Residential property sales remain “sluggish,” but “less so,” with a “significant uptick” in pending deals.
The median sales price of a single-family home in Rhode Island shot up nearly 13% year-over-year in January, reflecting a market in high demand, the state realtors association reported Thursday.
Buyers were shelling out $391,375 for a single-family property in January 2023. Last month, the median sales price shot well past $400,000 to $441,750, according to the market report by the Rhode Island Association of Realtors.
The cost of a condo edged up (1.56%), from a median sales price of $320,000 in January 2023 to $325,000 last month.
Meanwhile the multifamily market saw the slowest start to the year since 2015, the association said, with a 9.5% drop in sales. “Contracts in the queue to close however, declined just 2.8%, a sign that completed closings should soon be on the rise. A $475,000 median price reflected an eight percent gain from the prior year,” the association reported.
In the condo market, pending sales were up 14.59% in January, while in the single-family sector, that figure was pretty static: down 0.27%. The latter is welcome news and indicative of a slower rate of decline, the association said, noting that pending sales fell by double digits in all but one month in 2023.