Please find the latest and final market activity comparisons for the state of Rhode Island of 2021.
For new listings, the downward trend that began in June continues. Rhode Island ended the year with a one month supply of single famiy homes on the market.
The number of properties under agreement and the number of properties sold were slightly below 2020 but above 2019 due to lack of inventory. The December median price for single family homes was 15.4% higher than the previous year and the condominium and multi family market continued to do well due to 45-48% decreases in inventory year over year.
It continues to be a seller’s market. On a local level, we are seeing renewed buyer activity and multiple offers are once again increasing. It is an opportune time for sellers who want to take advantage of an extraordinary market.