Rhode Island Market Update
What’s Up with R.I. Housing?
As of August 10, 2025. Data and context from State-Wide MLS / Rhode Island Association of REALTORS®. Information deemed reliable but not guaranteed.
Month’s Supply of Inventory Seller’s Market
Median Sales Price (SFH)
Single-Family Sales
Pending Sales (headline)
Condo Median Price
Multifamily Median Price
In a Snapshot
Short version: More homes are hitting the market, but not enough to flip the script. Sellers still have the edge, just not as overwhelmingly as earlier this year.
Single-family sales were basically flat year-over-year (-0.3%), yet prices in that segment nudged up to a $505,000 median (+2%). That combo—steady demand with gently rising prices—usually means buyers are getting a little breathing room without prices falling apart. Think of it like highway traffic: we’re still moving, just not bumper-to-bumper the way it felt in the spring.
Inventory improved to about 2.7 months of supply. If “months of supply” is new to you, it’s simply how long it would take to sell everything on the market at the current pace if no new listings came on. Five to six months is considered “balanced.” So at 2.7, we’re still in a seller’s market, but we’re walking toward balance instead of sprinting away from it.
Buyer takeaway: Slightly more choice and slightly less chaos. You still need a plan and speed, but there may be fewer 20-offer pileups on every well-priced home.
Segment Snapshots — July 2025
Not all parts of the market are behaving the same. Here’s the plain-English version of what’s moving and why:
Condos
- Sales: -12.9% YoY
- Median Price: $372,500 (-5.7% YoY)
- New Listings: +29.3% YoY
- Months’ Supply: 2.9 months
Translation: there are more condos to choose from and prices have cooled a bit. If you’re flexible on location and finishes, this segment can be a value hunter’s friend.
Multifamily
- Sales: -11.3% YoY
- Median Price: $618,000 (+12.4% YoY) — first time any RI residential type topped $600K
- New Listings: +44.2% YoY
- Months’ Supply: 1.7 months
Translation: even with more buildings hitting the market, investor demand is strong. Rents and long-term hold logic are keeping prices firm here.
Single-Family (context)
- Sales: -0.3% YoY
- Median Price: $505,000 (+2% YoY)
- Months’ Supply: 2.7 months (up from ~1.5 earlier 2025)
- Balance marker: 5–6 months is considered balanced
Translation: still competitive, but not the spring frenzy. Clean, well-priced homes move fastest.
Big picture: Listings are building—especially in condos and multifamily—yet supply is still lean enough to keep leverage with sellers in many areas.
Source: State-Wide MLS / Rhode Island Association of REALTORS®. See RIAR press release (Aug 21, 2025): “R.I.’s housing supply shows signs of growth.”
Breaking It Down
Why does “months of supply” matter?
It’s a quick way to gauge balance. Fewer months = sellers have the upper hand (not many homes to pick from). More months = buyers have more leverage (lots to choose from). At 2.7 months, Rhode Island leans seller-friendly, but we’re closer to normal than we were this spring.
How can prices be up in one area and down in another?
Different property types attract different buyers. Single-family homes are driven by households who need a place to live—steady demand keeps prices firm. Condos respond more to affordability and lifestyle preferences, so they cool first when budgets are tight. Multifamily is driven by investors who run numbers on rent and returns—if those numbers work, they’ll still pay up.
What if interest rates move?
When rates dip, more buyers jump back in, which can tighten supply and firm up prices. When rates rise, activity can slow, giving buyers a bit more leverage. The “feel” of the market can change quickly, which is why watching pending sales and new listings each month is helpful.
For Sellers: Make the Market Work for You
Buyers have more options than a few months ago—so presentation matters. Homes that look move-in ready and are priced precisely are the ones getting the best results.
- Price to the moment: Use recent pending comps, not just closed sales from months ago.
- Win the first impression: Light touch-ups (paint, lighting, landscaping) go a long way.
- Pre-list prep: Declutter, service major systems, and consider a pre-inspection to reduce surprises.
For Buyers: A Simple Game Plan
You don’t have to overpay to compete—just play smart.
- Get fully underwritten: A stronger approval beats a basic pre-qual letter.
- Know your walk-away number: Decide before you bid, not during the heat of the moment.
- Be flexible on terms: Shorter timelines, clean contingencies, or rent-backs can win without raising price.
- Look at “almost right” homes: Small cosmetic fixes can be cheaper than chasing the perfect one.
What to Watch Next
Keep an eye on three quick indicators: new listings (are choices growing?), pending sales (is demand picking up or slowing?), and price cuts (are sellers adjusting?). If new listings continue to outpace sales into fall, buyers may gain a little more leverage.
Buyer’s Cheat Sheet
| Tip | Why it helps |
|---|---|
| Act fast | Even with more listings, the best homes still move quickly. |
| Talk to a pro | A savvy agent flags opportunities early (and spots red flags). |
| Set a clear budget | Know your line before competition heats up. |
| Watch trends | If inventory keeps building, buyer leverage could improve into fall. |
Timeframe: July 2025 (reported Aug 10, 2025). Information deemed reliable but not guaranteed.