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Shocking Data for Median Sale Prices of Single Family Homes

2020 has been a year of unpleasant revelations to say the least, and the Real Estate market has shifted accordingly.



This year we've seen a historic degree of depleted inventory (the lowest the National Association of Realtors has ever recorded) accompanied by record low interest rates. As a result, the market has buyers in hot competition to get bids in on the homes that are for sale.


As full time realtors in this unbalanced market, we've become accustomed to seeing homes sell for 30 to even $60,000 dollars over asking, all while being on the market for only two or three days. Each year the market usually cools down a little bit during the Fall going into the Holiday season but, like the rest of this year, this time is going to be anything but usual. We anticipate that competition will remain fierce for buyers, and that sales prices will continue to rise.


Below you'll find data regarding the growth of median sale prices in September 2020 vs September 2019 in the towns that our team covers. For reference, we averaged out the median sales price percentage changes of seven of the towns listed below (we chose a combination of towns that ranged on the spectrum of data findings, for accuracy). We found that Seekonk, Rehoboth, Providence, East Providence, Warren, Warwick and West Warwick averaged out a median sales price increase of only 7% from 2018 to 2019, but from 2019 to 2020 the average increase was 21.5%. That's quite a jump in numbers. Check out all of our findings:




Bristol County, Massachusetts



1. Seekonk, MA


The median sales price in Seekonk in September 2019 was $328,700. Compare that to a price of $360,000 in September 2020, that is a 9% overall growth in the median sales price.

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2. Rehoboth, MA


Rehoboth's median sale price in September 2019 was $430,000 compared to $527,000 in September 2020. That is a whomping 22% in overall growth!

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2. Rehoboth, MA


Rehoboth's median sale price in September 2019 was $430,000 compared to $527,000 in September 2020. That is a whomping 22% in overall growth!

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4. Attleboro, MA


Attleboro's median sales price in September 2019 was $365,000, compared to $386,000 in September 2020. That is a 5.7% growth rate.

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North Attleboro, MA


In North Attleboro, the median sales price in September 2019 was $429,000. In September 2020, it was $479,000. That's an 11.6% growth spurt.

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6. Swansea, MA


The median sales price in Swansea, September 2019, was $362,450. Compare that to $405,000 in September 2020 and you have 11.7% growth.

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7. Somerset, MA


Somerset's median sales price in September 2019 was $291,000 and in September 2020 it was $350,000. That is some rapid growth at 19% increase.

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Kent, Providence and Bristol Counties, Rhode Island



1. Providence, RI


The median sales price in Providence in September 2019 was $200,000 compared to $245,000 in September 2020, accounting for a 22.5% increase.

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2. The East Side


The East Side's median sales price in September 2019 was $565,000. Compare that to $670,000 in September 2020, and we see an 18.5% price increase.

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3. East Providence, RI


The median sales price in East Providence rose from $259,950 in September 2019 to $305,000 in September 2020. That is a 34.6% rise in median price in one year!

 

4. Cranston, RI


Cranston's median sale price in September 2019 was $270,000 compared to $294,000 in September 2020. This is an 8.8% rise in price.

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5. Pawtucket, RI


The median sales price in Pawtucket in September 2019 was $223,500 compared to $250,000 in September 2020; an 11.8% increase in price.

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6. Warwick, RI


Compare a median sales price in Warwick of $245,950 in September 2019 to $270,100 in September 2020. This is 9.8% growth in price.

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7. West Warwick, RI


The median sales price in West Warwick in September 2019 was $219,450 compared to $265,000 in September 2020; a 20.7% growth in the median sales price.

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8. East Greenwich, RI


East Greenwich's median sale price in September 2019 was $425,000. In September 2020 it was $535,000. This is a 25.8% increase in price.

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9. Barrington, RI


The median sales price in Barrington in September 2019 was $419,500 compared to $490,000 in September 2020. This is a 16.8% rise in Barrington's sales price.

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10. Warren, RI


Warren's median sales price in September 2019 was $279,000 compared to $370,000 in September 2020. Warren tops our list with a giant 32% increase in median sales prices. Warren's increase may also have something to do with the towns rise in small restaurants and bars and its growing popularity, as this is an incredible change of pace from the 4.6% decrease in price from 2018 to 2019.

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11. Lincoln, RI


The median sales price in Lincoln in September 2019 of $345,000 actually decreased to $337,000 in September 2020, making for a 2.3% overall decline in the median sales price.

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12. Johnston, RI


Johnston's median sales price in September 2019 was $236,500. In September 2020 it rose to $325,000. This is a huge 37% increase in the median sales price.

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By averaging out these numbers, we can confidently say that market appreciation is abnormally strong and the Fall and Winter real estate markets are going to be on fire. Even with this data available, a lot of homeowners will unfortunately choose to wait until the Spring to list their homes with hopes of making more money. It is because of this that if you decide to list your home now, you'll have the greatest chance to create high interest in your property and cash in big.


Call us today at 508-851-5888 to find out exactly how much your home has appreciated over the past year, and how you can take advantage of this market.

 
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