Rhode Island’s housing market recorded a new record high median price of $494,000, according to data from the Rhode Island Association of Realtors (RIAR). Last month’s record high marked an 11.6% increase from one year earlier.
While prices were up, sales were down. During June, Rhode Island recorded a 19.1% year-over-year decline in home sales – the lowest number of sales on record for the end of the spring selling season since the RIAR began tracking data in 1998.
However, the drop in sales could not be blamed on a lack of choices – the supply of homes increased to 2.2 months, which marked the first time since October 2020 that the supply of homes rose to more than two months. On average, single-family homes for sale went under contract in just 23 days in June, which tied with May 2022 as the month with the shortest days on market on record.
As for the state’s condominium market, the median price came in at $352,500 while sales fell 13.4% year-over-year. The number of condominiums on the Rhode Island market rose 28.6% to 333.
“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,” said RIAR President Sally Hersey. “We’re hopeful that we will continue to see a slow but steady path to getting there.”
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