January 2023 Market Report: Home Prices Up Across RI

Hey there, home buyers and sellers! We've got some great news for you - the Rhode Island housing market is still going strong in January 2023. We've compared the year-over-year numbers from January 2022, and the data speaks for itself. Here are the highlights:

RI Single Family Home Sales

• Median Sales Price - $391,375 (Up 5.8%)

• Average Sales Price - $519,214 (Up 4.1%)

• Average SP/OLP - 92.65% (Down 4.8%)

• Average DOM - 48 (Up 2.4%)

• Total Sales - 462 (Down 40.2%)

RI Condo Home Sales

• Median Sales Price - $320,000 (Up 6.8%)

• Average Sales Price - $420,703 (Up 27.8%)

• Average SP/OLP - 99.08%

• Average DOM - 43 (Up 3%)

• Total Sales - 94 (Down 42%)

RI Multi-Family Home Sales

• Median Sales Price - $440,000 (Up 11.4%)

• Average Sales Price - $436,055 (Up 4.9%)

• Average SP/OLP - 98.93%

• Average DOM - 45 (Down 8.2%)

• Total Sales - 115 (Down 38.2%)

City of Warwick Single Family Home Sales

• Median Sales Price - $344,000 (Up 7.2%)

• Average Sales Price - $386,543 (Up 3.4%)

• Average SP/OLP - 98.23% (Down 0.3%)

• Average DOM - 49 (Up 39.4%)

• Total Sales - 52 (Down 35.8%)

As you can see, home prices in Rhode Island are still on the rise, with some areas experiencing significant gains. The Warwick market, in particular, saw a 7.2% increase in median sales price, but the average days on the market jumped to 49, an increase of almost 39%. Coventry saw an 11.5% increase in median sales price, but total sales were down 44.2%.

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.