WARWICK, R.I. (AP) — The median price of a single-family home in Rhode Island continued to rise in the third quarter, even though the number of sales slowed down, the Rhode Island Association of Realtors said Wednesday.
The median price of single-family homes sold in the quarter that ended Sept. 30 was a record high $385,000, a 15% increase over the third quarter of 2020.
However, the number of closes sales was down 8.4% year over year, according to association data.
“The single-family home market has been incredibly competitive and the properties that are available for sale are put under contract so quickly, that it appears some prospective buyers took a break," association President Leann D’Ettore said in a statement. “Also, the spread of the delta variant affected the market last quarter, keeping some buyers at home and making some prospective sellers think twice about listing their home."
Sales of multifamily homes, on the other hand, showed no signs of slowing. The median price soared 21% to $375,000 in the quarter compared to the same quarter in 2020, while closings increased 43%.
The condominium sector had modest gains in both median price and closed sales.
Out-of-state buyers accounted for nearly a quarter of all residential sales during the quarter.