NEW RECORD: Median Price of Single-Family Home in RI Hits $442,750

NEW RECORD: Median Price of Single-Family Home in RI Hits $442,750

New data shows that the median price of a single-family home in Rhode Island has crushed the previous record high.

In June, the price hit $442,750 — an increase of more than 4% over last year.

And the median asking price for houses going on the market jumped to $469,000.

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Geb Masterson of Mott & Chace Sotheby’s International said, “I think the beauty of Rhode Island has been discovered, the attractiveness of the state. Obviously, low inventory is always going to drive up prices, but demand is obviously still there.” 

In April of 2015, GoLocal reported, "Rhode Island's housing market continued to improve in the first quarter. Sales activity among single-family homes rose five percent year over year and the median sales price increased four percent to $202,500." 

Masterson said the proximity between New York, Fairfield County and the Boston-metro area has made Rhode Island a hot spot.

For buyers, especially first-time homebuyers, the trends are all going in the wrong direction.

“it's got to be tough on the younger generations, first-time home buyers — it's not easy,” said Masterson, who made the comments on GoLocal LIVE.

In addition, the inventory available is down more than 35% year-over-year.

“Inventory levels today are record low and it's not just the high-end market. I think right now, across the state, there are 2,200 houses on the market. I mean, that's an incredibly low number. I think we're down to one month of inventory,” added Masterson.