Ten RI Communities With Biggest Home Price Increases - March 2022

Ten RI Communities With Biggest Home Price Increases - March 2022

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.