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PROVIDENCE, R.I. (WPRI) — The average price of a single-family home in Rhode Island continues to climb, according to the R.I. Association of Realtors.

There are currently 905 single-family homes for sale statewide. The median sales price for single-family homes rose to $395,000, which is 2.6% higher than it was this time last year.

“We don’t have the same conditions for a severe drop in prices that we did in the early 2000s,” R.I. Association of Realtors President Bryant Da Cruz said. “The job market remains stable and homeowners have equity in their homes. Now there simply isn’t enough supply to meet demand so our biggest problem is affordability.”

Meanwhile, sales have fallen for the 13th consecutive month. There were only 577 single-family homes sold in March, which is a nearly 24% decrease from last year.

“The good news is that we only saw a 2.6% increase in median price since March 2022 whereas last spring, the median sales price was showing double-digit appreciation year-over-year,” Da Cruz said. “So, prices may be starting to stabilize a bit, but we’re not likely to see any significant decline with supply and demand so far out of balance.”

The average 30-year interest rate currently sits at 6.27%.

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