Median Home Prices Fall Slightly In RI; Sales Start To Cool

PROVIDENCE, RI — For the first time in months, Rhode Island's real estate market is cooling down slightly. In September, the median price for a single-family home in the state was $385,000, down slightly from $390,000 the month prior.

Sales continued to slow, as well, marking an 8.4 percent year-over-year decrease.

"The single-family home market has been incredibly competitive and the properties that are available for sale are put under contract so quickly, that it appears some prospective buyers took a break," said Leann D’Ettore, the president of the Rhode Island Association of Realtors. "Also, the spread of the delta variant affected the market last quarter, keeping some buyers at home and making some prospective sellers think twice about listing their home."

While median sales prices decreased slightly from August to September, quarterly numbers reached an all-time high; 15 percent higher than the third quarter of 2020.

Read more about August's sales data here.