Median Sale Price Continues to Climb

BOSTON, November 8, 2016 – Rhode Island single-family home sales rose 21.0 percent in September, the 17th consecutive month of positive year over year sales growth, according to a new report from The Warren Group.

A total of 1,053 single-family homes were sold in the Ocean State in September, compared with 870 in September 2015. This marks the highest number of sales in any September on record and the first time since 2005 we’ve seen four consecutive months of at least 1,000 homes sold. Year to date 8,058 homes have sold compared with 6,572 during the same period last year, a 22.6 increase in sales.

The median sale price of a single-family home in Rhode Island was $230,000 in September, compared with $225,000 in the same time last year, an increase of 2.2 percent. Year to date, prices rose by 4.4 percent to $235,000, compared with $225,000 during the same period last year.

“Sales in Rhode Island have been going strong in 2016. The growth in sales volume in Rhode Island this year exceeds the numbers put up in neighboring Massachusetts and Connecticut,” said Timothy Warren, CEO of The Warren Group. “Interest rates in the market remain low while jobs and the economy continue to give consumers the confidence they need to make a home purchase.”

Condominium sales in September sold to the tune of 182 transactions compared with 146 in September 2015, a 24.6 percent increase. This marks the 9th consecutive month of positive year over year sales growth. Year to date, sales of condos are up 22.9 percent, with 1,334 sold through September 2016 compared to 1,085 in the same period last year.

Condo prices rose 3.3 percent, with a median selling price of $185,000 compared with $179,000 in September 2015. With an average median sale price of $187,317 through 9 months, this marks the lowest average since 2012. Year to date, the median price of a condo decreased 2.3 percent to $190,500 from $199,000 at the same time last year.

Customers use The Warren Group to identify new business opportunities through access to comprehensive real estate and mortgage data, analytics, industry news coverage, networking, and education opportunities.  Based in Boston, the company was established in 1872 and is now in its fourth generation of family ownership and management. It is publisher of Banker & Tradesman, The Commercial Record and Registry Review and architect behind some of the leading events and conferences for banking, legal, and real estate professionals in all of New England. For more information visit www.thewarrengroup.com.