ProJo: R.I. house prices climb 8 percent in third quarter

PROVIDENCE, R.I. — Home prices in Rhode Island continued to climb in the third quarter of 2017, as the median house price hit $265,000, “the highest quarterly median price in a decade,” according to the state Realtors' association.

The state's median house price in July, August and September was 8 percent higher than it was in the same three-month period in 2016, according to statistics released Thursday by the Rhode Island Association of Realtors. Sales were down by 2 percent, slowed by low inventory, and the average days on market fell by nearly 26 percent, to 52.

Looking at median price by city or town, only five communities (Burrillville, Hopkinton, Newport, North Kingstown and Scituate) experienced median price drops in the third quarter. Every other community had increases, including Providence, up 10 percent, to $170,000, and the East Side of Providence, up 16 percent, to $669,000.

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Courtesy of Providence Journal

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