Median Sales Price Continues To Rise in Northern Rhode Island While Market Activity Shrinks
The Northern Rhode Island real estate market ended August, 2021 with a median sales price increase in every municipality in the Northern Rhode Island Board of REALTORS® market area, while closed sales dipped in all municipalities except North Smithfield and Woonsocket. (Closed sales also increased in Central Falls, but a small sample size makes it difficult to analyze any trends). All municipalities posted median sales price growth of more than 10%, with North Smithfield leading the way with a 71.64% increase in median sales price over August, 2020.
“We are definitely feeling the impact of low levels of inventory in our market area.” notes NRIBR President Rob Williamson. “With sales price still growing steadily from 2020 across the board, but activity declining, it’s clear that inventory is the chief constraining factor in the real estate market. Demand is strong at all price points, with surging demand in the affordable end of the market and the upper end, as evidenced by Woonsocket and North Smithfield showing sales growth.”
Statewide, inventory ticked up slightly to 1.8 months of supply on the market. With the limited amount of homes for sale in the Northern Rhode Island region, even a slight increase comes as welcome relief to the market after an extended period of inventory hovering at or below one month’s supply. Statewide, 1,095 homes sold with a median sale price of $390,000 in August.
“While it’s always tempting to shop for a deal, buyers should come prepared to make their best offer their first offer,” notes Williamson. “With out-of-state buyers still a significant factor and competition at a high level, a delay in making a final and best offer could easily cost a buyer their desired home.”
Town-by-town reports can be found under the “North” heading in this document.
The Northern Rhode Island Board of REALTORS® is a chartered member Board of the National Association of REALTORS®. It was established in 1921 and serves over 700 REALTORS®, Appraisers and Affiliate members throughout the Northern Rhode Island area. Its mission is to provide its members with the tools and support needed to support their success.