Home prices in Rhode Island soar, hit highest point since 2006

Buying News
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PROVIDENCE — The median price of a single-family home in Rhode Island has reached its highest point in more than a decade.

The Rhode Island Association of Realtors reported Friday that the median price hit $290,000 in June, its highest since July 2006.

The June median was about 6 percent higher than it was that month a year ago. Joe Luca, association president, said realtors cannot meet the demand for housing and fewer people are selling. That lack of inventory also led to a 4 percent decrease in the number of houses sold.

The median sales price of multifamily properties shot up 19 percent year over year to $250,000 last month, while the median price of condominium sales rose 8 percent to $230,000.

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