Homes in Rhode Island sold for a median price of $485,000 in September, which is $30,000 more than last year.
It cost buyers $30,000 more to purchase a single-family home in Rhode Island in September than it did last fall, according to a report the state’s realtor association released Thursday.
The median sales price for a single-family home in Rhode Island was $485,000 in September, which reflects a 6.6 percent year-over-year increase.
Soaring home prices, mortgage rates that are at their highest level in two months, and a lack of inventory have put a damper on sales. “Closed sales fell by 3 percent, and pending sales … also dropped by 2.2 percent,” according to the report.
The inventory of homes “continues to creep upward” but is “still critically low,” according to the association. The state had a 2.4-months’ supply of homes on the market in September. A healthy market has at least a five.
“Each month since January 2022, pending sales have fallen compared to the previous year, a sign that housing affordability is not improving in Rhode Island,” Sally Hersey, president of the Rhode Island Association of Realtors, said in a news release. “The median sales price of single-family homes has risen year over year every month since January 2017. We desperately need to build more housing.”