Single-family houses in Rhode Island lost a quarter of their value from February last year to February this year, according to a report by The Warren Group, a Boston-based real estate consulting firm.
The median sales price of a single-family house fell 25.8 percent from last year to this, with the number of houses sold dropping 14.9 percent, according to report. The median price last year was $248,000. This year, it sank to $184,000. The number of houses sold dropped from 436 last year to 371 this year.
The steepest drop in median price came in Bristol County, where it fell 29.3 percent, from $333,000 to $235,500, the report said. The softest blow was in Newport County, with a significant number of luxury houses, whose prices tend to be less subject to recessionary forces. In Newport County, the median price fell 12.8 percent, from $375,000 to $311,500.
The price drop for other counties:
Kent – 28%. | Providence 27.9% | Washington 18.7%
The condominium market dropped 13.4 percent, from $219,500 to $190,000.
