Rhode Island’s real estate market is roaring back to life. Home prices rose by double digits in February.
If you’ve been holding back putting your home on the market because of depressed prices, it might be time to re-think that decision. The Rhode Island Association of Realtors says home prices rose 12 percent between February 2011 and February 2012. The median price increased from $170,000 to nearly $190,000. It was the fifth consecutive month of price gains.
The fourth quarter report on housing sales in Rhode Island during 2012 is filled with good news. The report issued by the Rhode Island Association of Realtors says that median prices for single-family homes, multi-family home and condominiums all increased. In addition foreclosures and short sales dropped for all three categories.
In the single-family home market the Association reports sales activity went up by 25 percent and the median price increased five-percent to 195-thousand-dollars. The market between buyers and sellers was evenly matched.