Real Estate Market News January and February 2018 vs. Jan/Feb 2017.
Single Family home sales are down 7% in units while pricing is up 8.2% compared to last year. There are roughly 2 to 3 buyers for every 1 home due to the lack of inventory on the market. There are currently 1874 single family homes for sale in Rhode Island compared to what should be over 7500. Currently there are 1386 pending single family homes and the median sale price of homes in Rhode Island is $244,500.
The multi family housing market in Rhode Island is up 20% in price over last year at this time when considering the median value. Multi families are selling in 1/2 as many days on market as they were last year and there have been 1.6% more sales this year opposed to last. Right now, there are 296 active and an amazing 345 pending transactions in this market!
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