Competition for Rhode Island homes remains ‘fierce’

PROVIDENCE, R.I. (AP) — The demand for Rhode Island homes continues to rise.

The Providence Journal reports the Rhode Island Association of Realtors said in a report released Tuesday the average “days on market” was 49 which is the “shortest time frame” for house sales in the state in nearly 14 years. According to the association, the state’s median house price increased to $275,000 in May.

There were less single-family homes listed for sale in May compared to the same period last year.

Association president Joseph Luca said in a statement that “competition is fierce.” Luca added that properties are sold quickly.

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Rhode Island Housing also announced that closings in the first quarter of 2018 were the highest the agency had seen in its 45-year history.

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