RHODE ISLAND
Home Sales Down, Average Price Up
Home sales are down 15.1% year over year, with June 2024 at 990 compared to 1,166 last June. Sales are down for single families and condos, but up for multi-family homes.
- Single families: 850 (2023) | 680 (2024)
- Condominiums: 190 (2023) | 162 (2024)
- Multi-families: 126 (2023) | 148 (2024)
Average sale price increased 18.1% year-over-year, now at $625,420 compared to $529,681 in June 2023. Prices increased across all categories.
- Single families: $550,985 (2023) | $675,140 (2024)
- Condominiums: $432,715 (2023) | $468,418 (2024)
- Multi-families: $532,181 (2023) | $568,829 (2024)
Homes Listed For Sale:
The number of homes listed is up by 8.2% when compared to June 2023.
- 2024: 1,523
- 2023: 1,408
- 2022: 2,118
Pending Home Sales:
The number of homes placed under contract is down by 2.4% when compared to June 2023.
- 2024: 1,072
- 2023: 1,098
- 2022: 1,277
Data provided by RI Statewide MLS then compared to the prior year.
What’s Happening in the Market?
- Home sales in Rhode Island were down in June while average sale price continued its upward trajectory – aligning with national housing market data for the month.
- The market is shifting slowly from a seller’s market to a buyer’s market. With more and more sellers putting their homes on the market, the intense level of competition we have been seeing in the market is waning. Reason being, more inventory means more choices for buyers. Also, there are fewer buyers out now compared to the beginning of the year as many have either found a home already or have decided to renew their leases.
- Inventory in Rhode Island has been slower to recover compared to the other New England states we cover. Current levels are not high enough to adequately meet the demand in the market, meaning prices are not expected to drop any time soon. Rising home prices and higher mortgage rates continue to pose a significant strain on buyer affordability. However, as more and more inventory gets added to the market, price growth should slow with it.
- For sellers, more inventory means more competition, especially with fewer buyers in the market. Therefore, pricing your home competitively is critical to generate the most demand for your home to get it sold quickly and for the most money.
- Remember, homes will generally not sell for as much as they did at the beginning of the year when inventory was tight and buyers were out in droves leading to bidding wars, so basing prices off of recently sold properties, “comps,” is best.
- Many are waiting for a significant “drop” in mortgage rates, but current market trends suggest that these rates may hold steady for the foreseeable future and become the new “normal”. As such, buyers need to stay prepared and informed of the financing options available to them to make sure they are ready when the time is right!