This is the time of year when many of us look around and ask ourselves where the past six months have gone. As we head into summer, let’s take a moment to look back and reflect upon the ever-changing real estate markets and how they have performed throughout the first half of the year.

Following last year’s record-setting opening six months, the number of total sales in Rhode Island dipped by over 12% during the first half of 2022, returning to pre-pandemic levels. While the total number of new listings fell by over 9%, prices continued to climb. The average sales price across all property types climbed by more than 15% year-over-year, and by nearly 40% over the past two years, reaching a new all-time high.

The number of new single family listings during the first half of the year tumbled by over 7%, falling to its lowest mark since 2003. While the number of first half single family sales dropped by over 10% year-over-year, the average sales price for a single family home in Rhode Island soared to a new all-time high of more than $525,000.

Despite a nearly 15% drop in sales compared to 2021, the Rhode Island condominium market still saw its second highest number of first half sales ever recorded. In addition, the median condominium sales price spiked by nearly 17% to a reach a new all-time high.

The new listings and number of sales for Rhode Island multifamily homes each fell considerably from the first half of 2021. However, the average sales price for a multifamily home jumped by over 20% for the second consecutive year, and has now more than doubled in just the past five years.

Rising prices continued to expand the Rhode Island luxury market. The number of new single family listings priced over $1 million rose by nearly 16% year-over-year, while the number of sales reached a new all-time mark. In fact, luxury homes were selling faster than ever before, with the average days on market being nearly cut in half compared to last year’s record setting pace.

The rising prices also affected the South Coast, Massachusetts market, where the average and median sales prices for single family homes each increased by over 13% to reach the highest marks ever recorded. While the number of new single family listings in the South Coast held fairly steady year-over-year, the number of sales dipped by over 12%, falling to the lowest level since 2014.

As we head into summer, the real estate market appears to be preparing for a potential shift. With market conditions constantly changing, we strongly advise reaching out to one of our knowledgeable, local real estate experts who will be happy to guide you throughout the entire process, whether buying or selling.

In addition, please visit ResidentialProperties.com where you can stay up-to-date by researching communities, subscribing to market reports, signing-up for property alerts, and viewing the latest listings with our videos and 3D virtual tours. Enjoy the New England summer, and as always, please let us know if we can assist you with any of your real estate needs.