PROVIDENCE, R.I. (WPRI) — When a Rhode Island home goes on the market, it doesn’t take long before it is sold, according to the Rhode Island Association of Realtors’ second quarter report for 2024.

Multi-family homes averaged the shortest time to close, going from listing to contract within 24 days.

Rhode Island Association of Realtors president Sally Hersey explained that buyers are turning to multi-family homes as an investment.

“More people that might have been in the market for single-family homes are now turning to the multi-family option as owner-occupied to get the assistance to help pay the mortgage,” she said.

The data backs up the demand: The median price of a multi-family home in the second quarter of the year was $530,000, up nearly 13% compared to the year before.

The median price of a single-family home, which is now more than $470,000, increased by over 9% in the same timeframe, making it difficult for people to buy their forever home.

“There are still multiple offers, sure. We are still in a very strong seller’s market,” Hersey explained. “However, we are seeing the days overall on the market slow down just a bit, and it’s because of pricing.”

For many, buying a condominium is the most affordable way to become a homeowner. In the second quarter, the median price of a condo was about $352,000, which is 3.5% lower than the previous year.

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