RHODE ISLAND
Home Sales Up, Average Price Up
Home sales are up 7.7% year over year, with October 2024 at 1,018 compared to 945 last October. Sales are up across all categories.
- Single families: 657 (2023) | 686 (2024)
- Condominiums: 164 (2023) | 186 (2024)
- Multi-families: 124 (2023) | 146 (2024)
Average sale price increased 7.0% year-over-year, now at $607,659 compared to $568,167 in October 2023. Prices increased for Single and Multi-Family homes but decreased for Condos.
- Single families: $591,869 (2023) | $645,940 (2024)
- Condominiums: $489,666 (2023) | $462,358 (2024)
- Multi-families: $546,410 (2023) | $612,900 (2024)
Homes Listed For Sale:
The number of homes listed is up by 7.1% when compared to October 2023.
- 2024: 1,476
- 2023: 1,378
- 2022: 1,356
Pending Home Sales:
The number of homes placed under contract is up by 16.0% when compared to October 2023.
- 2024: 1,037
- 2023: 894
- 2022: 977
Data provided by RI Statewide MLS then compared to the prior year.
What’s Happening in the Market?
- Nationally, existing home sales rose 3.4% in October to an annual rate of 3.96 million, marking the first year-over-year increase in 37 months since July 2021. Similar to the national trend, Rhode Island saw increases in both home sales and prices compared to last year
- The housing market often shifts in response to economic and political events. Last month, home sales declined compared to the same time last year, likely due to pre-election uncertainty causing hesitation among buyers and sellers. With the election now behind us, home sales are rising again, possibly driven by clearer economic policies and a renewed focus on long-term planning, paving the way for steady market activity moving forward.
- According to Mortgage Daily News, mortgage rates in October began at approximately 6.2% and steadily rose to around 7% by month’s end. Despite the rise, rates are still lower than the 7.9% recorded during the same time last year, showing some year-over-year improvement.
- Sellers, It is important to remember that homes do sell during the holidays, often to highly motivated buyers. Listing your home now can provide a competitive edge with less inventory and greater visibility for your property.
- Sellers and buyers, navigating the process of selling and buying at the same time can be overwhelming, especially during the holiday season. However, with the current market presenting a great opportunity for buyers and sellers, it’s worth considering. Taking the right steps now could help you make a smooth transition, balancing both the sale of your current home and the purchase of your new one.