, single-family home median price hits $390,000
- RI Home Median Prices Are Freezing Buyers — See Top 10 Most Expensive
- Will Rhode Island median home prices head for $400,000?
- Average single-family home price in Rhode Island was $384,000 in July, up 16% from 2020
- Comedian and SNL alum Norm Macdonald dies at 61
- The cost of buying a home has jumped 55% in a year – median RI $416,000 as interest rates rise
Enjoying this post? Share with others.