MARKET REPORT
SECOND QUARTER
METRO & EAST BAY
Sales activity fell by roughly the same percentage, dropping 8.7% year-over-year. Stiff competition caused by pent-up demand shortened the average time homes stayed on the market before going under contract in just four weeks NUMBER OF SALES
In the second quarter, the median price of single-family homes rose by 9 3% year-over-year to $470,130
NORTHERN RI
NUMBER OF SALES
Sales activity for multifamily properties actually rose, with an 18.5% increase in closed sales compared to the previous year. Multifamily homes, averaging just 24 days on the market, were the only residential property type to see a year-over-year sales increase
Meanwhile, the median price for multifamily homes surged by 12 8% to $530,000
$2,000,000
$1,500,000
$1,000,000
SOUTH COUNTY
NUMBER OF SALES
Sales activity for condos remained fairly steady, with a decline of less than 1%.
In contrast, the median sales price for condominiums declined by 3 5% to $352,250, bucking the trend of rising prices in other residential categories
KENT COUNTY
MEDIAN SALE PRICE
Rhode Island Realtors noted that while out-of-state buyers continue to intensify competition in the housing market, their numbers are beginning to decrease
In the last quarter, 23 4% of all residential sales involved out-ofstate buyers, down from 26.7% in the same period last year
$3,000,000
$2,500,000
$2,000,000
$1,500,000
$1,000,000
NEWPORT COUNTY
MEDIAN SALE PRICE
Providence County saw the highest proportion of these sales, primarily from neighboring Massachusetts, followed by Newport County
NUMBER OF SALES
The percentage of Ocean State homes sold for $1 million or more to out-of-state buyers decreased from 49.1% in the second quarter of 2023 to 42% this year.
