In RI, Median Asking Price of a Single-Family Is Now Record High $525,000
In RI, Median Asking Price of a Single-Family Is Now Record High $525,000
In May, the median asking price for new listings reached $525,000 according to new data provided to GoLocal by Mott & Chace Sotheby’s International.
Prior to COVID, a half-million-dollar home was exclusive to the wealthy in Rhode Island.
Now, a $500,000 home is de facto the norm.
The median home price of sold listings reached $460,000 in May. The supply of inventory decreased from 2.3 months to 1.7 months when compared to the same time period last year. Additionally, the average days on the market decreased from 27 days in May 2023 to 22 days in May 2024.
WATCH THE FULL INTERVIEW ABOVE
20 Offers in Three Days
Robert Rutley of Mott & Chace joined GoLocal LIVE this week and discussed a recent example of the ferocious battle for homes on the market.
A listing he represented in Cranston, a middle-class home in a middle-class neighborhood in Western Cranston, had an asking price of nearly $500,000.
“We had three days of showing, and as a result, we had 20 offers. It's a lot of work to go through 20 offers for somebody too, but it just proves that if something is priced correctly and it's turnkey, there is a buyer for it and sometimes there's 20 buyers,” said Rutley.
“I can tell you that I had several offers that were about 15% or more over the list price,” he added.
Rutley said for buyers, “This is not a market for the timid."