Median sales price climbs in November in R.I.’s housing market
Warwick, RI, December 19, 2019 – Sales data released today by the Rhode Association of Realtors showed that the median sales price of single-family homes sold in Rhode Island rose to $290,000 in November, an 8.3 percent increase over November of 2018. Though sales activity decreased by 5.6 percent year-over-year, pending sales – or those under contract in November but not yet closed – rose by 23.8 percent, an indication of increasing sales in the weeks ahead.
“Double-digit increases in pending sales for the past two months point to a strong finish for Rhode Island’s housing market. Though we could use more homes on the market, overall, it’s been a robust year for Rhode Island real estate,” said Shannon Buss, president of the Rhode Island Association of Realtors.
Condominium sales followed the same trend with November’s median sales price rising a robust 22.2 percent year-over-year while sales activity dropped four percent. At $272,500, November’s median sales price was the highest monthly median condo price on record.
The median price of multifamily property sales also climbed to $280,000, an increase of 12 percent from November of 2018. Sales activity in the multifamily home sector also rose by 7.1 percent.
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About the Rhode Island Association of REALTORS®
The Rhode Island Association of REALTORS®, one of the largest trade organizations in Rhode Island with more than 5,000 members in nearly 1,000 offices, has been serving Rhode Islanders since 1948. Advocating for Rhode Island's property owners, the Rhode Island Association of REALTORS® provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property. Last year, RI Realtors transacted $6.9 billion in residential real estate sales and $7.1 billion in total sales and rentals including commercial transactions.
The Association is one of more than 1,500 boards and associations that comprise the National Association of REALTORS® (NAR). The National Association of Realtors®, “The Voice for Real Estate,” is America's largest trade association, representing over 1.5 million members involved in all aspects of the residential and commercial real estate industries and who subscribe to a strict Code of Ethics.
REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.