The median price of single-family homes sold in the second quarter rose to $470,130, a 9.3% increase from a year earlier. Sales activity fell by roughly the same percentage, dropping 8.7% year-over-year. Stiff competition caused by pent-up demand shortened the average time homes stayed on the market before going under contract to just four weeks.

Though the median price of multifamily home sales jumped 12.8% to $530,000, the hike in price did not dampen sales activity. With 18.5% more closed sales than the previous year, multifamily homes were the only residential property type to see increased sales from year to year. They also averaged the shortest number of days on the market, going from listing to contract in just 24 days. Once a popular entry point for first-time buyers who could use rental income to offset their mortgage payments, multifamily homes have become increasingly harder to purchase for first-time buyers due to increased competition from investors.

Given the skyrocketing costs of single-family & multifamily homes, condominiums offered buyers a more affordable option for home ownership. The median sales price of condos fell by 3.5% to $352,250, in contrast to the upward trend of other residential property types.

Data Points provided by the Rhode Island Association of Realtors®.