The sun has officially set on the last days of our New England summer. As the leaves change and we head into the final quarter of the year, let’s take a moment to look over the local real estate activity during the third quarter and throughout the opening nine months of the year.

While Rhode Island homes are still selling faster and for higher prices than ever before, a lack of inventory has suppressed overall sales in the state.  

Year to date, the average days on market for a single-family home in Rhode Island fell to just 30 days, nearly half the average days on market from just two years ago. However, the number of new single-family listings fell by roughly 11% compared to this time last year, resulting in the state’s lowest number of single-family sales through the opening three quarters since 2015. While year-to-date prices for single-family homes have reached new all-time highs, the average sales price for the third quarter was actually slightly less than the previous year, hinting at a potential top.

The number of new condominium listings in Rhode Island has dropped by roughly 19% on the year, returning sales totals back in line with pre-pandemic levels. Meanwhile, the average sales price has risen by more than 10% for a third consecutive year, reaching a new all-time mark.

The multi-family market in Rhode Island has remained very active. Year to date, the average sales price for a multi-family home has continued to soar to record levels, and while sales are down compared to last year’s all-time high, the state still saw its second most multi-family sales during the opening three quarters since 2010.

Switching our focus to the Massachusetts market, the South Coast region reflected similar trends to Rhode Island. New single-family listings in this area are down for a fourth consecutive year, contributing to an over 13% dip in South Coast single-family sales over the opening three quarters. The year-to-date average single-family sales price in the South Coast increased for a tenth consecutive year and has now more than doubled over that time period.  

As we head into the final quarter of 2022, many eyes will be focused on the activity of our local real estate markets. With so many shifting factors impacting the industry, we’d like to remind everyone that our local real estate experts are here to assist you and answer any questions you may have. Whether buying or selling, our knowledgeable Realtors are always available to guide you throughout the entire process. Thank you, and have a wonderful end to the year.  

See the full 2022 Third Quarter Market Update here.