RI Home Prices Still On The Rise
In RI home prices have continued to surpass last year’s numbers. As of October 28, 2017, Single Family home prices in Rhode Island have averaged $326,829 compared to $305,294 for the same time period last year. As well, the median sales price in RI has risen from $239,000 in 2016 to $255,333 in 2017. When gauging the real estate market, it’s important to look at the median RI home price. What the median means is that half of the sales were over that number and half were below that number. Median price gives a great indication of where first time home buyer prices in RI are hovering.
In other words, buyers can get a idea of the lower threshold of Rhode Island home prices. As they begin their search, they can manage their expectations. Also, as the median home price in RI continues to grow, it indicates the strength of the current real estate market. It shows how active it is. As the lower price point increases, the middle and high price points follow suit. A real estate market cannot grow unless the first time buyers are buying.
2017 is also running ahead of 2016 in regards to number of single family transactions, but the pace is slowing. To this date in 2016 Rhode Island had 9117 single family transactions, and in 2017 we have 9242. This represents an increase of a little over one percent. Compared to a month ago the difference in transaction quantity was over 6 percent. Stay tuned to see how the RI home prices fare compared to last year and of course predictions for 2018.