EAST PROVIDENCE, R.I. (WPRI) — Rhode Island saw a year-over-year increase in home sales in April, newly released data shows, but the market continues to be tough for buyers.

There were more sales of single-family homes, multi-family homes and condominiums last month compared to April 2023. In fact, it was just the second time since the start of 2022 that monthly single-family home sales outpaced those of 12 months prior, according to the R.I. Association of Realtors (RIAR).

And while the data also showed an increase in listings in Rhode Island, the RIAR said “an already critically low supply of inventory diminished further” due to the higher rate of sales.

Median home prices increased too, according to the data, meaning the market remains better for sellers.

“They can sell their home pretty quickly if priced well,” RIAR’s Chris Whitten told 12 News. “The days of pricing your home high and then doing price cuts or price drops are no longer. You need to price your home either where it’s at in this market or just below.”

Whitten said people are still flocking to Rhode Island from places like Massachusetts and New York, but because the cost of living has been increasing, many are leaving as well.

“A lot of sellers — most of them that are downsizing are at retirement age — are heading south. A lot of them, I’ve seen, have been going to the Carolinas, still Florida,” Whitten added.

Here’s a breakdown of Rhode Island’s April 2024 housing data:

Single-Family Homes

Multi-Family Homes

Condominiums

Tuesday on 12 News at 5, Sarah Guernelli breaks down the difference between “affordable” and “workplace” housing.

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