Narragansett's Median Home Price Ranks Among Highest in State: RI Realtors Say

NARRAGANSETT, RI — Narragansett's median home price rose in October, according to the latest numbers from the state realtors' association. Only Block Island, Jamestown and East Greenwich were higher.

The single family home median price was $469,000 up 13.23 percent from the same month a year ago. The median means half the homes sold for more and half sold for less.

Statewide, the median price is $235,000, and that's up 4.8 percent based on the 956 homes sold. It's also the highest median price since 2007.

The Patch will talk to some brokers, and see what the numbers mean if you want to buy or sell.

Inventory is drying up, the realtors' association said.

"As of last month, Rhode Island had a 4.4-month supply of single-family homes for sale – less than the six-month supply considered by industry experts to signify a balanced market," the report indicated. "The diminishing supply of inventory has started to restrain sales. Though there were more October sales this year than last, Realtor statistics show that sales under contract have remained relatively flat for the past four months, rising just 1.4 percent in October. The leveling off of pending sales offers evidence that sales may begin to slow toward the end of the year."