The sun has officially set on the last days of our New England summer. As the leaves change and we enter the last quarter of the year, let’s take a moment to look at local real estate activity during the third quarter and through the first nine months of the year.
While homes in Rhode Island are still selling faster and for higher prices than ever before, a lack of inventory has suppressed overall sales in the state.
So far, the average number of days on the market for a single-family home in Rhode Island has fallen to just 30 days, nearly half the average number of days on the market just two years ago. However, the number of new single-family homes fell about 11% compared to this time last year, resulting in the lowest number of single-family sales in the state since the first three quarters since 2015. the third quarter was even slightly lower than the previous year, indicating a potential top.
The number of new condominium listings in Rhode Island is down about 19% from the year, bringing sales totals back in line with pre-pandemic levels. Meanwhile, the average selling price has risen by more than 10% for the third year in a row, setting a new record.
The multifamily market in Rhode Island has remained very active. The year so far, the average multi-family home sales price has continued to climb to record levels, and although sales are lower than last year’s record, the state still saw the second-highest-selling multi-family home during the opening. three quarters since 2010.
By shifting our focus to the Massachusetts market, the South Coast region reflected similar trends to Rhode Island. New single-family homes in this area have fallen for the fourth consecutive year, contributing to a more than 13% decline in South Coast single-family home sales during the first three quarters. The annual average sales price for single-family homes on the South Coast has risen for the tenth year in a row, more than doubling over that time.
As we enter the last quarter of 2022, many eyes will be on the activity of our local real estate markets. With so many shifting factors impacting the industry, we want to remind everyone that our local real estate experts are here to help and answer any questions you may have. Whether you are buying or selling, our expert brokers are always on hand to guide you through the entire process. Thank you, and have a nice end of the year.
View the full Q3 2022 market update here.