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ProJo: R.I. real estate: 2017 — a really hot market

Posted: Jan 18, 2018 at 12:01 AM

Sales rose again, median price was up 6% and days on market fell, too. Biggest problem was lack of inventory, particularly in the starter home market.

PROVIDENCE — House sales increased in Rhode Island for the fifth consecutive year in 2017, creating a “hot” market despite falling inventory, according to the Rhode Island Association of Realtors.

In a report released Thursday, the association said 2017 single-family home sales reached 11,282, “eclipsing previous records,” and the median house price was $255,000, a 6-percent increase compared with 2016. The median price is still short of that reached for the boom year of 2005, $282,900. After the banking crisis in 2008, the median price fell, reaching a low of $190,000 for 2012.

There were 11,066 homes sold in Rhode Island in 2016, so the 2017 statistics show an increase in sales volume of nearly 2 percent, the association said.

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Courtesy of Providence Journal