A shortage of houses on the Rhode Island market paired with high demand drove single-family home prices to a median of $275,000 in June, according to the Rhode Island Association of Realtors.
The group reported the highest median prices for homes since September 2007, the prime of the housing bubble.
Compared to June of last year, median prices have gone up by 12.2 percent. Home sales have also seen an uptick, increasing by 10.2 percent over the past 12 months.
June of 2004 was the last time the stock of available homes for sale was so low, with the condominium supply dropping the most in the past year, by 11 percent.