WARWICK, R.I. – May 22, 2025 – Rhode Island’s housing shortage is showing some signs of improvement according to data released today by the Rhode Island Association of Realtors. The number of single-family homes listed for sale in April grew 28.6% year-over-year, the largest increase in the past six months.

In addition to the escalation of listings on the market this year, fewer sales over the past few months have helped to increase the supply of homes available. Currently, the inventory of available homes would be depleted in 2.1 months at the current rate of sales. While still under the five- to six-month supply that typically represents a balanced market, Rhode Island’s housing shortage has improved from the 1.6-month supply seen a year ago.

“We’re thankful to see more homes hitting the market and cautiously optimistic it will continue to grow as the spring market transitions to the summer market. As always, the housing market reacts to economic volatility but so far, the signs we’re seeing are encouraging. We’re also keeping a close eye on mortgage rates, which directly affect demand.  With rates remaining relatively stable over the last few months, we’re seeing buyer confidence continue to grow,” said Chris Whitten, President of the Rhode Island Association of Realtors.

Sales under contract but not closed before the end of April were up from last year in both the single-family and multifamily home sectors, which is typically an indication of increased closed transactions in the months ahead.

Closed single-family home sales stayed relatively stable, falling less than 1% year-over-year. The median sales price rose 6% to $480,000.

Sales dropped more significantly in the condominium and multifamily home markets, falling by 11.8% and 18.3% respectively. The median price of condominiums rose 3.5% to $362,000, while the median sales price of multifamily homes rose 6.7% to $560,000.

Property sales data released by the Rhode Island Association of Realtors represents all Realtor-assisted sales transacted last month through its subsidiary, State-Wide Multiple Listing Service.