Ten RI Communities With Biggest Home Price Increases - March 2022
Wednesday, April 20, 2022
GoLocalProv Business Team
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Data has been released for Rhode Island’s real estate market and the numbers are daunting for home buyers.
Prices are up and in some communities prices are up nearly 50% — March of 2021 versus March of 2022. And, over the past two years the trend is knocking more and more buyers out of the market.
SEE BELOW THE COMMUNITIES THAT SAW THE LARGEST INCREASES
Two Year Cycle - Impact on Pandemic
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According to the Rhode Island Association of Realtors, the supply of homes for sale last month was 26% less than 12 months earlier and 62% less than it was in March of 2020.
In March, single-family home closing activity fell 10.2% from 12 months earlier. Pending sales – those under contract but not closed by the end of the month - also fell 9.9%, foretelling a continued slowdown in sales activity in the weeks to come. At $385,000, the median price of homes sold in March was 14.9% higher than 12 months earlier.
“While we did see a slight gain in the number of homes available for sale from February to March, unfortunately, the supply remains critically low and the number of homes for sale has been falling year-over-year for some time. Since March of 2020 to last month, Rhode Island’s single-family home inventory fell from 2328 listings to 888. And though the housing shortage was exacerbated by COVID, it had existed for several years before that," said Agueda Del Borgo, President of the Rhode Island Association of Realtors.
“It’s critically important that Rhode Island puts measures in place that allow for the construction of more housing, free from the barriers that impede development now. We need places for our workforce to live,” Del Borgo added.
One Year Cycle - Dramatic Price Increases in Most Communities in Rhode Island
Below shows which communities saw the greatest largest percentage increase from March of 2021 to March of 2022.
Related Slideshow: Ten RI Communities With the Biggest Price Increases - March 2022
These are the communities that saw the highest increase in median price from March 2021 to March 2022.
Only communities that sold ten or more houses in March of 2021 and March of 2022 are included.
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10th Tie
Providence
Increase in Median Price of a Single Family Home: 18.15%
2021 Median Price: $259,000
2021, March - Number of Homes Sold 73
2022 Median Price: $306,000
2022, March - Number of Homes Sold 58
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10th Tie
Cranston
Increase in Median Price of a Single Family Home: 18.85%
2021 Median Price: $303,950
2021, March - Number of Homes Sold 50
2022 Median Price: $361,250
2022, March - Number of Homes Sold 56
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9th
Cumberland
Increase in Median Price of a Single Family Home: 20.42%
2021 Median Price: $355,000
2021, March - Number of Homes Sold 31
2022 Median Price: $427,000
2022, March - Number of Homes Sold 34
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8th
Coventry
Increase in Median Price of a Single Family Home: 28.57%
2021 Median Price: $280,000
2021, March - Number of Homes Sold 37
2022 Median Price: $360,000
2022, March - Number of Homes Sold 35
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7th
Narragansett
Increase in Median Price of a Single Family Home: 29.20%
2021 Median Price: $625,000
2021, March - Number of Homes Sold 16
2022 Median Price: $807,500
2022, March - Number of Homes Sold 16
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6th
Barrington
Increase in Median Price of a Single Family Home: 30.84%
2021 Median Price: $428,000
2021, March - Number of Homes Sold 14
2022 Median Price: $560,000
2022, March - Number of Homes Sold 16
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5th
Westerly
Increase in Median Price of a Single Family Home: 32.88%
2021 Median Price: $349,950
2021, March - Number of Homes Sold 24
2022 Median Price: $465,000
2022, March - Number of Homes Sold 22
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4th
North Kingstown
Increase in Median Price of a Single Family Home: 35.28%
2021 Median Price: $428,000
2021, March - Number of Homes Sold 21
2022 Median Price: $579,000
2022, March - Number of Homes Sold 17
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3rd
Glocester
Increase in Median Price of a Single Family Home: 37.22%
2021 Median Price: $314,450
2021, March - Number of Homes Sold 14
2022 Median Price: $431,500
2022, March - Number of Homes Sold 16
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2nd
Bristol
Increase in Median Price of a Single Family Home: 41.92%
2021 Median Price: $417,500
2021, March - Number of Homes Sold 18
2022 Median Price: $592,500
2022, March - Number of Homes Sold 12
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1st - Highest % increase
South Kingstown
Increase in Median Price of a Single Family Home: 46.93%
2021 Median Price: $394,750
2021, March - Number of Homes Sold: 24
2022 Median Price: $580,000
2022, March - Number of Homes Sold: 24
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