Rhode Island home prices surge almost 6%

By Jason Gregory

Rhode Island

As we reflect on January's home sales in Rhode Island, we can see that the market continued the trends seen throughout 2022. Although sales activity slowed, we saw a 5.8% increase in the median price of single-family home sales compared to the previous year.

Data released by the Rhode Island Association of Realtors indicated a 39.1% drop in sales activity and a 30.1% decrease in pending sales. The median sales price for single-family homes in Rhode Island last month was $391,375.

With just a 1.3-month supply of single-family homes for sale, even those buyers for whom affordability isn't a factor have limited choices in their home search. As a result, we're seeing many prospective sellers hold onto their properties, making it even harder for buyers to find their dream home.

Rhode Island's housing supply was low before the pandemic, and it has become even smaller since. Despite the challenges, we want to remind you that our team is here to make it simple for you to navigate this complex and competitive real estate market. Let us do the heavy lifting and we’ll provide you with the best service, advice and sophisticated data to help you make the most informed decisions.

If you're thinking about buying or selling a home in Rhode Island, please don't hesitate to contact us. We'd be happy to discuss your options and help you achieve your real estate goals in this challenging market.