Mott & Chace Sotheby’s International Realty is pleased to release the Rhode Island real estate single family home statistics for December 2019. The median asking price for new listings increased 9.2%, while the median home price of sold listings increased 8.1%. The supply of inventory decreased from 6.0 months to 2.1 months when compared to the same time period last year. Additionally, the average days on market decreased 3.6% in December 2019 when compared to last year.
Single family home sales in December continued to experience a slight price appreciation, in part due to low inventory levels. The number of units for sale has decreased over the past year, indicating that the market may still be favoring sellers. Well-priced homes continue to be in demand.