The median sales price for single-family homes in Rhode Island rose 11.4% from the same month last year to $440,000 in March, the state's Realtors Association said Thursday.
For Massachusetts home hunters looking for a vacation in the Ocean State, the seas are almost equally stormy. Single-family home prices in both states rose by double digits from March 2023 to March 2024, according to the Rhode Island Association of Realtors.
For example, the median sales price for a single-family home in Providence increased 10.82% from $337,250 in March to $373,750. In Lincoln, the increase was even more severe, from $410,000 to $560,000, an increase of 36.59%.
“Housing availability remains extremely low heading into the spring sales season,” the report said. “At current inventory levels and the sales pace in March, all single-family homes on the market will sell within a month, but the 5-6 Much shorter than a month.”
Home sales fell 4.9% and sales “in progress but not completed by the end of March” fell 7.2%, indicating market activity will remain weak throughout April, the report said. .
“Thanks to the recent news that the Federal Reserve reported an increase in inflation in March, sales may continue to be hampered through the spring market, meaning mortgage rates There will be no immediate reduction in the rate.” “On the positive side, recent increases in mortgage rates could help boost much-needed inventory.”
Hershey told Boston.com that high mortgage rates affect buyers, leaving them unable to qualify for the home they want or choosing to sit on the sidelines.
Rhode Island condo market
Whether you're looking for a condo as your first step toward homeownership or a housing type to choose from when downsizing, the number of properties is increasing, but so are prices.
The report called Rhode Island's condominium market an “outlier,” noting that sales in the category increased 0.81% year-over-year and the number of pending sales reflected a 7.6% increase. .
Meanwhile, the number of condo units on the market (241 units) increased by more than 5%.
Median sales price also increased by double digits, from $319,950 to $370,000, an increase of 15.64%.
Rhode Island multifamily market
Sales in the category, seen as a way to own a home and help people pay off their mortgages, plunged 19% in March from a year earlier. Median sales price increased 18.9% to $535,000.
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