But the cost of a condo decreased, according to a new report. Is it just a blip, or are prices really plummeting?
If you are looking to buy a multifamily home in Rhode Island as a way to afford a mortgage — live in one, rent out the other — you will have to pay a lot more.
The median sales prices for a multifamily home in the state increased 15.6 percent year over year to $549,000 in August, according to a Sept. 20 report by the Rhode Island Association of Realtors. Sales also increased by 3.1 percent.
Meanwhile, the price of a single-family home rose, but not as dramatically: by 9 percent year over year to $490,563.
Sales data from the town of Coventry, R.I., offers a good snapshot of the market. There were 58 single-family home sales in August (up a whopping 45 percent), with a median sales price of $427,500 (a 12.8 percent jump).
These prices don’t include off-market home sales, which tend to be luxury properties.
The cost of a condo went down, however. The median sales price dipped 14.2 percent to $330,000, and sales were sluggish. They were down 7.8 percent compared with August 2023.