February 2023 Market Report

Hey there, home buyers and sellers! We've got some great news for you - the Rhode Island housing market was ramping up for Spring in February 2023. While inventory remains low, activity remains high. We've compared the year-over-year numbers from February 2022. Here are the highlights:

RI Single Family Home Sales

• Median Sales Price - $382,000 (up 4.1% YoY but down from $392k last month)

• Average SP - $462,782 (down 1.9% YoY and down from $523k last month)

• SP/LP Ratio (No Price Changes) - 99.50% (down 1.7%)

• SP/LP Ratio (1+ Price Changes) - 97.25% (down 0.9%)

• SP/OLP Ratio - 97.51% (down 2.1%)

• Avg DOM - 39 Days (up 8.3%)

• Total Sales - DOWN 32.3%

RI Multi-Family Homes

• Median Sales Price - $450,000 (up 9.8% YoY)

• Average SP - $457,656 (down 2.7% YoY)

• SP/LP Ratio (No Price Changes) - 99.32% (down 1.0%)

• SP/LP Ratio (1+ Price Changes) - 95.87% (up 1.2%)

• SP/OLP Ratio - 97.04% (down 1.8%)

• Avg DOM - 33 Days (down 7.2%)

• Total Sales - DOWN 54.9%

RI Condo Sales

• Median Sales Price - $310,000 (up 2.6% YoY)

• Average SP - $363,340 (down 4.8% YoY)

• SP/LP Ratio (No Price Changes) - 101.72% (up 1.8%)

• SP/LP Ratio (1+ Price Changes) - 96.6% (down 2.9%)

• SP/OLP Ratio - 100.67% (up 0.9%)

• Avg DOM - 49 Days (up 74.9%)

• Total Sales - DOWN 46.1%

At our agency, we know that these numbers can be overwhelming, and it can be tough to know what they mean for your unique situation. That's where we come in! Our experienced team is ready to help you navigate the market and find the best deal for you.

Don't hesitate to reach out to us for more information on how we can help you buy or sell your home in this competitive market.