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November 2024 Rhode Island Housing Report

RHODE ISLAND

Home Sales Down, Average Price Up

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Home sales are down 0.6% year over year, with November 2024 at 818 compared to 823 last October. Sales are up for Single-family homes and condos, and down for Multi-family homes.

  • Single families: 580 (2023) | 594 (2024) 
  • Condominiums: 117 (2023) | 118 (2024) 
  • Multi-families: 126 (2023) | 106 (2024)

Average sale price increased 6.8% year-over-year, now at $605,537 compared to $566,833 in November 2023. Prices increased for Single-Family homes and Condos but decreased for Multi-Family homes. 

  • Single families: $608,389 (2023) | $628,629 (2024) 
  • Condominiums: $402,480 (2023) | $483,392 (2024) 
  • Multi-families: $528,155 (2023) | $612,108 (2024)

Homes Listed For Sale:

The number of homes listed is up by 0.4% when compared to November 2023.

  • 2024: 1,086
  • 2023: 1,082
  • 2022: 1,173

Pending Home Sales:

The number of homes placed under contract is up by 28.3% when compared to November 2023.

  • 2024: 907
  • 2023: 707
  • 2022: 841

Data provided by RI Statewide MLS then compared to the prior year. 

What’s Happening in the Market?

  • In November 2024, national home sales climbed 6.1% compared to a year ago, marking the biggest year-over-year gain since June 2021. Despite this trend, Rhode Island saw a decrease in overall home sales.

  • The Rhode Island market is staying active this holiday season! With more homes being listed and pending sales on the rise, buyers are staying engaged and making quick decisions. While home sales are down, the increase in inventory and demand means there are still great opportunities for both buyers and sellers. Sellers now could be a great time to list your home!

  • According to Mortgage Daily News, mortgage rates in November, dropped from about 7% to 6.8% by month’s end. However, rates began climbing again in December, peaking at 7.14% on the 19th.

  • As we approach the new year, many of us are setting goals. Buying a home can feel intimidating, but don’t let it stop you! We’re here to help make this process smooth and stress-free for you! Let’s turn your homeownership dreams into reality in 2025!

  • Great news for homebuyers! In 2025, the FHFA is increasing the conforming loan limit to $806,500—up $40,000 from 2024. Despite market challenges, constrained inventory and high demand continue to drive prices up. This change helps buyers access higher loan amounts to keep pace with rising home values.

As we navigate the adjusting market and the impact it’s having on buying, selling, renting, and homeownership, being informed is one of the first steps in knowing what to do next. Click on the button to visit the RI Real Estate Updates page and never hesitate to contact us with questions.

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