black handled key on key hole
Photo by PhotoMIX Company on Pexels.com

The number of single-family homes sold in Rhode Island in October was nearly 40 percent less than two years ago, while house prices remained relatively steady this year, although up more than 17 percent from October 2020, according to the Rhode Island State-Wide Multiple Listing Service.

According to the organization’s data, over the last three years, home prices have continued to rise, while sales have slowed dramatically. The median sales price of a home in Rhode Island this October was $405,000, compared to $335,000 in October 2020.

This October 777 houses sold, according to the listing service, compared to 973 last October and 1,252 in October 2020.

The listing service’s data also showed a decline in houses sold from August to October this year, houses remaining on the market longer, and listing declining steadily.

According to the listing service, its statistics reflect data from two weeks following the previous month.

Here’s the listing service’s data from October 2020 to October 2022:

  • Number of Houses sold
    • October 2022 – 777
    • October 2021 – 973
    • October 2020 – 1,252
  • Number of listings
    • October 2022 – 1,468
    • October 2021 – 1,593
    • October 2020 – 1,921
  • Median sales price
    • October 2022 – $405,000
    • October 2021 – $377,500
    • October 2020 – $335,000
  • Days on the market
    • October 2022 – 34
    • October 2021 – 33
    • October 2020 – 48

The listing service also reported for the last three months

  • Number of houses sold
    • October 2022      – 777
    • September 2022 – 840
    • August 2022 –        970
  • Number of listings
    • October 2022      – 1,468
    • September 2022 – 1,478
    • August 2022 –        1,483
  • Median sales price
    • October 2022      – $405,000
    • September 2022 – $416,000
    • August 2022 –        $405,000
  • Days on the market
    • October 2022      – 34
    • September 2022 – 31
    • August 2022 –        29

Frank Prosnitz

Frank Prosnitz brings to WhatsUpNewp several years in journalism, including 10 as editor of the Providence (RI) Business News and 14 years as a reporter and bureau manager at the Providence (RI) Journal. Prosnitz began his journalism career as a sportswriter at the Asbury Park (NJ) Press, moving to The News Tribune (Woodbridge, NJ), before joining the Providence Journal. Prosnitz hosts the Morning Show on WLBQ radio (Westerly), 7 a.m. to 9 a.m. Monday through Friday, and It’s Your Business, also on WBLQ, Monday and Tuesday, 9 a.m. to 10 a.m.

Prosnitz has twice won Best in Business Awards from the national Society of American Business Editors and Writers (SABEW), twice was named Media Advocate of the Year by the Small Business Administration, won an investigative reporter’s award from the New England Press Association, and newswriting award from the Rhode Island Press Association.