Karl Martone is a broker associate and team leader for The Martone Group at RE/MAX Properties in Smithfield. He has been a licensed real estate sales consultant in Rhode Island since 1985 and a licensed real estate broker since 1988. In addition to Massachusetts and Rhode Island, he’s also licensed to do real estate in Florida.
Martone recently commented on the REMAX National Housing Report for August 2025, which showed that the median price of new listings in the Providence market rose 2.2% year over year in August, while homes sat on the market 7% longer than last year at this time.
PBN: The national RE/MAX report shows that new listings dropped for the first time in over a year. Locally, Providence saw only a very slight dip in new listings – just 0.1%. How is this relative stability in Providence-area inventory affecting buyer options and seller strategy right now?
MARTONE: The Providence market is slowly balancing. New listings have dipped slightly, but inventory remains tight enough to give buyers more choices than recent months, without swamping the market. For sellers, that means you still have leverage – homes priced correctly and in good condition are still moving well. But it’s more important than ever to present the home well and be realistic on timing, since buyers have a little more room to shop.
PBN: While nationally the median home price increased by 1.9% year over year, Providence outpaced that with a 2.9% gain. What factors are helping to sustain home price growth in the Providence market despite slower national sales activity?
MARTONE: A key factor is that even though more homes are trickling onto the market, overall supply is still constrained. That keeps upward pressure on prices. Additionally, demand in Providence remains relatively strong – location desirability, local employment stability and limited new construction in many neighborhoods all contribute. Because supply ‒ especially of well-located, well-appointed homes ‒ remains below what’s needed, prices are being sustained even when broader national trends soften.
PBN: Homes across the U.S. took longer to sell in August, with the average days on market rising to 47 nationally. Are you seeing a similar pattern in Providence – or is buyer activity here behaving differently than the national trend?
MARTONE: Yes, we are seeing a modest increase in time on market here, but it’s not nearly as dramatic as nationally. For example, Providence homes now tend to sell in about 33-34 days, up from 26-30 days last year, depending on the neighborhood. That suggests buyer urgency has eased somewhat, but market demand remains real. Homes still move – they just don’t fly off the shelves as quickly as during the peak. (Downtown properties may see longer times.)
PBN: The list-to-close price ratio in Providence slipped to 98.9% in August. Are sellers beginning to adjust their pricing expectations, or are we simply seeing more buyer flexibility in a changing market?
MARTONE: Sellers are beginning to adjust, whether consciously or by necessity. With more inventory and slightly softer urgency from buyers, the gap (or margin) for concessions is growing. So, while asking prices remain strong, many sellers are trimming expectations around over-list bids or inflated margins. Overall, a well-priced home that’s thoughtfully presented still gets close to list price – but flexibility (on terms, contingencies, repairs) is becoming more of an expectation rather than the exception.
PBN: With affordability still a major concern and interest rates remaining volatile, what kind of advice would you give buyers and sellers in the Providence area heading into the fall market?
MARTONE: For sellers, it’s about price with precision. Lean into comparisons, recent sales and neighborhood trends. If your home is clean, updated and staged well, you’ll stand out. Consider small improvements that yield strong returns. If you price too high, the days on market increase, which can erode buyer interest.
For buyers, don’t let interest rate volatility paralyze you. If you plan to stay in a home for five to 10 years, locking in now may make sense. Also, get pre-approved, watch for homes that have been on the market a bit longer (they may offer more negotiating room), and pay attention to condition and “move-in ready” status. Being ready to act helps, but so does patience.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on X at @Marc_La_Rock.
