RI Home Prices Explode ⬆️ - Median Price of Single-Family Hits $490K
RI Home Prices Explode ⬆️ - Median Price of Single-Family Hits $490K
In May, the price of a single-family home was $460,000, and the recently released June data shows the price jumped to a record $490,000 — a one-month increase of 6.5%.
"If you look at all the data [year-over-year], list price up almost 10%, sales price up 11%, but then you look at all the other factors that we take into consideration — inventory down 7%, pending sales down 7%, amount of units that have closed down 20%, so its not all that surprising prices are up so much," said Ben Scungio of Mott & Chace Sothebys International on GoLocal LIVE.
While a one-month increase or decrease can be an aberration, the past few months have seen a major increase.
Equally disturbing for those trying to get into the market, like first-time homebuyers, is that the median sale price of a single-family is up 11.4% year over year.
Asking Prices Exploding
"For somebody who's been in the business for as long as I have since 2010, this is really interesting data to dig into. So the median asking price for new listings in the state of Rhode Island has reached $509,000," said Scungio.
In June of 2023, the asking price for a single-family home was $465,000, and now they have increased to $509,000 in June of 2024, for an increase of 9.5% increase year-over-year.
All these spikes have taken place while interest rates have also increased further, making homeownership more and more difficult for first-time homebuyers.
The number of homes on the market continues to be a major problem. There is a 20% decrease in the number of homes available.