EAST PROVIDENCE, R.I. (WPRI) — The price of buying a home in Rhode Island continues to climb, according to new data from the Rhode Island Realtors Association.

Even though interest rates are high, there is still pent-up demand, explained Chris Whitten, the organization’s president-elect.

“They are just driving it up over asking offers,” he said.

The median price of a multi-family home has increased by nearly 80% in the past four years, hitting a record high of $545,000, according to the data from May. Since people typically purchase multi-family homes as investments, Whitten explained, there is always a high demand for those properties.

The price of a single-family home has also gone up compared to last year. That median price is $460,000.

Whitten told 12 News that people often end up buying condominiums if they can’t find a single-family home within their price range.

“Historically, it is more of an affordable option than a single-family, than a multi-family,” he said.

The median price for a condo dropped more than 10% in May compared to last year.

Since fewer buyers are looking for homes in the summer, Whitten recommends the warmer months as a good time to start.

“Right now, we only have a two-month supply of homes in Rhode Island on the market for inventory,” he said.

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