Home Economy Economic Activity R.I.’s median home price at $505K in November, while sales decline

R.I.’s median home price at $505K in November, while sales decline

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PBN Staff

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12/18/2025

THE MEDIAN sale price of single-family homes in Rhode Island in November was $505,000, 5.2% higher than it was a year earlier, the Rhode Island Association of Realtors said Thursday. / AP FILE PHOTO/ROGELIO V. SOLIS

WARWICK – The median sale price of single-family homes in Rhode Island was $505,000 in November, 5.2% higher than it was a year ago, the Rhode Island Association of Realtors said Thursday. Meanwhile, sales in November fell 9.5% year over year to 635, while pending contracts dropped 4.8% from a year ago, the agency said.

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WARWICK – The median sale price of single-family homes in Rhode Island was $505,000 in November, 5.2% higher than it was a year ago, the Rhode Island Association of Realtors said Thursday. Meanwhile, sales in November fell 9.5% year over year to 635, while pending contracts dropped 4.8% from a year ago, the agency said. The median price was also $505,000 in October. Rhode Island’s housing inventory increased to a 2.3‑month supply last month, the association said, up from 1.9 months in November 2024. “Given the supply shortage and relative affordability compared to the Boston market, Realtor.com named the Providence metro market number five out of the top ten U.S. markets for anticipated sales and price gains,” said Michael Pereira, president of the Rhode Island Association of Realtors. “That’s good news for sellers, but not necessarily for first-time buyers. Next year, we will likely see many of the same issues that we’ve been grappling with for the past several years. The good news is that mortgage rates aren’t expected to rise and may come down. That will help more buyers afford a home.” The median condominium sales price was up 3.85% year over year to $405,000 in November, while the multifamily home sales price was up 2.93% to $580,000 compared with November 2024. Year over year, condominium sales were 11.1% higher in November to 130, while multifamily home sales (113) were 6.6% higher in that same time frame. “This year, we’ve slowly seen improvement in seeing more choice for buyers overall. We’re hopeful that increased supply and better mortgage rates will help continue that trend in 2026,” Pereira said. “We’re also excited to see some of the State’s initiatives to increase housing supply begin to take hold, but we can’t take our foot off the gas pedal. There’s a lot of work to be done to ensure that Rhode Islanders have an affordable place to call home.”