May Sets New RI Median Sales Price Record
Warwick, RI – June 21, 2019 – Strong momentum continued in Rhode Island’s housing market last month according to statistics released today by the Rhode Island Association of Realtors. With 1076 single-family sales, closing activity topped May 2018 sales figures by 11.5 percent while the median sales price of those homes reached more than $300,000 for the first time. At $300,500, May’s median price represented a 9.3 percent increase over May 2018.
Inventory also saw a needed increase, though listings remain scarce with a supply of just four months, well below the six-month indicator of a balanced market.
“The housing market is booming right now. We’re seeing multiple offer situations on a regular basis and though prices are rising, Rhode Island properties are still a tremendous value compared to nearby markets. In Massachusetts, for example, the median price of single-family homes generally runs anywhere from 25-50 percent higher than what we see here. Also, we’re seeing some of the lowest interest rates we’ve seen in a while. Those low rates are really helping to drive sales,” said Dean deTonnancourt, 2019 President of the Rhode Island Association of Realtors.
Coastal towns saw the highest gains in appreciation with Middletown, Charlestown and Narragansett leading the pack with more than a 70 percent gain in median price.
May was also a stellar month for the multifamily home market. Closing activity rose 6.6 percent from the prior year while median sales price rose 10.9 percent to $267,375. Supply remains low at just over four months with no end in sight as the number of listings on the market continues to drop. The multifamily market had 15.7 percent fewer listings last month than it did in May 2018.
Months Supply: Click here for interactive display
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.