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R.I. Median Home Price Jumps 9%

If you or a customer is looking for a home in R.I., now may be a difficult time to find one within your budget. A new report shows that the median home price in R.I. has jumped 9% and it is all due to, you guessed it, a limited supply.

"'Historically low' inventory pushed up Rhode Island's median home price by 9% in January, and the 'diminishing supply is clearly hindering sales,' which fell by 9%, according to the Rhode Island Association of Realtors," reported National Mortgage News.

"In a sales report released Thursday, the association said January's median single-family sales price was $244,900, 9% above what it was in January 2017. There were 609 single-family house sales, down from 668 in January 2017."

On of the more shocking statistics reported showed that R.I. has less than a three-month supply of inventory in January, according to the report. This is in-comparison to a six-month supply of inventory which happens to be the benchmark of a balanced market amongst buyers and sellers.

To learn more about R.I.'s struggling inventory and heightened median home prices, click on the image above.

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