WARWICK, R.I. (WPRI) — The median price for a single-family home in Rhode Island reached a staggering $494,000 last month, according to the R.I. Association of Realtors .

The record-high median price marks nearly a 12% increase from the year prior, even though there’s about 32% more homes on the market.

Home sales also decreased 19% year-over-year last month. There were only 675 homes sold in June, which is the lowest on record for the R.I. Association of Realtors.

“We still have a long way to go to correct our housing crisis,” R.I. Association of Realtors President Sally Hersey said. “But the good news is, over the last few months, we have started to see a shift toward a more balanced market. We’re hopeful that we will continue to see a slow but steady path to getting there.”

The state currently has more than two month’s worth of housing inventory. The R.I. Association of Realtors explained that the uptick in listings, coupled with slow sales, likely contributed to that upswing.

This is the first time since October 2020 that the state’s housing inventory surpassed two months. (In order to have a balanced market, the state needs to have five to six months’ worth of housing inventory.)

The R.I. Association of Realtors notes that June’s pending sales, which have decreased by more than 2% year-over-year, indicate that the state’s housing market may be starting to stabilize.

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