Pleased to release the Rhode Island real estate single family home statistics for June 2024. The median asking price for new listings reached $509,000, while the median home price of sold listings reached $490,000. The supply of inventory decreased from 2.1 months to 1.9 months when compared to the same time period last year. Additionally, the average days on market increased from 25 days in June 2023 to 26 days in June 2024.

Single family home sale prices have stayed elevated year-over-year, likely due to a significant lack of inventory. A balanced market should have about six months of available inventory, while June 2024 had just below two months of inventory. While mortgage rates seem to be coming down slightly, there is still significant buyer demand for well-priced homes.

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