Today, the Rhode Island Association of Realtors released their year-end stats in a press release titled "Realtors Report New Record in Rhode Island Home Sales in 2017".

2017 was a banner year for the local RI Real Estate Market. 🚩  The number of single-family home sales was an all-time high with 11,282 sold homes in 2017.  That was an increase of 216 sales over 2016.  

📈The median price of $255,000 was up 6.3% in 2017 when compared with 2016.

📈Condos saw positive gains as well.  Their total number of sales was up 12.4% and the median price was up 7.6% to $215,000.

📈Multifamily home sales & median price both increased 15%.  The median price of multifamily sales was the highest it's been since 2007.  

📉Even with prices increasing substantially, nearly half of Rhode Island's cities and towns saw a decline in single-family home sales.  Inventory is, and seems like it will continue to be, the biggest challenge with the local real estate market.  

There simply is not enough of a supply of homes available to meet the demand of buyers in our local marketplace indicating that 2018 will once again be an ideal time to consider selling your property.

Source: Rhode Island Association of Realtors

Highlights in Kent County (Single Family 2017 Sales Stats)

📈📈Warwick total sales up 5.13% and median price up 7.50%

📈📈East Greenwich total sales up 5.02% and median price up 9.31%

📈📈Coventry total sales up 5.29% and median price up 10.85%

📈📈West Warwick total sales up 5.44% and median price up 7.22%

📉📈West Greenwich total sales down 18.39% but median price up 5.19%

Highlights in South County (Single Family 2017 Sales Stats)

📉📉North Kingstown total sales down 14.82% and median price down 6.91%

📈📈Narragansett total sales up 12.39% and median price up 0.60%

📉📈South Kingstown total sales down 2.29% but median price up 10.79%

📉📈Exeter total sales down 6.98% but median price up 7.45%

📈📈Richmond total sales up 3.79% and median price up 3.26%

Highlights in North  (Single Family 2017 Sales Stats)

📈📈Lincoln total sales up 10.58% and median price up 10.04%

📉📈Cumberland total sales down 13.41% but median price up 2.94%

📈📈Smithfield total sales up 6.95% and median price up 10.00%

📉📉Scituate total sales down 6.78% and median price down 0.53%

📈📈North Smithfield total sales up 6.25% and median price up 7.05%

Highlights in Metro, East Bay & Newport County  (Single Family 2017 Sales Stats)

📈📈Cranston total sales up 3.28% and median price up 12.15%

📉📈Johnston total sales down 2.19% but median price up 9.40%

📈📈Providence total sales up 2.42% and median price up 12.00%

📉📈North Providence total sales down 3.59% but median price up 7.83%

📉📈East Side of Providence total sales down 10.68% but median price up 15.62%

📉📈Newport total sales down 1.78% but median price increased 1.35%

📉📈Jamestown total sales down 18.26% but median price increased 16.29%

📉📈Middletown total sales down 6.56% but median price up 7.8%

📈📈Portsmouth total sales up 6.69% and median price up 9.35%

📈📈Barrington total sales up 11.22% and median price up 11.04%

Don't see your city or town listed, contact us today for those statistics!

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 Cheers to an even better 2018 🥂