WARWICK, R.I. – February 21, 2025 – The number of single-family homes for sale increased 4.8% year over year, though the increase is not keeping pace with pent-up demand. Given the number of homes on the market in January, at the current pace of sales all homes currently for sale would be sold within 1.5 months. The data, released by the Rhode Island Association of Realtors today, represents all Realtor-assisted sales transacted last month through its subsidiary, State-Wide Multiple Listing Service.

The 1.5-month supply represents a slight drop from December and is far below a six-month supply which characterizes a balanced market. The shortage continued to drive up the median price, which at $465,000, rose 5.3% from January 2024.

The condominium market saw even more significant gains. Sales rose by 34.8 percent 12 months earlier and the median price shot to $403,000, a 24% annual increase. The number of condominiums available for sale in January also grew by 24.9% in January, leaving a two-month supply available.

Multifamily home sales stayed relatively stable last month, with sales falling just 1% from the previous January. The median sales price rose 15.8% to $550,000 and the number of listings increased 16.7% year over year, leaving a 1.7-month supply of multifamily homes on the market.

“Housing development in Rhode Island has remained stagnant for far too long. Most states have regained some balance between supply and demand, but we’ve made little to no headway here in Rhode Island due to new construction hurdles and loads of red tape. But I truly believe by working together at the local and state levels we can right this ship,” said Rhode Island Association of Realtors 2025 President Chris Whitten.

Whitten went on to say that more open dialog is key to both short-term and long-term housing solutions. “We all want the same thing, housing affordability and the return of the American Dream here in Rhode Island. That’s why we will continue to work closely with our legislators this session to ensure they don’t do anything that hinders development or decreases housing affordability any further.  It’s hard enough to buy a home here in the Ocean State, let’s not push bills through that make that process even more difficult and costly. We strongly believe if we all work together, we can create solutions instead of making the process even more difficult.”