Why It’s Important to Know These Market Statistics
The real estate market here in Rhode Island continues to operate at a strong clip. Here are the latest numbers.
I’ve got the latest real estate market news and information to share with you today. Right now, single-family home sales have increased about 2.6% from this time last year. Also, the median sale price rose about 4.5% to $292,000.
Condominium sales followed the same trends. Closings increased by 4.3%, while the median price rose by 3.6% to $232,000.
The only category that showed less activity was in multi-family sales. This could be due to the fact that the inventory of these kinds of properties is very limited. They dropped 12% from last year, while the median price rose 9.6% to $263,000.
27 out of the 40 Rhode Island areas reported a year-over-year increase in the median sale price of single-family homes in the second quarter of 2019. Little Compton, Port Smith, and East Greenwich saw the biggest gains.
All areas in Rhode Island did see gains in the median sale price, but if you’re looking to buy or sell right now, it’s important to be educated about today’s conditions by a local Realtor.
If you have any questions for me about the local real estate market or anything else related to real estate, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.