NEW RECORD: RI Median Home Price Hits $499,000

NEW RECORD: RI Median Home Price Hits $499,000

The July numbers for the price of a single family home have jumped to $499,000 in the state of Rhode Island — functionally, half a million dollars.

 

The sale price for a home in Rhode Island increased 13.7% in the past year — July of 2023 to July of 2024. The data was provided by Mott & Chace Sotheby's International based on MLS numbers.

 

And, inventory continues to fall. The number of months of inventory dropped from 2.7 months to 1.7 months.

 

"We're still in a situation where the supply is extremely limited, I think year-over-year, we're down 40%," said Geb Masterson of Mott & Chace Sotheby's International.

 

WATCH THE FULL INTERVIEW WITH MASTERSON ABOVE

 

 SEE BELOW THE LIST OF COMMUNITIES THAT IN JUNE TOPPED $700,000 FOR MEDIAN PRICE