Wallingford, CT – Berkshire Hathaway HomeServices New England Properties has released its Fourth Quarter 2016 Rhode Island Market Report, a valuable resource for anyone looking to buy or sell a home. The report examines the single family and condominium markets throughout Rhode Island and is an in-depth analysis of sales and emerging trends in the market.

Single family homes in Rhode Island saw an increase of 6.25% in sales and a jump in sales volume by 13.01% year over year (YOY). In total, there were 2,688 single family homes sold in Fourth Quarter, while sales volume was $808,483,000. Average price was $300,800, a 6.37% increase YOY for single family homes. Average days on market was 115.

Condominiums saw a 13.79% increase in sales, and a 15.15% increase in sales volume YOY. 462 condominiums were sold and sales volume was $115,081,000 in Fourth Quarter. Average price for condominiums was $249,100, a 1.18% increase YOY. Average days on market was 119. Sales $1 – $3 million were at 41 units in Fourth Quarter, down from 57 units in Third Quarter. There were 5 sales in the $3-5 million range, down from 8 in Third Quarter. Overall luxury sales were down slightly 3.17% YOY.

If you have any questions regarding this report, Berkshire Hathaway HomeServices New England Properties Realtors® are here to help you navigate the current market with expert knowledge and exceptional service. For the full market report, please visit: https://www.bhhsneproperties.com/documents/market-report/2016q4-ri.pdf

Berkshire Hathaway HomeServices New England, New York and Westchester Properties is a leading real estate brokerage firm with over 1,800 REALTORS® in Connecticut, Massachusetts, New York and Rhode Island. Share in our heritage and esteemed reputation as one of the most admired and respected companies in the world. By working with Berkshire Hathaway HomeServices New England, New York and Westchester Properties, our clients are aligned with a century of unparalleled financial strength, operational excellence and business ethics. For more information, visit www.bhhsNEproperties.com.