RHODE ISLAND
Home Sales Up, Average Price Up
Home sales are up 71% year over year, with January 2025 at 691 compared to 645 last January. Sales are up for single-family homes and condos, and down for multi-family homes.
- Single families: 447 (2024) | 466 (2025)
- Condominiums: 90 (2024) | 120 (2025)
- Multi-families: 108 (2024) | 105 (2025)
Average sale price increased 9.9% year-over-year, now at $619,742 compared to $564,115 in January 2024. Prices increased for single-family homes and condos but decreased for multi-family homes.
- Single families: $607,647 (2024) | $657,257 (2025)
- Condominiums: $375,049 (2024) | $503,071 (2025)
- Multi-families: $541,495 (2024) | $586,590 (2025)
Homes Listed For Sale:
The number of homes listed is up by 14.1% when compared to January 2024.
- 2025: 1,134
- 2024: 994
- 2023: 953
Pending Home Sales:
The number of homes placed under contract is down by 7.7% when compared to January 2024.
- 2025: 667
- 2024: 723
- 2023: 683
Data provided by RI Statewide MLS then compared to the prior year.
What’s Happening in the Market?
- In January 2025, national home sales increased 2% compared to a year ago, Following this trend, Rhode Island home sales are up.
- Anthony Lamacchia states “Homes listed for sale being up is especially notable considering we are in the midst of the coldest and snowiest winter in a few years. This tells me homes listed will shoot up ALOT more once the weather breaks. Sellers should take note of this and not push their luck too much when pricing and buyers should be happy to have a few more choices. In a month buyers will have many more choices.”
- The Rhode Island housing market is showing solid growth, with home sales and prices on the rise. Listings are increasing, offering buyers more options. However, pending sales have slightly decreased, indicating a small slowdown in buyer activity. Thinking about selling in 2025? Here are expert tips to help you maximize your home’s value!
- According to Mortgage News Daily, mortgage rates in January started in the low 7s, peaked at 7.25% mid-month, and then trended downward, ending in the low 7s. So far, February continues to show a declining trend.
- In this current market, with interest rates still high and competition remaining strong, maximizing your home’s value is crucial. Simple, cost-effective upgrades can help your property stand out and attract top-dollar offers. Check out our easy ways to boost your home’s worth before you list!
- With condo sales climbing and prices rising, the market is heating up. Before you buy, take time to assess HOA fees, potential resale value, and financing options Here’s what to keep in mind before making your condo purchase.