PROVIDENCE, R.I. (WPRI) — The Ocean State has seen a jump in year-over-year single-family home sales, according to the Rhode Island Association of Realtors' third quarter report for 2024. New data shows the median price of a single-family home in Rhode Island rose to $490,000 from July to September. The number of single-family homes sold also increased by nearly 9% in the third quarter. Homes that sold for less than $500,000 accounted for more than half of all sales, according to the data. "Mortgage rates fell over the summer in anticipation of the Federal Reserve's September rate cut, which helped spark sales in the third quarter," Rhode Island Association of Realtors 2024 President Sally Hersey said. "Since then, rates have climbed, so we're seeing sales slow down a bit again." Experts: Heat likely to cost at least 10% more than last winter In that same time frame, the data reveals that multi-family home sales slowed due to a lack of inventory. The median price tag of a multi-family home rose to $561,000 in the third quarter, according to the data. "It's important to remember that local markets and sales trends can vary significantly from nationwide or even statewide movements," Hersey said. "A successful sale in today's housing market requires that sellers rely on a realtor to let them know what is happening in the town and neighborhood their property is in." "A professional that knows their market will guide them on how to position their real estate to maximize their return," she continued. "An over-priced home that sits too long can ultimately lower the sale price." ‘That’s a fallacy’: Attorney disputes claim that short-term rentals are fueling RI’s housing crisis Condominium sales increased by 7.4% compared to 12 months earlier, according to the data, while the median price remained relatively stable at $377,500. This comes as the Federal Reserve is expected to cut interest rates Thursday on the heels of the presidential election. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Daily Roundup SIGN UP NOW