RHODE ISLAND
Home Sales Up, Average Price Up
Home sales are up 10.1% year over year, with August 2024 at 814 compared to 739 last August. Sales are up for Single and Multi-Family homes but have decreased for Condos.
- Single families: 739 (2023) | 814 (2024)
- Condominiums: 154 (2023) | 142 (2024)
- Multi-families: 135 (2023) | 138 (2024)
Average sale price increased 10.2% 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: $595,022 (2023) | $655,751 (2024)
- Condominiums: $441,585 (2023) | $428,098 (2024)
- Multi-families: $517,426 (2023) | $598,917 (2024)
Homes Listed For Sale:
The number of homes listed is up by 1.8% when compared to August 2023.
- 2024: 1,487
- 2023: 1,461
- 2022: 1,574
Pending Home Sales:
The number of homes placed under contract is up by 1.1% when compared to August 2023.
- 2024: 1,031
- 2023: 1,020
- 2022: 1,277
Data provided by RI Statewide MLS then compared to the prior year.
What’s Happening in the Market?
- Despite the national housing market trends having a slight decline in home sales, Rhode Island still saw an overall increase when compared to August last year.
- Unlike other New England states, Rhode Island experienced an increase in pending home sales and listings, indicating that buyer demand in the state remains higher than the available supply.
- Buyers, as we enter the fall market, it is expected that buyer competition will decrease, making now the best time to purchase a home. Anthony explains why in this video here!
- There were minimal fluctuations in mortgage rates in the month of August. According to Mortgage Daily News, rates remained within the 4% to 6.6% range. Then, in early September, we saw them drop to the lowest rate since February 2023 at 6.1%. Due to the Federal Reserve’s recent 0.5% rate cut, we can anticipate a potential further decline as the year progresses.
- Sellers, with the trends of mortgage rates and new inventory on the decline, now is a great time to list. There will be motivated buyers looking to settle before the holidays.