RHODE ISLAND
Home Sales Down, Average Price Up
Home sales are down 6.2% year over year, with August 2025 at 1,090 compared to 1,107 last August. Sales are down across all categories, aside from condos.
- Single families: 823 (2024) | 772 (2025)
- Condominiums: 146 (2024) | 181 (2025)
- Multi-families: 138 (2024) | 137 (2025)
Average sale price increased 3% year-over-year, now at $638,756 compared to $620,276 in August 2024. Prices are up across all categories.
- Single families: $657,529 (2024) | $678,954(2025)
- Condominiums: $430,471 (2024) | $494,796 (2025)
- Multi-families: $598,917 (2024) | $602,429 (2025)
Homes Listed For Sale:
The number of homes listed is up by 4.1% when compared to August 2024.
- 2025: 1,548
- 2024: 1,487
- 2023: 1,461
Pending Home Sales:
The number of homes placed under contract is up by 6.6% when compared to August 2024.
- 2025: 1,059
- 2024: 993
- 2023: 1,020
Data provided by RI Statewide MLS then compared to the prior year.
What’s Happening in the Market?
- In August 2025, national home sales remained at the same level as July, with a -0.2% change month over month from July. According to NAR Chief Economist Lawrence Yun, “Home sales have been sluggish over the past few years due to elevated mortgage rates and limited inventory. However, mortgage rates are declining and more inventory is coming to the market, which should boost sales in the coming months.”
- Rhode Island home sales decreased 6.2% year over year and average prices increased 3.3%.
- Mortgage News Daily shows that rates wrapped up August near 6.5%. At present, they’re around 6.37%, after bottoming out at 6.13% mid-September. With shifts happening often, buyers should keep pre-approvals refreshed to stay ready.
- Hear from Anthony Lamacchia on why Fall is the strongest season for buyers. He breaks down how inventory levels, buyer competition, and other factors create prime conditions for making a move.
- Fall sellers, take note! The season presents a fresh chance to draw in active buyers. Check out our step-by-step guide on how to boost visibility and leverage the unique advantages of the fall market.
- Buyers, remember—longer days on market don’t necessarily mean something is wrong with a home. Seasonal timing often plays a role, so be sure to give these listings a fair look.