Rhode Island Single Family Market Report
Rhode Island Housing Inventory Sees Encouraging Uptick, But Market Still Tight
Cranston R.I. – May 22, 2025 – In a hopeful sign for homebuyers, Rhode Island’s long-standing housing shortage may be loosening its grip, according to new data. . The number of single-family homes listed for sale in April jumped 28.6% compared to the same month last year—the largest year-over-year gain seen in the past six months.
While demand still outpaces supply, the recent increase in inventory marks a positive shift for a market that has struggled with availability. At April's sales pace, Rhode Island's housing stock would be exhausted in just over two months—a 2.1-month supply—up from a historically low 1.6-month supply a year ago. However, that figure remains well below the five- to six-month threshold typically considered a balanced market.
The increase in inventory is a welcomed sign in taking pressure of the strained market said Robert Scaralia Director of Education for the Real Estate Institute of Rhode Island.
Pending Sales Signal Stronger Summer Activity
Sales under contract but not yet closed by the end of April were up year-over-year in both the single-family and multifamily sectors. These pending sales are often a precursor to a future rise in closed transactions, suggesting that the traditionally busy summer season could bring further momentum.
While closed single-family sales were nearly flat—down less than 1% from April 2024—the median sales price continued to climb, reaching $480,000, a 6% year-over-year increase.
The condo and multifamily markets told a different story. Closed sales in the condominium sector dropped by 11.8%, and multifamily home sales declined by 18.3%. Despite the slowdown in transactions, prices in both sectors remained strong. The median condo price rose 3.5% to $362,000, while multifamily properties saw a 6.7% gain, with a median price of $560,000.
A Turning Point or Temporary Relief?
Although April’s data offers some much-needed relief in terms of inventory, real estate professionals remain cautiously optimistic. Many are watching closely to see whether these gains represent a true turning point or a seasonal bump typical of spring and early summer. Contact a local real estate agent for keeping informed about the RI real estate news and information
Media Contact:
Real Estate Institute of Rhode Island
Ph: 401-943-8500
Email: info@instituteRI.com
Rhode Island Single Family Market Report