Mott & Chace Sotheby’s International Realty is pleased to release the Rhode Island real estate single family home statistics for May 2020. The median asking price for new listings increased 3.3%, while the median home price of sold listings increased 3.3% as well. The supply of inventory decreased from 4.1 months to 1.3 months when compared to the same time period last year. Additionally, the average days on market decreased 8.2% in April 2020 when compared to last year.
Despite the widespread market impacts of COVID-19, single family home sale prices have stayed elevated year-over-year, likely due to a significant lack of inventory. List prices and sales prices have increased from prior months. However, available inventory and the number of closed properties have decreased slightly from previous months, which is unusual for this time of year when the market is typically bustling.
Read the full report here.