Market Update: December, Q4, & 2023

Hey there, home buyers and sellers! We've got some great news for you - the Rhode Island housing market closed out 2023 pretty strong. We've compared the year-over-year numbers from December, Q4 & 2023 vs 2022, and the data speaks for itself. Here are the highlights:

December RI Single Family Home Sales 

• Median Sales Price - $425,500 (Up 9.13%)
• Average Sales Price - $559,727 (Up 8.97%)
• Average SP/OLP - 100% (Up 1.01%)
• Average DOM - 34 (Down 5.56%)
• Total Sales - 511 (Down 21.63%)

December RI Condo Home Sales

• Median Sales Price - $360,000 (Up 7.46%)

• Average Sales Price - $454,635 (Up 8.71%)

• Average SP/OLP - 99% (Down 1.98%)

• Average DOM - 36 (Up 9.09%)

• Total Sales - 116 (Down 17.73%)

December RI Multi-Family Home Sales

• Median Sales Price - $478,500 (Up 11.30%)

• Average Sales Price - $512,259 (Up 7.26%)

• Average SP/OLP - 103% (Up 3%)

• Average DOM - 23 (Down 32.35%)

• Total Sales - 128 (Down 0.78%)

December City of Warwick Single Family Home Sales

• Median Sales Price - $370,350 (Up 11.72%)

• Average Sales Price - $430,294 (Up 20.20%)

• Average SP/OLP - 100% (Up 1.01%)

• Average DOM - 31 (Down 11.43%)

• Total Sales - 54 (Down 32.50%)

December Kent County Single Family Home Sales

• Median Sales Price - $380,000 (Up 11.60%)

• Average Sales Price - $460,729 (Up 19.51%)

• Average SP/OLP - 101% (Up 1.00%)

• Average DOM - 32 (Down 11.11%)

• Total Sales - 103 (Down 28.47%)

Quarter 4 RI Single Family Home Sales

• Median Sales Price - $430,000 (Up 7.50%)

• Average Sales Price - $588,481 (Up 9.81%)

• Average SP/OLP - 101% (Up 2.02%)

• Average DOM - 32 (Down 8.57%)

• Total Sales - 1,749 (Down 17.46%)

Quarter 4 Condo Home Sales

• Median Sales Price - $365,000 (Up 10.94%)

• Average Sales Price - $453,736 (Up 7.84%)

• Average SP/OLP - 100% (Flat)

• Average DOM - 33 (Down 5.71%)

• Total Sales - 397 (Down 15.35%)

Quarter 4 Multi-Family Home Sales

• Median Sales Price - $485,000 (Up 15.20%)

• Average Sales Price - $528,191 (Up 17.34%)

• Average SP/OLP - 102% (Up 0.99%)

• Average DOM - 23 (Down 32.35%)

• Total Sales - 375 (Down 6.25%)

Quarter 4 Warwick Single-Family Home Sales

• Median Sales Price - $381,000 (Up 13.73%)

• Average Sales Price - $454,062 (Up 20.11%)

• Average SP/OLP - 102% (Up 2.00%)

• Average DOM - 29 (Down 17.14%)

• Total Sales - 184 (Down 20.35%)

Quarter 4 Kent County Single-Family Home Sales

• Median Sales Price - $395,000 (Up 13.59%)

• Average Sales Price - $459,299 (Up 16.04%)

• Average SP/OLP - 101% (Up 1.00%)

• Average DOM - 29 (Down 14.71%)

• Total Sales - 369 (Down 18.00%)

2023 vs 2022 Rhode Island Single-Family Home Sales

• Median Sales Price - $425,000 (Up 5.85%)

• Average Sales Price - $558,210 (Up 5.72%)

• Average SP/OLP - 100% (Down 1.96%)

• Average DOM - 32 (Up 3.23%)

• Total Sales - 7,403 (Down 22.25%)

2023 vs 2022 Rhode Island Condo Sales

• Median Sales Price - $357,250 (Up 11.68%)

• Average Sales Price - $443,071 (Up 14.81%)

• Average SP/OLP - 101% (Flat)

• Average DOM - 35 (Up 12.90%)

• Total Sales - 1,684 (Down 21.75%)

2023 vs 2022 Rhode Island Multi-Family Home Sales

• Median Sales Price - $470,000 (Up 11.90%)

• Average Sales Price - $508,139 (Up 10.52%)

• Average SP/OLP - 102% (Flat)

• Average DOM - 26 (Down 13.33%)

• Total Sales - 1,460 (Down 28.29%)

2023 vs 2022 Warwick Single-Family Home Sales

• Median Sales Price - $377,000 (Up 8.33%)

• Average Sales Price - $419,039 (Up 4.74%)

• Average SP/OLP - 102% (Flat)

• Average DOM - 27 (Down 3.57%)

• Total Sales - 817 (Down 26.06%)

2023 vs 2022 Kent County Single-Family Home Sales

• Median Sales Price - $389,000 (Up 8.06%)

• Average Sales Price - $445,832 (Up 7.10%)

• Average SP/OLP - 101% (Down 0.98%)

• Average DOM - 29 (Flat)

• Total Sales - 1,614 (Down 22.03%)