Activity and median price of R.I.’s third-quarter home sales up from last year
Warwick, R.I. – October 28, 2020 – Today, the Rhode Island Association of REALTORS released third-quarter home sales data pulled from Realtor transactions exchanged through its subsidiary, State-Wide Multiple Listing Service. Rhode Island’s single-family home sales were up 9.1 percent year-over-year and the median price of those sales hit $334,900, 13.5 percent higher than that of the third quarter of 2019. On average, homes remained on the market for 52 days, down from 58 days in the prior year.
Central Falls saw the biggest increase in closing activity – up 150 percent – followed by Block Island, which had a 120 percent gain. Block Island topped the list of median prices at $1,262,500, followed by Little Compton and Newport. Every town in Newport County, and 22 other municipalities throughout the state, saw double-digit price gains compared to July through September of 2019.
“Pent up demand and low interest rates continue to fuel our housing market. Even the inconvenience caused by the coronavirus isn’t stopping those who want to take advantage of the lowest mortgage rates ever.
"I don’t think I’ve ever seen a stronger sellers’ market going into the end of the year. For those thinking of listing their property for sale, there’s definitely no need to wait for spring. The market hasn’t slowed down," said Shannon Buss, President of the Rhode Island Association of Realtors.
In the condominium market, sales increased by 4.3 percent and the median price grew by 6.4 percent to $255,000. As opposed to the trend seen in the single-family market, condos remained on the market 8.5 percent longer than seen from July through September of last year.
Multifamily homes sales activity slowed by 9.2 percent while the median price of those properties rose by 12.7 percent to $310,000. The days a multifamily home stayed on the market remained relatively stable from year to year, rising 2.3 percent to 45 days.
Out of State Buyers Make an Impact on R.I.’s Housing Market
RI REALTORS also released a cumulative analysis of second and third quarter property purchases by out of state buyers to help gauge the pandemic’s impact on migration to the Ocean State. Despite a 12 percent drop in total Rhode Island residential property sales during that time period, Rhode Island saw an increase in purchases from out of state buyers of 9.7 percent.
Massachusetts, Connecticut, New York and Florida followed typical trends of supplying the most buyers to the Ocean State and three out of four of those states, sent markedly more buyers to Rhode Island since the onset of the pandemic.
From April through September, Massachusetts buyers who purchased a Rhode Island property increased 15.8 percent year-over-year, New York buyers grew by 30.6 percent, and Florida buyers increased 33.8 percent. The only decrease was seen by Connecticut buyers who numbered 167 this year, compared to 221 from April through September last year.
“The shutdown last spring curtailed what would likely have been another record-breaking year for Rhode Island home sales but the silver lining was a boost from those people from out of state who made the decision to buy in Rhode Island. If you’re going to work remotely, this is a great place to do it,” said Buss.
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 5,000 members in nearly 1,000 offices, has been serving Rhode Islanders since 1948. 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. Last year, RI Realtors transacted $6.9 billion in residential real estate sales and $7.1 billion in total sales and rentals including commercial transactions.
The Association is one of more than 1,500 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 1.5 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.