Warwick, R.I. – June 18, 2026 – May sales data from the Rhode Island Association of Realtors marked a reversal of a long-standing trend of single-family home median price gains year-over-year. For the first time since January 2017, last month's median price of $500,000 represented a 2.5% decline from 12 months earlier.

Closed sales dropped by 19.8% from the previous year and those under contract and closing after May fell by 3.5%. Inventory rose by 2.5% as more buyers backed away from the market due to affordability concerns.

“We’re seeing homes stay on the market a little longer and less sales activity than we did a year ago. Inflation and economic concerns are weighing on people, and it appears that more prospective buyers are taking a wait-and-see approach. As a result, active buyers are gaining a little more negotiating power. Keep in mind, the number of homes for sale is still extremely low so we’re not anticipating a drastic reversal in the market, but the increased supply is a good sign,” said Michael Pereira, President of the Rhode Island Association of Realtors.

The median price of condominiums continued to climb in May, rising 3.9% from May 2025 to $405,000. Condominium sales show signs of following the same path as single-family home sales. Sales declined year-over-year by 5.8%, while pending sales – an indicator of sales in the months ahead – fell by 19%.

The median price of multifamily home sales in May ticked up 1.7% to $600,000. Sales fell by 9%, though those under contract remained relatively level with just a 1.1% drop, an indication of stable sales to come.

“The National Association of Realtors recently reported that May sales rose year-over-year in the South, West and Midwest, but fell in the Northeast. While increased affordability is helping spark sales elsewhere, we’re hopeful that this month may be the beginning of the shift we need to see in Rhode Island to get closer to a balanced market. Time will tell,” said Pereira.