RHODE ISLAND
Home Sales Down, Average Price Up
Home sales are down 6.4% year over year, with September 2024 at 1,001 compared to 1,070 last September. Sales are down across all categories.
- Single families: 728 (2023) | 694 (2024)
- Condominiums: 196 (2023) | 180 (2024)
- Multi-families: 146 (2023) | 127 (2024)
Average sale price increased 10.9% year-over-year, now at $619,033 compared to $561,846 in August 2023. Prices increased for Single and Multi-Family homes but decreased for Condos.
- Single families: $604,300 (2023) | $677,400 (2024)
- Condominiums: $515,242 (2023) | $508,017 (2024)
- Multi-families: $468,463 (2023) | $610,896 (2024)
Homes Listed For Sale:
The number of homes listed is up by 21.0% when compared to September 2023.
- 2024: 1,553
- 2023: 1,283
- 2022: 1,495
Pending Home Sales:
The number of homes placed under contract is up by 11.2% when compared to September 2023.
- 2024: 1,025
- 2023: 922
- 2022: 1,036
Data provided by RI Statewide MLS then compared to the prior year.
What’s Happening in the Market?
- Following along with national housing market trends for the month, Rhode Island saw a decrease in home sales and quite a large percentage increase in sales price when compared to this time last year.
- The market is showing signs of rebalancing as new listings increase and overall sales begin to slow down. This trend is more than just the seasonal slowdown and suggests a shift away from the intense seller’s market, offering buyers more choice and potentially reducing competition. As inventory grows, sellers may need to adjust prices, leading to a more moderate market pace that benefits buyers looking for more affordability.
- According to Mortgage News Daily, mortgage rates dropped to 6.1% in September and remained within the 6.1% to 6.3% range. However, as October began, rates started to climb again, reaching a peak of 6.9%. While this marks a recent increase, it’s still an improvement from the same period last year, when rates stood at 7.9%.
- Sellers, It is important to remember that homes do sell during the holidays, often to highly motivated buyers. Listing your home now can provide a competitive edge with less inventory and greater visibility for your property.
- Buyers, we’re in the fall market, and competition among buyers is expected to decrease, making now an excellent time to purchase a home. Watch Anthony’s video here for more insights!