Median Sale Price of RI Home Now $265,000, Up 8.2 Percent, Says Realtors
Thursday, November 09, 2017
The third quarter home sales statistics unveil that the price gains from July through September 2017 compared to the same time last year - 2016.
From July through September, 3257 single-family homes were sold in Rhode Island, down from 3331 the previous year. Only 15 of the 40 districts cited saw increased activity in the third quarter this year.
“Last year was an extremely busy year for Rhode Island’s housing market and 2017 is continuing to see sustained momentum. So, while we’re showing a year over year decrease in sales, it’s important to realize that 2016 was a record-breaking year. Overall, the local housing market is still extremely strong despite a shortage of inventory that is holding sales back,” said Joseph Luca, 2018 President of the Rhode Island Association of Realtors.
The condominium market was particularly "robust in the third quarter" with the median sales price rising to $224,400 from $195,000 the previous year, a 15.1 percent gain. Sales activity also flourished with a 12.7 percent increase in closings.
The multifamily home market also increased. A median sales price of $220,000 was 16.9 percent higher than the previous year’s and closing activity grew by 9.2 percent.
Federal Tax Change Warning
“The impact of pending tax reform could have a substantial impact on the housing market next year, depending on whether or not changes to mortgage interest and property tax deductions are enacted. All property owners are strongly encouraged to call Senators Reed and Whitehouse as well as Congressmen Langevin or Ciccilline to tell them to protect middle-class homeowners,” warned Luca. “Rising prices, along with high levels of student loan debt and tight credit conditions are already keeping homeownership levels low. We don’t need anything else that could be detrimental to our housing market. Homeownership builds wealth and is a huge economic engine. We need to make sure that our representatives in Washington understand that we should be protecting incentives for owning a home, not eliminating them.”
- NEW: Home Sales Rise in Rhode Island
- NEW: Home Sales Rise Compared to Last Year
- NEW: RI Leads in Year-Over-Year Home Sales Increase—RE/MAX
- NEW: RI Home Sales Once Again Lead New England
- NEW: RI Home Sales Continue To Increase Through September
- NEW: RI Home Sales Are Up Nearly 25% - RE/MAX
- NEW: RI Home Sales Continue Downslide
- RI Home Sales Drop, Median Price Rises in September
- Third Quarter Home Sales Figures Show Ups and Downs
- Rhode Island Home Sales Decrease While Prices Increase
- January Home Sales Are Showing Positive Signs - Showing Stability
- NEW: Rhode Island Largest Home Sales Increase in New England
- NEW: Rhode Island Home Sales Up 34% in RE/MAX of NE July Report
- RI Single Family Home Sales Rise 14.5% in August
- RI May Home Sales Up 5% Year Over Year
- RI Housing Market on Pace to Break Single Family Home Sales Record
- Home Sales Up in January and Prices Dip Slightly, Say RI Realtors
- RI Condo and Single-Family Home Sales Set New Records 1st Quarter in 2017
- RI Single Family Home Sales Up 35 Percent in April
- Rhode Island Home Sales Rise by Double Digits in February
- NEW: RI Home Sales Up 5.7% in RE/MAX of NE January Report
- RE/MAX Reports 2.7% Increase in Pending RI Home Sales for Feb.
- RE/MAX Reports 1.3% Increase in Pending RI Home Sales for March
- RE/MAX Reports 6.6 Increase in Pending RI Home Sales for July
- RI Home Sales Rise 4% in August
- Multi-Family Home Prices Up Again
- Multi-Family Home Prices on the Rise
- Home Prices Up: a trend?
- NEW: Single Family Home Prices Up, Sales Still Sluggish
- Home Prices Increase 12% in RI
- NEW: Home Prices, Sales Decline in Second Quarter
- Median Home Price in RI Jumps 13.1% to $261,000, According to Realtors
- As Tax Credit Expires, Housing Prices Fall
- NEW: RI Housing Prices on the Rise
- NEW: RI Realtors Report Spike in Housing Prices in April, Drop in Sales
- RI’s Housing Prices Return to 2007 Level