Continued strength evident in Rhode Island's third quarter housing market
Warwick, RI –November 1, 2019 – At $295,000, the median price of single-family homes sold in the third quarter rose 7.3 percent from the same time last year. The data reported today by the Rhode Island Association of Realtors and its subsidiary, State-Wide Multiple Listing Service, also showed a 4.6 percent increase in closing activity year-over-year.
“Rhode Island’s housing market remains steady heading into the last quarter of the year. Low interest rates are definitely keeping potential buyers in the game,” said Dean detonnancourt, 2019 president of the statewide Realtor Association.
Washington County saw some of the largest increases in median price, with three of its municipalities leading the state in gains. The median sales price of single-family homes in Hopkinton and Exeter rose just over 21 percent, and Westerly saw a 17.4 percent increase.
The Newport County towns of Middletown, Tiverton and Portsmouth saw the largest expansion in sales activity from year to year.
In other sectors, growth in the median price of multifamily homes sold in the third quarter surpassed that of single-family homes, rising ten percent to $275,000. Sales activity slowed marginally however, ending the quarter.2 percent below July through September of 2018. As expected, Providence had the largest number of multifamily homes sold with 196 sales followed by Pawtucket with 77.
The median sales price of condominiums saw the largest gain of all housing types. Last quarter’s $239,900 median price represented an 11.6 percent increase from third quarter, 2018. Sales remained relatively stable, rising just .5 percent. However, due to less stringent financing guidelines for condos put in effect this month, sales activity is expected to increase in the coming months.
“Overall we’re optimistic about the market going forward. Though prices are rising, extremely low interest rates are boosting affordability – a boon for buyers and sellers,” said deTonnancourt.
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.