RHODE ISLAND
Home Sales Down, Average Price Up
Home sales are down 1.5% year over year, with March 2025 at 752 compared to 771 last March. Sales are down for single-family homes, and up for condos and multi-family homes.
- Single families: 541 (2024) | 510 (2025)
- Condominiums: 127 (2024) | 129 (2025)
- Multi-families: 103 (2024) | 113 (2025)
Average sale price increased 9.0% year-over-year, now at $593,895 compared to $544,759 in March 2024. Prices increased for Single and Multi- Family homes, but decreased for Condos.
- Single families: $561,955 (2024) | $628,240 (2025)
- Condominiums: $457,593 (2024) | $423,548 (2025)
- Multi-families: $561,913 (2024) | $633,354 (2025)
Homes Listed For Sale:
The number of homes listed is up by 27.9% when compared to March 2024.
- 2025: 1,427
- 2024: 1,116
- 2023: 1,180
Pending Home Sales:
The number of homes placed under contract is up by 10.9% when compared to March 2024.
- 2025: 950
- 2024: 857
- 2023: 913
Data provided by RI Statewide MLS then compared to the prior year.
What’s Happening in the Market?
- In March 2025, national home sales decreased 2.4% compared to a year ago, Following this trend, Rhode Island saw a decrease in homes sold.
- According to Mortgage News Daily, March mortgage rates ended around 6.7%. In April, there was some fluctuation, dipping down to 6.6% early in the month and now ending around the 6.9% range.
- More homes are hitting the market this spring than last, and inventory is only expected to grow.
- As more new listings hit the market, inventory continues to build, creating fresh opportunities for buyers. Home buyer grants can help ease the financial load, making now a smart time to get started.