Rhode Island's Median Home Price Jumps 17 Percent

CRANSTON, RI — Rhode Island's median single-family home price significantly jumped over the last year, according to a new report by the state's Association of Realtors. January's median home price was $296,750, a 17 percent year-over-year increase.

The price hike did not slow sales in the state, the association said, which also saw an increase of more than 14 percent since January 2018.

Despite the high number of sales, the number of available houses is on a downslide, said Shannon Buss, the association's president.

"Inventory continues to be a problem. We saw a huge jump in sales in December and January. Now that those properties are off the market, our supply of homes is near an all-time low. With less than three months of inventory, our supply is half of what it should be," Buss said.

With the end of winter looming, more houses are expected to hit the market as homeowners take "spring cleaning" seriously.

"Typically, the spring selling season brings a surge in inventory," Buss continued. "Hopefully this year, it will be significant. The irony is, it really is a great time to sell and with interest rates remaining low, when you find the right property, it’s also a good time to buy."

Rents also increased in Rhode Island in the past year, according to data from Apartment List. From December 2018 to 2019, the average rent went up 0.7 percent to $971 per month for a one-bedroom and $1,174 for a two-bedroom.