RHODE ISLAND
Home Sales Down, Average Price Up
Home sales are down 7.0% year over year, with April 2025 at 800 compared to 860 last April. Sales are down across all categories.
- Single families: 571 (2024) | 555 (2025)
- Condominiums: 155 (2024) | 136 (2025)
- Multi-families: 134 (2024) | 109 (2025)
Average sale price increased 5.0% year-over-year, now at $579,104 compared to $551,344 in April 2024. Prices increased across all categories.
- Single families: $586,121 (2024) | $609,195 (2025)
- Condominiums: $437,627 (2024) | $456,945 (2025)
- Multi-families: $534,687 (2024) | $578,309 (2025)
Homes Listed For Sale:
The number of homes listed is up by 12.9% when compared to April 2024.
- 2025: 1,666
- 2024: 1,476
- 2023: 1,206
Pending Home Sales:
The number of homes placed under contract is up by 2.0% when compared to April 2024.
- 2025: 1,048
- 2024: 1,027
- 2023: 927
Data provided by RI Statewide MLS then compared to the prior year.
What’s Happening in the Market?
- In April 2025, national home sales decreased 2.0% compared to a year ago, Following this trend, Rhode Island saw a decrease in homes sold.
- According to Mortgage News Daily, April mortgage rates ended around 6.8%. So far in May, rates have been hovering between 6.8% and 7%
- Rhode Island experienced a decline in home sales across all property categories. The Wall Street Journal points to several factors behind this slower-than-usual spring market.
- Even with steady mortgage rates, buyers can still save—homebuyer grants can help reduce out-of-pocket costs.