RI Realtors Say Housing Prices Rose in November

RI Realtors Say Housing Prices Rose in November

The median sales price of single-family homes sold in Rhode Island rose to $290,000 in November, according to data released by the Rhode Island Association of Realtors on Thursday.

“Double-digit increases in pending sales for the past two months point to a strong finish for Rhode Island’s housing market. Though we could use more homes on the market, overall, it’s been a robust year for Rhode Island real estate,” said Shannon Buss, president of the Rhode Island Association of Realtors.

The $290,000 is an 8.3% increase over November of 2018.

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November Numbers

According to the realtors, sales activity decreased by 5.6 percent year-over-year, pending sales – or those under contract in November but not yet closed – rose by 23.8 percent.

Condominium sales price rose 22.2% year-over-year, while sales activity dropped 4%.

At $272,500, November’s median sales price was the highest monthly median condo price on record.

The median price of multifamily property sales rose to $280,000, an increase of 12 percent from November of 2018.

Sales activity in the multifamily home sector also rose by 7.1 percent.