Rhode Island’s real estate market exhibits steady growth, characterized by rising home values and increasing inventory. Here’s a comprehensive overview:
🏠 Statewide Market Overview
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Median Sale Price: In April 2025, the median home sale price in Rhode Island was $493,800, reflecting a 2.4% increase compared to the previous year.
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Inventory Levels: The number of homes for sale rose by 17.5% year-over-year, indicating a shift towards a more balanced market.
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Median Days on Market: Homes are spending an average of 25 days on the market, up 3 days from the previous year.
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Homes Sold: There were 799 homes sold in April 2025, down from 855 the previous year, marking a 6.5% decrease year-over-year.
🏘️ Market Segments
Single-Family Homes
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Median Sale Price: In the first quarter of 2025, the median sale price for single-family homes was $465,000, a 5.7% increase from the previous year.
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Sales Volume: The number of single-family home sales fell by 3.2% year-over-year in Q1 2025.
Condominiums
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Median Sale Price: The median sale price for condominiums rose to $390,000, a 14.2% increase year-over-year.
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Sales Volume: Condominium sales increased by 12% in the first quarter of 2025 compared to the previous year.
Multi-Family Homes
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Median Sale Price: The median sale price for multi-family homes increased by 12.65% to $570,000.
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Inventory Growth: Multi-family listings jumped nearly 21% year-over-year, providing more options for buyers.
📍 Regional Highlights
Providence
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Price Growth: Home prices in Providence increased by 10.6% year-over-year.
Warwick
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Market Activity: The median sale price in Warwick rose by 4.75% to $419,000, with new listings up 17.7% from Q1 2024.
Kent County
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Price Trends: The median sale price in Kent County increased by 7.59% to $425,000, with the average days on market down slightly to 33 days.
🔮 Market Outlook
Rhode Island’s housing market is expected to maintain its steady growth trajectory through the remainder of 2025. The combination of rising home values and increasing inventory suggests continued competition among buyers, particularly in urban centers like Providence and Warwick. However, the market remains relatively affordable compared to neighboring states, making it attractive for both first-time homebuyers and investors.