Market Report Fourth Quarter - 2014 Executive Summary As we begin 2015, this report will show that Rhode Island continues to recover and build in the housing market. Across the state, the inventory has remained fairly balanced. Q4 has shown a high demand for homes priced under $750,000, with the highest demand for homes priced under $250,000. The statewide median sale price is unchanged at $215,000, yet in Q4, areas like Newport saw a 44% increase in their average sale price to $810,000 in comparison to year end last year. Quarter to Quarter, statewide home sales were up 6% and the median sale price was up 8%. Newport County saw a 23% increase in sales and 15% in prices. Washington County sales were up 11% while Providence and Bristol Counties both had increases in sales and prices. Most notably, Newport Single Family Q4 sales increased 15% and the average sale price was up an astonishing 94% over Q4 2013. Providence’s East Side sales were up 31% and Westerly saw a 20% increase in both sales and prices quarter to quarter. Block Island sold 35 % more homes in 2014 vs. 2013. The Statewide Luxury Market saw an 18% increase in the number of homes sold in Q4 2014 in comparison to Q4 2013. We are looking forward to a Fast-Paced and Improving 2015!
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