These 10 RI Communities Saw the Biggest Increase in Home Prices Over Past Year
Saturday, February 04, 2023
GoLocalProv News Team
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Home prices across the state were up nearly 7% on average. PHOTO: GoLocal
In the past year, many parts of the country saw real estate prices decrease.
Call it the great recalibration.
Despite interest rates jumping to more than 7% in November for a 30-year mortgage, Rhode Island home prices climbed significantly in 2022.
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The median single-family home sales price jumped to $401,926 for 2022, which represented a 10.1% year-over-year increase. The median price of a single-family home in 2021 was $365,000.
“While homeowners still saw positive gains in median sales price toward the end of the year, the rate of appreciation definitely fell from what we saw in the first half of the year. Given the affordability issues exacerbated by rising interest rates, sellers have had to adjust their expectations,” said Bryant Da Cruz, President of the Rhode Island Association of Realtors.
SEE THE TOP 10 BELOW
Now, interest rates are beginning to move downward. Rates are expected to drop into the 5% range over the next few weeks.
GoLocal broke down the data to look at which communities saw the biggest increases.
These ten communities saw more than 10% increases, and a few were up more than 20% for the year.
Related Slideshow: These 10 RI Cities and Towns Saw the Biggest Price Increase in the Past Year
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Johnston #10
2022 Median Price Single-Family Home: $380,000
2021 Median Price Single-Family Home: $335,000
Percentage Increase: 13.43%
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Pawtucket #9
2022 Median Price Single-Family Home: $330,000
2021 Median Price Single-Family Home: $290,000
Percentage Increase: 13.79%
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East Providence #8
2022 Median Price Single-Family Home: $365,000
2021 Median Price Single-Family Home: $319,900
Percentage Increase: 14.10%
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Richmond #7
2022 Median Price Single-Family Home: $450,000
2021 Median Price Single-Family Home: $392,500
Percentage Increase: 14.65%
PHOTO: The Nature Conservancy
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Barrington #6
2022 Median Price Single-Family Home: $680,000
2021 Median Price Single-Family Home: $585,000
Percentage Increase: 16.24%
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South Kingstown #5
2022 Median Price Single-Family Home: $579,500
2021 Median Price Single-Family Home: $487,950
Percentage Increase: 18.76%
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Lincoln #4
2022 Median Price Single-Family Home: $515,000
2021 Median Price Single-Family Home: $430,000
Percentage Increase: 19.77%
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Middletown #3
2022 Median Price Single-Family Home: $675,000
2021 Median Price Single-Family Home: $562,000
Percentage Increase: 20.11%
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Portsmouth #2
2022 Median Price Single-Family Home: $640,000
2021 Median Price Single-Family Home: $520,000
Percentage Increase: 23.08%
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Charlestown #1
2022 Median Price Single-Family Home: $617,500
2021 Median Price Single-Family Home: $500,000
Percentage Increase: 23.50%
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