WARWICK, R.I. – June 18, 2025 – Rhode Island’s May single-family home median price of $512,750 eclipsed the $460,000 price of May 2024 and was $47,750 more than that seen at the beginning of this year. The median sales price of multifamily homes also reached a new high at $590,000, marking the first time that the price in both sectors topped $500,000. At $390,000, condominium sales saw an 11.5% year-over-year gain.
Starting on January 30, 2025, a new law went into effect to prohibit anyone but a licensed electrician from opening electrical panels and performing certain tests.
Although the interpretation of the law was relaxed somewhat in a February 19, 2025 memo from the Board of Examiners for Electricians, the Board still interprets the law to prohibit home inspectors from opening and inspecting electrical panels.
Could you be sued or criminally prosecuted for fraudulently listing a property without the authorization of the actual owner?
Failure to take basic steps to confirm a seller’s identity can result in losses of hundreds of thousands of dollars for buyers who close on these fraudulent listings; a title nightmare for the true owners; and the risk of costly lawsuits and even criminal prosecution for listing brokers who fail to perform due diligence before taking a listing.
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.
Warwick, R.I. – May 6, 2025 –In the first quarter of the year, the number of single-family home sales in Rhode Island fell 3.2% year over year, despite a four-month upward trend that began in October 2024 and ran through January of this year. According to statistics from the Rhode Island Association of Realtors, the median sales price climbed to $465,000 from $440,000, a 5.7% increase.
Warwick, R.I. – April 23, 2025 – The Rhode Island Association of Realtors released sales data today showing a drop in home sales of 4% from March 2024 to 2025. Homes under contract in March, an indication of closed sales in the following months, also decreased 3.5%.
Could you be unknowingly helping a real estate scammer? According to the FBI, 224 crime victims of real estate scams and fraud in Rhode Island lost a combined $4.85 million from 2019 – 2023. The FBI believes that there could be higher unreported losses.
The Rhode Island Association of REALTORS® has approved the following two forms, which are now available from the forms vendors:
NEW ▪Release of Residential Lease – Use this new form to resolve financial and other logistics when a landlord and tenant agree to terminate a lease early.
▪Additional Parties Addendum - Use this form when you need more space to include extra signatures on a contract, addendum, or disclosure. It now includes signatures for landlords and tenants.
March 26, 2025- DBR Bulletin
"Changes to the Electrician Licensing requirements in R.I. Gen. Laws § 5-6-2, effective January 30, 2025, may have caused some confusion as to how and if this impacts the ability of a Real Estate Appraiser, Broker or Salesperson to test the functionality of electrical switches, outlets and appliances in a property that is for sale, rent or is the subject of an appraisal...
The RI REALTORS® Legal Hot Line has been receiving questions about net compensation and seller-paid closing costs.
▪Net compensation: If you want your compensation to be based on a net sale, make sure to define clearly in the purchase and sales agreement, buyer contract or listing contract how it will be calculated.