RHODE ISLAND
Home Sales Up, Average Price Up
Home sales are up 4.5% year over year, with May 2025 at 1,800 compared to 965 last May. Sales are up for single-family homes and Condos, and down for multi-family homes.
- Single families: 656 (2024) | 709 (2025)
- Condominiums: 169 (2024) | 175 (2025)
- Multi-families: 140 (2024) | 124 (2025)
Average sale price increased 8.4% year-over-year, now at $619,415 compared to $571,599 in May 2024. Prices increased across all categories.
- Single families: $593,589 (2024) | $650,338 (2025)
- Condominiums: $458,671 (2024) | $485,609 (2025)
- Multi-families: $604,877 (2024) | $631,445 (2025)
Homes Listed For Sale:
The number of homes listed is up by 4.8% when compared to May 2024.
- 2025: 1,757
- 2024: 1,677
- 2023: 1,480
Pending Home Sales:
The number of homes placed under contract is up by 13.2% when compared to May 2024.
- 2025: 1,161
- 2024: 1,026
- 2023: 1.061
Data provided by RI Statewide MLS then compared to the prior year.
What’s Happening in the Market?
- In May 2025, national home sales decreased by 0.7% compared to a year ago. Despite this trend, Rhode Island saw a slight increase in homes sold.
- According to Mortgage News Daily, May mortgage rates ended around 6.9%. So far in June, rates have been remaining steady between 6.8% – 6.9%
- According to ZeroHedge, U.S. housing inventory reached 4.6 months in May, meaning if no additional homes were listed, it would take 4.6 months for what’s on the market to sell. This is the highest level in over 7 years. Rhode Island seems to be following the trend, with rising inventory showing a shift toward a more balanced market.
- Buyers, the era of bidding wars and skyrocketing prices is easing! According to CNN Business, home values could slip slightly by year’s end, giving you more leverage and opportunity.