Rhode Island sales price for a single-family home breaks record

Looking for a bargain? The cost of a condo was 6.36 percent less than it was in June 2023.

The median sales price for a single-family home in Providence last month was $705,000. Adobe Stock

July 26, 2024

The median sales price for a single-family home in Rhode Island hit a new high of $494,000 in June, the Rhode Island Association of Realtors reported Monday.

That’s 11.6 percent higher than in June 2023.

And it’s despite 30 percent-plus increase in the number of listings in this market segment and a 19.1 percent drop in sales.

“We still have a long way to go to correct our housing crisis, but the good news is, over the last few months, we have started to see a shift toward a more balanced market,” Sally Hersey, association president, said in a press release. “We’re hopeful that we will continue to see a slow but steady path to getting there.”

The demand is still outpacing the number of available listings and driving up prices. The supply of available homes increased to 2.2 months, but “a five- to six-month supply represents a market balanced between supply and demand,” the association release noted.

The median sales price for a single-family home in Providence last month was $705,000, roughly a 91% increase over June 2023. It takes more than one month to spot a trend, but in May the median sales price in the capital was $457,450, which reflected a 40.32 percent year-over-year jump.

Outside the city, in West Warwick, R.I., the median sales price in June was $402,500, a climb of just under 10 percent.

Rhode Island condo market

The condo market numbers offer hope for buyers looking for a more modestly priced home. The median sales price in June was $352,500, a year-over-year decrease of 6.36 percent, and the number of listings was up about 29 percent.

And the multifamily market

Home shoppers looking to buy a multifamily to help pay the mortgage are seeing demand ramp up in that market. The number of listings is down slightly year over year, but the median sales price in June was $530,000, a 6 percent increase year-over-year.