RHODE ISLAND ASSOCIATION OF REALTORS®, INC.

"The Voice of Real Estate in Rhode Island"
Serving Rhode Islanders Since 1948
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Press Release

Contact: Kerry Park
Ph: 401-432-6948
Cell: 401-207-4502
Email: kerry@rirealtors.org

Out-of-state home buyers flock to R.I. in second quarter

Warwick, R.I. – August 3, 2021 -- RI Realtors recently released second-quarter home sales statistics which show a marked increase in buyers from other states who purchased in the Ocean State. Out-of-state buyers of single-family homes, multifamily homes and condominiums during April through June increased 69 percent from the same period last year. Buyers from Massachusetts, Connecticut and New York comprised the bulk of out-of-state buyers both years. Buyers from California and Florida rounded out the top five.

Buyers from other states accounted for 26 percent of the total sales in the second quarter of this year, up from 21 percent in 2020. Their presence was even more pronounced in the luxury market, comprised of properties sold for one million dollars or more. Forty-seven percent of those sales were credited to buyers from outside of Rhode Island.

The number of total luxury sales – those which involved both out-of-state and in-state buyers – increased significantly from the previous year, rising from 49 in the second quarter of last year to 202 this year, a 312 percent hike. Coastal towns like Little Compton, Charlestown, Jamestown and Newport, which cater to year-round as well as summer residents, saw large increases in both median price and closed transactions.

“The secret is out. Rhode Island has been discovered in the past year by those looking for a haven away from the city. Our housing market has been an economic boon throughout most of the pandemic but the increased demand for our housing stock is taking a toll. Rhode Islanders are having a hard time competing for homes with other buyers, including those from out-of-state, who often come here with cash in hand,” said Leann D’Ettore, president of the Rhode Island Association of Realtors.

Overall, the number of single-family home sales at all price levels rose 17 percent year-over-year and the median sales price rose 23 percent to $369,450. Multifamily home sales nearly doubled, rising 94 percent and their median sales price rose 20 percent to $355,000. A good alternative to single-family homes in a tight market, condominium sales increased 82 percent and the median sales price of $290,000 represented an 18 percent increase from the second quarter of 2020.

Housing Statistics Archives

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 7,000 members in approximately 900 offices, has been serving Rhode Islanders since 1948. Collectively, RI REALTORS® transacted nearly $7.9 billion in residential real estate sales last year and nearly $8.1 billion in total transactions including rentals and commercial real estate. 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 1.4 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

Leann D'Ettore

2021 President,
RI Association of REALTORS®

 

2nd Quarter 2021
& 2020 Comparison
Single-Family

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2nd Quarter 2021
& 2020 Comparison
Multifamily

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2nd Quarter 2021
& 2020 Comparison
Condominium

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