Home sales and prices in Rhode Island hit a new peak for November, according to new data from the R.I. Association of Realtors (RIAR
) and State-Wide Multiple Listing Service (MLS).
Single-family home sales in Rhode Island recorded a 2.1 percent increase in November from one year earlier while the median sales price of $267,700 represented a 3.4 percent year-over-year hike. The median selling price was the highest in November since 2006.
The median number of days that a Rhode Island home stayed on the market last month dipped to 61, down from 63 in November of 2017, while the number of single-family homes listed for sale through MLS rose 6.9 percent. There was a 3.8-month supply of homes for sale last month versus a 3.4-month supply one year earlier.
“There’s no doubt about it, Rhode Island’s housing market is still going strong,” said Dean deTonnancourt, RIAR’s 2019 president. “Sales are up, prices are up, and buyers are beginning to get some relief with more homes coming on the market. Inventory is still scarce but the number of homes available for sale has been increasing each month.”