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Warwick, R.I. – August 10, 2023 -- A review of Rhode Island’s second quarter home sales reveals a continued increase in the median sales price of residential homes. At the same time, sales activity continued to drop compared to the prior year. The Rhode Island Association of Realtors released the sales data today, along with statistics that show buyers from other states remain a significant factor in Rhode Island’s housing market, particularly for homes priced at one million dollars or more.

Warwick, R.I. – July 20, 2023 – Today the Rhode Island Association of Realtors released June sales data which portrayed a local housing market that has seen little change. The median sales price of single-family homes continues to rise, hitting $442,700, a three percent year-over-year gain and a historic monthly high. Rhode Island’s annual price appreciation runs counter to the national trend which has seen year-over-year declines in recent months.

Would you like to have input into issues that affect you and your profession? Become a leader at the national level. Apply to serve on the 2023-2024 National Association of REALTORS® Board of Directors by August 3rd.

Starting on January 1, 2024,  a new state law will prohibit landlords, rental agents, and property managers from charging application fees to rental applications - with two exceptions.   Landlords and their representatives will be able to charge applicants for the actual cost of conducting (1) a credit check or (2) a criminal background check unless the rental applicant has provided a credit report and BCI/police background check dated no more than 90 days before the day of the application.

The Rhode Island Attorney General has made enforcement of lead laws a top priority and filed legislation to strengthen and expand them.  The Rhode Island General Assembly approved a number of new laws.  See a list of those laws and when they go into effect. 

Warwick, R.I. – June 22, 2023 – The median price of single-family homes sold in the Ocean State last month rose to its highest point yet, though year-over-year appreciation diminished. The median price of $427,250 represented just a two percent increase from May 2022. Home sales transacted through State-Wide Multiple Listing Service, a subsidiary of the Rhode Island Association of Realtors, also reflected a market with 17.8% fewer sales than a year ago.

When dealing with a home that has solar panels, there are several key points that listing and cooperating licensees should be aware of.

Have you run out of creative ways to describe a listing or write real estate tips on social media? Artificial intelligence can help. Learn more about how to save yourself time and headaches...

State-Wide Multiple Listing Service Rules and Regulations require listing brokers to offer compensation. However, antitrust laws prohibit MLS from requiring listing brokers to offer a specific amount or split of compensation.

If you and your broker would like to be paid a different amount than what has been offered, check out these legal options...

Warwick, R.I. -- May 18, 2023 – Rhode Island Realtors transacted just 524 single-family home sales in April, 30% less than April of 2022. The decline in activity was accompanied by a significant drop in the rate of year-over-year appreciation in the median price. At $425,000, last month’s median price was just 1.2% more than that of April 2022, a sign that prices are stabilizing.