February 23, 2024
Costs rise in 2022 however gross sales decline
  • Gross sales continued to slip within the final quarter of 2022
  • The median promoting worth in 2022 continued to rise
  • The variety of homes in the marketplace stays very low

As 2022 got here to an in depth, the true property market noticed a continued decline within the general variety of gross sales, whereas the median promoting costs remained very excessive regardless of decrease demand and rates of interest that doubled over the course of the yr.

Gross sales of all forms of homes, together with condos, single-family and multifamily, fell in 2022, because the median gross sales worth in all three classes continued to rise, up roughly 30% because the pandemic began, based on information from the Rhode Island Affiliation of Realtors.

“The celebs aligned to maintain stock low and housing prices excessive,” Rhode Island Affiliation of Realtors President Bryant Da Cruz wrote in a information launch.