Median Price of Single-Family Home Hits $450K in RI, Region Outperforms U.S.
Monday, September 18, 2023
The median price of a single-family home has risen to $450,000, according to statewide data unveiled Friday by Mott & Chace Sotheby’s International’s Ben Scungio on GoLocal LIVE.
“Year-over-year list price is up 7%. Sale prices are up 11%. Inventory is down almost 40%. Pending sales are down 2.5%, and sales in general, so the amount of units that are closing, are down 27%,” said Scungio
“And our supply — surprise, surprise [sarcastically]— is down 60%, year over year,” added Scungio.GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST
The cause of these trends is incredibly pent-up demand and high-interest rates, which are curtailing homeowners from selling.
“All this data telling us how difficult the market is on top of it — the interest rate environment is, you know, at an all-time high over the past 10 to 15 years, so it's difficult, but there are always ways to get it done,” adds Scungio.
Rhode Island and Region Outperforming Much of Country
According to Scungio, data shows that Rhode Island homeowners continue to build value and equity in their homes. In other parts of the country, home prices are seeing declines.
Nationally, 11 states saw a decline in home price index year over year, including Idaho (-5.7%), Nevada (-4.2%), Montana (-3.6%), Washington (-3.3%), Arizona (-2.9%), Utah (-2.8%), Oregon (-1.2%), Colorado (-0.6%), Texas (-0.6%), Wyoming (-0.5%) and California (-0.3%).
Rhode Island homeowners saw the value of their homes increase at twice the rate of the rest of the country.
Year-over-year growth rates of the home-price index for the other New England states:
Vermont 8.5%
New Hampshire 7.3%
Maine 7%
Connecticut: 6.4%
Rhode Island 5.4%
Massachusetts: 2.8%
This data was provided by CoreLogic and reflects July’s year-over-year performance.
The U.S. national average was 2.5%.
