Despite national trends, R.I.’s median home price still rising
Warwick, 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.
“Though the median home sales price nationwide has been declining, the opposite is happening in Rhode Island. The rate of increase began to taper off in the past year however, so Rhode Island’s trends are most likely just running a bit behind the rest of the country. Even if the price appreciation continues to moderate, with just 1.4 months of inventory on the market, prices aren’t likely to decline significantly barring a significant economic shift,” said Bryant Da Cruz, president of the Rhode Island Association of Realtors.
Sales activity continued to decline from the prior year, falling 12.1%, and pending sales – those likely to be completed in the next one to two months – fell by 15.6% from June 2022, the 18th consecutive month of year-over-year declines.
In recent months, the condominium market has seen significant annual gains in median price. June’s price of $376,450 represented a 17.5% gain from June 2022. Both completed and pending sales fell just over 16% year-over-year.
The multifamily home market, which includes homes with two to four units, realized a median price of $500,000 in June, a 16.3% gain from 12 months earlier. Sales, however, slowed by 42.3% and pending sales dropped by 26.2%
“Thankfully the Federal Reserve paused any further interest rate hikes in June. With shelter costs being one of the main factors driving inflation, anything that helps keep home affordability within reach bodes well for the housing market,” commented Da Cruz.
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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.