Housing prices around the country have been on the rise for the last several years, and the Rhode Island market is no exception. While the overall inventory levels on the market have fallen, the number of sales in the state increased throughout August – and the median price for houses in the state has increased steadily as well.
A Look at the Numbers
Just taking a look at some of the significant numbers can help show how healthy the real estate market in Rhode Island is, and some of those numbers may surprise you. Here’s a rundown of a few things to know from the Rhode Island Association of Realtors and the sales data they just released.
- In August, 1,156 single family homes were sold in Rhode Island. This is an increase from 1,112 houses sold in August of last year.
- Median house sale prices for the month were $245,000. This means that half the houses sold for less than that while half of them sold for more. The state’s median high was in 2005 when the median price was $282,900. The low, conversely, was $190,000 in 2012. As you can see, the market has made a serious rebound.
- July was a good month for prices as well, with a 4% reduction in overall sales but a 3% increase in median prices. As such, it’s evident that the market as a whole is on a steady recovery and is as strong as it ever has been.
- Single-family homes aren’t just the only thing selling – condo sales increased to 205 for the month, an increase of 11 percent. Also, the median sales price for a condo grew by an impressive 10 percent to $220,000.
- Year over year median sales prices in the state have increased every month since February of 2017, currently hitting levels that haven’t existed in ten years.
- While sales prices increased, the inventory levels on the market have dropped. 3,892 houses were listed in August, which is a drop of 14 percent from the year before. There was a 6 percent drop in condo listings, down to 862. And a drop of 24 percent in multifamily market listings occurred, with only 549 properties listed for sale.
Rhode Island’s real estate market is robust- one that continues to improve as the overall economy improves and more and more people discover why it’s so great to live here.
What Do Those Numbers Mean?
Looking at the numbers is one thing, but what does that mean to those in the Rhode Island area, exactly? Essentially, we’re in a seller’s market at the moment. The lower inventory levels mean that it’s possible to get a strong price for your home or property if you list it on the market. For homeowners who have been considering a move, there’s never been a better time to sell – and this goes double for investors who have been waiting to list their investment properties.
Simply put, Rhode Island real estate is going strong, increasing confidence and the strength of the market as a whole.