RHODE ISLAND ASSOCIATION OF REALTORS®, INC.

"The Voice of Real Estate in Rhode Island"
Serving Rhode Islanders Since 1948
Follow us: Twitter Facebook

Press Release

Contact: Kerry Park
Ph: 401-432-6948
Email: communications@riliving.com

Rhode Island’s Housing Market Good for Buyers and Sellers Alike

Warwick, RI – October 22, 2019 – The Rhode Island Association of Realtors (RIAR) and its subsidiary, State-Wide Multiple Listing Service, released September sales data today which showed that Rhode Island’s single-family home market is holding steady heading into the fall.  The median price of September sales rose 9.1 percent to $295,000. Closing activity also increased 11.6 percent from 12 months earlier.  Single-family homes under contract but not sold by the end of the month rose 4.4 percent, an indication that closing activity should remain strong in the coming months.

In other sectors of the market, condominium sales also saw a hike in median price, rising nine percent to $242,950, though sales activity declined 11.9 percent from September of 2018. Multifamily properties followed the same trends with median price increasing by 7.9 percent to $275,000 and closings decreasing by 4.2 percent.

“It’s a good time to be a homeowner or a potential homeowner,” said 2019 RIAR president, Dean deTonnancourt. “Inventory remains scarce, so sellers are seeing higher gains and buyers who find a home are seeing some of the lowest mortgage rates ever. It’s a win-win all around,” he commented.

New consumer findings from a National Association of Realtors® survey released in September support DeTonnancourt’s opinion.  Sixty-three percent of those polled said they believe that now is a good time for a home purchase. Encouraged by historically low mortgage rates, older demographics – baby boomers and older – were particularly optimistic.  Seventy-four percent of those polled said that now is a good time to sell a home.

Housing Statistics Archives

Months Supply: Click here for interactive display

About the Rhode Island Association of REALTORS®

The Rhode Island Association of REALTORS®, one of the largest trade organizations in Rhode Island with more than 5,400 members in approximately 900 offices, has been serving Rhode Islanders since 1948. Collectively, RI REALTORS® transacted nearly $5.1 billion in real estate sales last year. Advocating for Rhode Island's property owners, the Rhode Island Association of REALTORS® provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property.

The Association is one of more than 1,400 boards and associations that comprise the National Association of REALTORS® (NAR). The National Association of Realtors®, “The Voice for Real Estate,” is America's largest trade association, representing over 1.1 million members involved in all aspects of the residential and commercial real estate industries and who subscribe to a strict Code of Ethics.

REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.


press photo

Dean deTonnancourt

2019 President,
RI Association of REALTORS®

 

September 2019
Single-family Monthly
Sales Comparison

------------------

September 2019
Multifamily Monthly
Sales Comparison

------------------

September 2019
Condo Monthly
Sales Comparison

------------------

September 2019
Single Family Sales
By Town

------------------