RHODE ISLAND ASSOCIATION OF REALTORS®, INC. "The Voice of Real Estate in Rhode Island" Press ReleaseContact: Kerry Park |
Press Releases - 2023
January 2024 R.I.’s December Home Sales Data Shows Potential Uptick in Activity in 2024Warwick, R.I. – January 19, 2024 – In December, Rhode Island’s median sale price of single-family homes jumped 9.5% from 12 months earlier, more than twice the level of year-over-year appreciation seen at the end of 2022. Last fall’s high interest rates kept sales activity suppressed, while the continued shortfall of inventory kept prices elevated. The Rhode Island Association of Realtors reported a December median sale price of $427,000. Full Story December 2023 R.I. median home prices rise though annual appreciation lessensWarwick, R.I. – December 21, 2023 – Pent-up demand continued to drive prices up in the Ocean State in November according to data recently released by the Rhode Island Association of Realtors and its subsidiary, State-Wide Multiple Listing Service. The median price of single-family homes sold in Rhode Island rose to $431,000 last month, up from $411,450 a year earlier, a 4.8% increase. Full Story November 2023 Realtors Report Positive Trends in R.I. Housing DataWarwick, R.I. – November 16, 2023 – Home sales data released today by the Rhode Island Association of Realtors showed some improving trends. Single-family home sales activity in Rhode Island continued an 18-month descent in October, falling 17% year-over-year. Full Story October 2023 R.I. Association of REALTORS® Installs 2024 OfficersWarwick, RI -- October 31, 2023 - Sally Hersey of Williams & Stuart Real Estate in Cranston, was recently installed as the 2024 President of the Rhode Island Association of Realtors at the Association’s 75th Annual Installation and Awards Celebration. Licensed in Rhode Island and Massachusetts, she began her real estate career in 2006 and has risen through the ranks of the Realtor organization. Full Story Inventory Grows in R.I. Housing MarketWarwick, R.I. – October 18, 2023– While the supply of single-family homes on the market remains far below the five- to six-month inventory that typically indicates a balanced market – the past few months have shown slight improvement. Inventory rose to a two-month supply in September, a change for the better from earlier in the year when it had fallen to 1.2 months. Full Story September 2023 R.I. sees double-digit growth in median home price in AugustWarwick. R.I. – September 19, 2023 -- The median price of single-family homes in Rhode Island hit $450,000 in August, an 11.1% year-over-year gain according to recently released statistics from the Rhode Island Association of Realtors. While monthly median sales prices have not fallen year-over-year since January 2017, last month’s gain is the first time Rhode Island homeowners have seen a double-digit increase since June of last year. Full Story August 2023 Inventory increases slightly in R.I.’s housing marketWarwick, R.I. – August 22, 2023 – July home sales data reported by the Rhode Island Association of Realtors recently showed a small increase in the supply of single-family homes for sale in Rhode Island and a 7.3% year-over-year gain in the median price, to $440,000. A decrease in single-family home sales of 27.8% contributed to the increase in supply. Full Story R.I. Sales Data Shows Increased Equity for HomeownersWarwick, R.I. – August 10, 2023 -- A review of Rhode Island’s second quarter home sales reveals a continued increase in the median sales price of residential homes. At the same time, sales activity continued to drop compared to the prior year. The Rhode Island Association of Realtors released the sales data today, along with statistics that show buyers from other states remain a significant factor in Rhode Island’s housing market, particularly for homes priced at one million dollars or more. Full Story July 2023 Despite national trends, R.I.’s median home price still risingWarwick, R.I. – July 20, 2023 – Today the Rhode Island Association of Realtors released June sales data which portrayed a local housing market that has seen little change. The median sales price of single-family homes continues to rise, hitting $442,700, a three percent year-over-year gain and a historic monthly high. Rhode Island’s annual price appreciation runs counter to the national trend which has seen year-over-year declines in recent months. Full Story June 2023 Realtors report restraint in price appreciation among single-family and multifamily homesWarwick, R.I. – June 22, 2023 – The median price of single-family homes sold in the Ocean State last month rose to its highest point yet, though year-over-year appreciation diminished. The median price of $427,250 represented just a two percent increase from May 2022. Home sales transacted through State-Wide Multiple Listing Service, a subsidiary of the Rhode Island Association of Realtors, also reflected a market with 17.8% fewer sales than a year ago. Full Story May 2023 R.I.’s housing market slows considerably in AprilWarwick, R.I. -- May 18, 2023 – Rhode Island Realtors transacted just 524 single-family home sales in April, 30% less than April of 2022. The decline in activity was accompanied by a significant drop in the rate of year-over-year appreciation in the median price. At $425,000, last month’s median price was just 1.2% more than that of April 2022, a sign that prices are stabilizing. By comparison, year-over-year median price appreciation rose by ten to twenty percent in each month of the first half of 2022 according to data from State-Wide Multiple Listing Service, a subsidiary of the Rhode Island Association of Realtors. Full Story R.I.’s spring selling season follows slow first quarterWarwick, R.I. - May 4, 2023 - Affordability limits continued to hamper Rhode Island home sales in the first quarter. Closed transactions of single-family homes fell 32% from 12 months prior and the Q1 median sales price rose 4% year-over-year to $390,000. The number of days a property stayed on the market from listing date to pending status rose from 38 to 40 days. Full Story April 2023 Appreciation of median sales price slowing in R.I.'s housing marketWarwick, R.I. – April 13, 2023 -- Sales statistics released by the Rhode Island Association of Realtors show no surprises in Rhode Island’s housing market as most trends from the last several months continued in March. Sales activity in the single-family home market remained well below that seen 12 months earlier and the median price of homes sold, while still above that of March 2022, showed continued deceleration in the rate of appreciation. Full Story March 2023 Starter homes scarce in R.I.'s housing marketWarwick, R.I. - March 17, 2023 - February’s single-family home median sales price of $384,000 was 4.4% higher than that seen a year earlier according to statistics released by the Rhode Island Association of Realtors. The data, which represents all Realtor-assisted sales transacted through State-Wide Multiple Listing Service, a subsidiary of the Association, also showed a 29.4% drop in sales year-over-year, and a 21.2% decrease in contracts in progress but not closed as of the end of February. Full Story February 2023 R.I.’s housing supply remains critically low at start of 2023Warwick, R.I. – February 17, 2023 – January home sales in Rhode Island continued the trends seen throughout 2022 of year-over-year gains in median price despite slowing sales. Data recently released by the Rhode Island Association of Realtors portrayed a 5.8% hike in the median price of single-family home sales and a 39.1% drop in sales activity compared to January 2022. Full Story Continued slowdown of R.I.'s 2022 housing market in Q4Warwick, R.I. – Feb. 1, 2023 – Home sales data recently released by the Rhode Island Association of Realtors relay a Q4 2022 median single-family home sales price of $400,000 which represented a 6.7% year-over-year gain, while the number of closed sales fell 32.7%. 2094 homes sold in the last three months of 2022 compared to 3113 in the fourth quarter of 2021. Full Story January 2023 2022 closes with continued drop in R.I. home salesWarwick, R.I, -- January 18, 2023 – Single-family home sales data released today by the Rhode Island Association of Realtors relayed a 41.4% year-over-year drop in December in closed transactions compared to one year earlier. And, while the median price of those sales still showed a 4% annual gain, the rate of appreciation has decreased considerably throughout the second half of 2021. Full Story
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