RI Housing Market Sees 9,782 Homes Sold, Highest Since 2004

RI Housing Market Sees 9,782 Homes Sold, Highest Since 2004

Rhode Island's housing market saw 9,782 home sales in 2015, the highest total since 2004 and the highest median sales price since 2008, according to the Rhode Island Association of Realtors.  

Year-over-year sales activity went up 10 percent and the median price increased five percent from 2014, to $225,000. 

"We're seeing cautious growth in the market again. It's not the same type of frenzy that caused Rhode Island to lead the country in double digit appreciation a decade ago. Instead, we're seeing more moderate, steady gains. Last year was a 'win-win' for just about everyone. Sellers benefited from more activity and increased prices. Buyers on the other hand, were able to tap into continued low interest rates, and unlike most other areas of the country, a decent supply of homes to choose from," said Arthur Yatsko, president of the Rhode Island Association of Realtors.

GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST

There was a six percent increase in activity among condominium sales compared to 2014 and a three percent increase in median price. 

The multi-family home market experience the largest gains last year with a 14 percent gain in sales activity and 15 percent appreciation in median price from the previous year. 

Predicting 2016 

The sales in 2015 are being used to project early action in 2016. 

"Overall, sales may have been buoyed slightly in the fourth quarter by the anticipated increase in interest rates but by all indications, we should continue to see momentum in the market this year,” commented Yatsko.

RI Association of Realtors 

The Rhode Island Association of Realtors is one of the largest trade organization in Rhode Island with about 4,400 members in 750 offices. 

The Association was founded in 1948.