In 2024, a number of changes were put in place regarding how brokerage compensation is paid. REALTORS®, lenders, mortgage brokers, and closing attorneys are still adapting to these changes, which has resulted in cooperating brokers not being paid or not receiving the full amount of agreed compensation.
Do you own a limited liability company or corporation?
Federal regulations require existing entities to be registered with the US Department of Treasurer by March 21, 2025, and new entities to be registered within 30 days. If you plan to form a new LLC or corporation, you must file within 30 days after your entity is registered with the Rhode Island Secretary of State’s Office.
Members of the public, including tenants, buyers, and REALTORS®, can now search the Rhode Island Department of Health Rental Registry RI Rental Registry | Department of Health to see whether a property or unit has been registered. You can search by address or by clicking on a map that shows registered rentals and “suspected” rentals across the state.
Sales activity in Rhode Island’s housing market rose last year for the first time since 2020. According to data released today by the Rhode Island Association of Realtors, 7681 single-family homes sold in the Ocean State in 2024, a 3.3% increase from 2023. Stunted by rising prices however, sales continue to fall far behind 2019 when 11,013 homes sold. In the five years since then, the median price climbed 66.7%. Last year alone, the 2024 median price of $475,000 represented an 11.8% increase from 2023.
The following changes to RIAR forms have been sent to the forms vendors. Keep in mind that vendors update at different times.
In 2025, scammers have listed or attempted to list vacant land across the state, in Cumberland, Middletown, North Smithfield, Westerly, and Little Compton, to name a few. Some property owners have reported that multiple attempts have been made on the same property.
On January 30, 2025, a new law took effect that states "...no person, firm, or corporation shall enter into, engage in, solicit, advertise, bid for, or work at the business of installing, maintaining, servicing, and testing wires, conduits, apparatus, fixtures, electrical signs, lightning-protection equipment as defined in § 5-6-1, and other appliances for carrying or using or generating electricity..."
Warwick, R.I. – January 21, 2025... The Realtor Foundation: Rhode Island and RIHousing are collaborating to offer a new down payment and closing costs assistance program to eligible homebuyers. The organizations announced the RI REALTORS® Homebuyer Grant program today, which will provide financial aid to assist in opening the door to homeownership for up to 52 families or individuals.
Warwick, R.I. –January 16, 2025 – End-of-year sales of single-family homes soared according to December home sales data released by the Rhode Island of Realtors today. Rhode Island’s housing market saw a 30.3% rise in year-over-year home sales last month, the largest annual gain in sales since January 1999. Last month’s median price also increased, reaching $470,000, a 10.1% jump from December 2023.
Warwick, R.I. – January 7, 2025 – Jennifer Beylard of North Kingstown, R.I. has been named Director of Professional Development of the Rhode Island Association of Realtors. She will oversee the development and execution of all educational offerings for the 6000-member trade association.