August 2, 2024 – The median price of single-family homes sold in the second quarter rose to $470,130, a 9.3% increase from a year earlier. Sales activity fell by roughly the same percentage, dropping 8.7% year-over-year. Stiff competition caused by pent-up demand shortened the average time homes stayed on the market before going under contract to just four weeks.
In late June 2023, a new law gave members of the public the right to access private beaches up to ten feet above the “recognizable high tide line.” In 2024, a new law H7376A.pdf requires sellers to notify buyers of rights of way and permits that affect the public’s shoreline access rights over the property. The intent of the law is to reduce conflicts between members of the public and property owners by educating new owners.
Rhode Island law requires lead inspectors to file lead certificates for pre-1978 rental properties after inspecting them. A newer law requires property owners to register their pre-1978 rental properties by October 1, 2024 with a new Department of Health registry that is in the process of being created. Governor McKee filed legislation to postpone the law for a year, but it did not pass.
Starting on January 1, 2025, a new law will make it easier for tenants to understand the full cost of a rental. Rhode Island Public Laws 308 and 309, which are identical, will require a landlord to disclose all fees to a tenant in writing as part of a written rental agreement or a separate disclosure if there is no written rental agreement. The fees must be mentioned in the same section as rent.
In July, 2024, the Rhode Island Department of Health (DOH) updated two forms, which are posted on the DOH website:
▪Affidavit of Completion of Visual Inspection (Use every two years unless there is tenant turnover.)
▪Lead Hazard Mitigation Presumptive Compliance Application (Use when a property has 10 or more units.)
Both forms are available in English and Spanish.
Warwick, R.I. – July 22, 2024 – Despite a 32% increase in the number of single-family homes on the market since June of last year, the median price of Rhode Island homes sold last month continued to rise, hitting a new high of $494,000. The figure represented an 11.6% increase in median price from 12 months earlier, the Rhode Island Association of Realtors reported today.
On June 25th, 2024, Governor McKee approved a new law that regulates the types of fees that a landlord can charge a tenant. Rhode Island Public Laws 308 and 309, which are identical, take effect January 1, 2025. Learn about the key requirements of the new law.
On August 14, 2024, State-Wide Multiple Listing Service, Inc. will remove compensation fields and rules from MLS to comply with the proposed NAR antitrust settlement agreement. To help members comply with the settlement agreement, the Rhode Island Association of REALTORS® has added a new Professional Services Fee section to the purchase and sales agreements.
Warwick, R.I. – June 21, 2024 -- Today, the Rhode Island Association of Realtors reported that the median price of residential property sales in Rhode Island soared to new heights in May, with multifamily home sales leading the pack. Multifamily homes with up to four units saw a 23.9% increase from the median price of $440,000 realized just 12 months earlier. The median price of multifamily homes has increased 78.7% in the past four years, hitting a new record of $545,000 last month.
As of June 17, 2024, a new law (S2647) requires condominium bylaws and rules to be recorded in the municipal land evidence records in every town or city in which any portion of the condominium is located.