Median price of homes in Rhode Island hits an all time high

PROVIDENCE, R.I. (WLNE) — The median price of single-family homes was at its highest point last month, compared to a year ago.

The Rhode Island Association of Realtors said although the median is high, the year-over-year appreciation is decreasing.

Bryant Da Cruz, the president of Rhode Island Association of Realtors, said the median price of a single-family home in Rhode Island for the month of May is sitting at $427,250.

The good news? That median reflects a two perfect increase from last May.

“This is one of the first times that we’ve seen only a two percent increase on the median, so that’s a good sign on the market, good sign for sellers and buyers,” said Da Cruz.

Da Cruz said the appreciation of homes in Rhode Island is stabilizing, which could give first home buyers a chance.

“The market is kind of back and forth, there is not a lot of opportunity to buy, and single families are not a great investment right now, so I’m looking for multi families,” said first-time home buyer, Taber Gates.

Gates, 23, is looking at multi-family homes because of the rising price of single-families and the need for a return on his investment.

“I’m set up online and basically I get notified of multi families when they’re available and they’re there for a couple of days or sell in a day which is pretty crazy,” said Gates.

Da Cruz agreed, saying it’s slim pickings for home buyers these days.

In terms of inventory in the Ocean State, Da Cruz said there’s only about one and a half months of homes available.

“Once we get the ball rolling, it’s a snowball effect, now someone sold their house and needs to buy another house so now someone has sold their house, they need to buy another house, now that person as a first-time home buyer is buying that house,” explained Da Cruz.

Anyone looking to buy a home, Da Cruz said it’s important to talk with a realtor or someone who is watching the market every day because the market is always changing.