The median price for single-family homes in Rhode Island reached $485,000 in September, reflecting a $30,000 increase from last year, signaling ongoing affordability issues.
'Each month since January 2022, pending sales have fallen compared to the previous year, a sign that housing affordability is not improving in Rhode Island,' says Sally Hersey, president of the Rhode Island Association of Realtors.
Despite a slight increase in inventory, home availability remains critically low, with only a 2.4-month supply on the market, far below a healthy level of five months.
'We haven't yet seen much of an effect from the Federal Reserve's September rate cut on Rhode Island's housing market. Our main problem continues to be supply,' highlights the Realtor Association.
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