Residential Properties Exceeds Record $1B in Real Estate Sales in 10 Months
Thursday, October 28, 2021
In 2020, Residential Properties exceeded $1 billion in real estate transactions, a record in Rhode Island.
In 2021, the firm shattered that number by early October, with two-plus months still on the year.
The new Rhode Island record speaks to the growth of the local real estate firm and the dynamic real estate market — which saw the median price of a single-family home jump to $390,000 in August of this year.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTSally Lapides, President and CEO of Residential Properties, said the growth was "sparked by a strong resurgence in the condominium and multifamily markets."
"While single-family sales in Rhode Island held fairly steady year-over-year, the average sales price for a single-family home increased by over 20%, reaching a new all-time high. After seeing a major dip in 2020, condominium sales in Rhode Island have increased by over 30%, setting a new mark for most sales over the first nine months of any year," added Lapides.
"Not to be outdone, the Rhode Island multifamily market saw an over 50% increase in sales year-over-year, also setting a new record for the opening three quarters," said Lapides.
Biggest Growth
However, it was the luxury market in Rhode Island that saw the most growth.
"With prices rising, the amount of new listings for single-family homes over one million dollars increased by more than 17% compared to the opening three quarters of 2020, while the number of luxury sales jumped by over 72% to reach never before seen levels," said Lapides.
Residential Properties celebrates its 40th anniversary as a small business in November -- the company has nine offices across southern New England.
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