Rhode Island Housing Market: September 2024 Analysis
The Rhode Island housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price stands at $513,500, reflecting a modest year-over-year increase of 0.3%. This indicates a relatively stable pricing environment despite broader market fluctuations.
Conversely, the Median List Price has decreased by 5.0% year-over-year, now at $498,000. This decline suggests that sellers may be adjusting their expectations in response to market conditions, potentially to attract more buyers in a competitive environment.
In terms of Price Per Square Foot, the Median Sales Price per square foot has risen by 6.5% to $289, while the Median List Price per square foot has increased by 7.5% to $285. These figures highlight a growing demand for space, as buyers are willing to pay more per square foot compared to the previous year.
The number of Homes Sold has decreased by 8.1% year-over-year, with 980 Homes Sold in September 2024. This decline in sales volume could be attributed to various factors, including economic conditions or changes in buyer preferences. However, Pending Sales have increased by 5.9%, reaching 1,002, indicating a potential rebound in future sales activity.
New Listings have surged by 16.2% year-over-year, totaling 1,221. This increase in New Listings, coupled with a 20.3% rise in inventory to 1,899, suggests that more properties are entering the market, providing buyers with a wider selection. The Months of Supply have also increased significantly by 40.0% to 1.90 months, indicating a shift towards a more balanced market.
The Median Days on Market have increased by 4.0% to 28 days, suggesting that homes are taking slightly longer to sell compared to last year. The average sale to list ratio has decreased by 0.8% to 101.1%, while the sold above list ratio has dropped by 6.4% to 49.7%. These metrics indicate that fewer homes are selling above their list price, reflecting a potential cooling in buyer competition.
Price Drops have increased by 6.1%, with 24.0% of listings experiencing reductions. This trend may indicate that sellers are becoming more flexible with pricing to attract buyers. Additionally, the percentage of homes going off the market in two weeks has decreased by 3.4% to 54.3%, suggesting a slight slowdown in the speed of transactions.
Overall, the Rhode Island housing market in September 2024 exhibits a mix of stability and change. While prices per square foot are on the rise, the decrease in Median List Prices and sales volume, along with increased inventory and supply, suggest a market in transition. Buyers and sellers alike may need to adjust their strategies to navigate this evolving landscape effectively.
