Rhode Island home sales and prices up, inventory down

Rhode Island home sales and prices up, inventory down

In February 2015, Rhode Island single family home sales rose to 480 according to MLS statistics. “This is not only a 12.5% increase over the 427 sales in February of 2014, but also represents the highest number of February sales since 2007 and the second highest total of the last ten years,” states Williams & Stuart president Paul Zarrella.

The median price of single family homes in Rhode Island also continued their upward trend in February. The $195,000 median price last month was $10,000 or 5.5% greater than the median price in February of 2014.

“Inventory is as low as it has been in a decade” says Zarrella, “and the way homes have been flying off the shelves, we at Williams & Stuart expect to prices to continue to rise at a steady rate in our local marketplace for the foreseeable future.”