Rhode Island Housing Prices Are Up!

Real Estate Agent with Keller Williams Realty Leading Edge

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Rhode Island March Housing Prices Are Up!

Warwick, RI… April 25, 2014 - The Rhode Island Association of Realtors released March sales statistics today that highlighted escalating home prices.  At $205,000, March’s median sales price was the highest price recorded at the end of the first quarter since 2008.  The median price of single family home sales rose eight percent since March, 2013. The data is derived from all Realtor-assisted sales input into the State-Wide Multiple Listing System.

Single family home sales activity slowed slightly however,  down .3 percent in March from 12 months prior, though it bounced back significantly from a lull in activity in February.  Pending sales –those properties under contract but not yet sold –  fell four percent.

“We’re seeing exactly what we expected to see, said Robert Martin, President of the Rhode Island Association of Realtors. “The harsh winter weather and fears of skyrocketing flood insurance rates put a slight damper on sales activity in the beginning of the year but those problems are behind us for the most part.  This is turning out to be the best spring selling season we’ve seen in a long time.”

The condominium market fared even better than the single family home market with median price rising by ten percent and sales volume increasing by five percent. Pending sales were also up by seven percent indicating that the condo market will remain strong in the months ahead.

The multi-family market showed the most price appreciation of all three property types, rising 19 percent to $149,000.  The number of sales however, dropped sharply and a 13 percent decline in pending sales indicates slower sales in the near future.

The Rhode Island Association of Realtors will release first quarter sales data on May 1. If you are looking to move to Rhode Island now is the time.


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Richard Weeks
Dallas, TX
REALTOR®, Broker

Great information you are sharing with your local market.  Good for both buyer's and seller's.

Apr 29, 2014 01:29 AM #1
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

We're finally begining to see inventory get stable but our prices have remained pretty flat.  Our sellers are hoping they see what you are seeing with some price increases soon.

Apr 29, 2014 05:38 AM #2
Heidi Kelley
Keller Williams Realty Leading Edge - East Providence, RI
Your Rhode Island Real Estate Connection

Tammy- we've seen prices increase in 2013, decrease in late 2013 early 2014, and now increase yet again. It's a roller coaster.

Apr 29, 2014 10:38 PM #3
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Heidi Kelley

Your Rhode Island Real Estate Connection
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