RI Real Estate Market Report, October 2022
We are pleased to release the Rhode Island real estate single family home statistics for October 2022. The median asking price for new listings reached $400,000, while the median home price for sold listings reached $405,000. The supply of inventory decreased from 2.7 months to 1.4 months when compared to the same period last year. Additionally, the average days on market stayed the dame from October 2021 to October 2022 - 38 days.
Single family home sale prices have stayed elevated year-over-year, likely due to significant lack of inventory. A balanced market should have about six months of available inventory, while October 2022 had slightly above one month's supply of inventory. Sellers of well-priced homes are often still receiving multiple offers, leading to an average sales price that reaches 100%, or more, of the listing price. There is significant pent-up demand for well-priced homes.
If you have any questions regarding the market, or your home's valuation, please contact me anytime.