PROVIDENCE — Rhode Island’s housing market tightened last month, with sales decreasing by more than 19 percent, and prices hitting yet another new high.
The median sales price for a single-family home in the state reached $494,000 in June, the Rhode Island Association of Realtors reported this weekend, a record for any month.
The nearly 12 percent increase over June 2023 is another indicator that Rhode Island’s housing crisis is at a tipping point, and pushing homeownership out of reach for many buyers.
Just 675 single-family homes sold in June, which is the lowest number of sales on record for the end of the spring selling season since the Association began record-keeping in 1998.
Despite the state’s low sale numbers, the market is seeing an increase in listings, said Sally Hersey, the Association’s president. The housing supply is measured in terms of the number of months it would take for all listed properties to sell if no additional listings came on the market. According to the latest data, the supply of homes in Rhode Island has increased to 2.2 months — the first time since October 2020 that it would take more than 2 months for all homes listed to sell. A 5- to 6-month supply represents a balanced market, said Hersey.
“We still have a long way to go to correct our housing crisis but the good news is, over the last few months we have started to see a shift toward a more balanced market,” said Hersey. “We’re hopeful that we will continue to see a slow but steady path to getting there.”
On average, single-family homes for sale went under contract in just 23 days in June.
Alexa Gagosz can be reached at alexa.gagosz@globe.com. Follow her @alexagagosz and on Instagram @AlexaGagosz.
