Thirty-eight single-family Barrington homes sold in July, and the median price for those sales was more than $700,000.

According to information from the Rhode Island Association of Realtors, the median price for July 2021 showed a 40 percent increase from the median price in July 2020, which was $499,700. Leann D’Ettore, the president of the association, said the inventory of homes for sale continues to increase although the supply is still lower than it was last summer.

“Buyers are still challenged by a shortage of homes to choose from but at least we’re getting small gains,” Ms. D’Ettore said.

Recent sales in Barrington include a number of million-dollar-plus transactions. Last week Residential Properties announced the sale of a Nayatt Road home for $3.25 million. According to data from the statewide MLS (Multiple Listing Service), the purchase marked the 39th million dollar-plus single-family home sale in Barrington this year.

Barrington Tax Assessor Ken Mallette said it was difficult to gauge how the million dollar sales this year will rank against prior years’ sales. 

“Due to this being basically the midway point of the year I can not say at this point how the current amount of sales in that range will compare to other years,” he said. “But I will say that with the inventory being low that is driving prices higher.”

Barrington saw eight fewer home sales in July 2021 than in July 2020 — 38 compared to 46. That is a 17.4 percent drop. The average number of days a home remained on the market also dropped; in July 2020 the average DOM (days on the market) was 54, while this July it was 29. 

Out-of-state interest

According to the RI Association of Realtors, the growing trend of out-of-state buyers continued in July.

“Twenty-seven percent of Rhode Island property sales came from buyers from other states, primarily Massachusetts, New York and Connecticut,” stated a recent press release. “Once again, that influx was even more pronounced in the luxury market of properties sold for one million dollars or more. Fifty-one percent of those properties were sold to out-of-state buyers.”