For this report, we are examining the Rhode Island real estate market, and we are focusing on three property types: single-family homes, condominiums, and multi-family homes.
Number of Homes Sold Increased by 2.6%
Home sales are currently at 5,014 in the first six months of 2025, compared to 4,885 last year:
- Single-families increased by 2.7%, condos rose by 6.3% and multi-familiy homes decreased by 2.1%.
- Last year, Rhode Island saw a slight increase in listings, which typically signals an upcoming rise in sales, helping explain the sales growth we’re seeing in 2025.
- The chart below shows that, besides seeing a slight decline in February, March, and April, there was a significant rise in home sales in June when compared to 2024.
Prices Increase 7.0%
Homes Listed Increased 11.8%
There were 8,688 new listings in the first half of 2025 compared to 7,771 in 2024.
- 2023 saw the lowest number of homes listed in two decades, and it seems that was the bottom. Many sellers were hesitant to list their homes in an attempt to hold onto their pandemic-level rates. However, it comes to a point where making moves is not always a choice, especially when faced with certain life changes such as divorce, family growth, empty nesters, relocations, and job/income fluctuations.
- As we’re beginning to see an increase in new listings, homes are also starting to remain on the market a bit longer with fewer bidding wars. These trends indicate a shift toward a more balanced market. As more sellers enter the market, buyers are gaining more options and negotiating power.
- Generally, the number of new listings is an indicator of future pending sales, so with listings number up, we will hopefully see higher pending sales in the fall.
Pending Sales Increased 2.4%
The number of homes placed under contract increased 2.4% year over year, with 5,550 pendings for the first half of 2025 compared to 5,420 in 2024.
- More listings and inventory have given buyers more of a chance to buy, and therefore, pending sales have risen a bit. However, the increase in pending listings is small compared to years past, and the market is still tight.
- Generally, the number of homes pending is an indicator of future closed sales, so we could see a slight decline in sales into the fall.
Predictions for the Rest of the Year
The Rhode Island housing market is expected to see moderate growth throughout the latter half of 2025. A growing number of listings indicates a potential uptick in pending sales and overall market activity heading into the fall season.
The increase in housing inventory is anticipated to provide more opportunities for buyers, especially those who faced heightened competition in 2024. That said, buyers should remain alert and financially prepared to move quickly when desirable properties become available. Affordability challenges are likely to persist, driven by ongoing increases in home prices and the overall cost of living in the state.
For sellers, the market is gradually shifting toward a more balanced environment. To remain competitive, pricing strategies will need to reflect current market realities and buyer expectations in a less frenzied climate.
In summary, Rhode Island’s housing market is showing signs of stabilization, with a healthier balance between supply and demand. This trend lays the groundwork for more sustainable, long-term growth.
Data provided by RI StatewideMLS then compared to the prior year.