House And Condo Median Prices Continue Upward Climb

 

BOSTON, June 6, 2017 – Single-family home sales in Rhode Island dropped 2.2 percent in April, according to a new report from The Warren Group.

A total of 821 single-family homes were sold in the Ocean State in April, compared with 839 in April 2016. This is the third straight month with a year-over-year decline.

Year to date, 2,779 houses have been sold, 2.1 percent higher than the 2,722 sold during the first four months of 2016.

The median sale price of a single-family home in Rhode Island reached $242,000 in April, compared with $235,600 in April 2016, an increase of 3.2 percent, marking 18 consecutive months of growth in year-over-year median sale prices.

“The market is still slow and a bit behind the peaks we saw a decade ago,” said Timothy Warren, CEO of The Warren Group. “A strong January has this year’s total sales a bit above last year to this point and prices are up, but 2017 is underperforming comparatively. However, the condo sales numbers – the best they’ve been post-recession – are picking up some of the slack.”

Condominium sales totaled 147 in April compared with 144 in April 2016. This marks 16 consecutive months of positive year-over-year sales growth, and the year-to-date condo sales numbers are 21.6 percent higher than at this point last year.

The median condo price in April increased by 11.5 percent to a price of $222,500 compared with $199,500 in April 2016, marking three straight year-over-year increases in April.