BOSTON, July 6, 2017 – Single-family home sales in Rhode Island rose by 7.9 percent in May, according to a new report from The Warren Group.
A total of 1,040 single-family homes were sold in the Ocean State in May, compared with 964 in May 2016.
Year to date, 3,819 houses have been sold, 3.6 percent higher than the 3,686 sold during the first five months of 2016.
The median sale price of a single-family home in Rhode Island reached $240,000 in May, compared with $235,000 in May 2016, an increase of 2.1 percent, marking 19 consecutive months of growth in year-over-year median sale prices.
“May came through with a strong year-over-year increase in sales, and just in time,” said Timothy Warren, CEO of The Warren Group. “The single-family is just below the pre-recession peak in 2004, showing promise that this selling season will invigorate the state’s housing industry.”
Condominium sales totaled 196 in May compared with 164 in May 2016. This marks 17 consecutive months of positive year-over-year sales growth, and the year-to-date condo sales numbers are 21.1 percent higher than at this point last year.
The median condo price in May increased by 3.7 percent to a price of $199,800 compared with $192,700 in May 2016.