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%.

Though the number of homes on the market rose 29.2% year over year, the supply of homes remains low, keeping prices elevated. The median price of homes sold last month rose 9.1% to $480,000 from 12 months earlier.

“Thankfully we’re seeing more homes hitting the market here in 2025 compared to this time last year.  At the same time, pending sales have slowed over the last four months which has led to fewer closings.  With our economy shifting and consumer confidence waning, we’re seeing more buyers sitting on the sidelines. This should help us head towards a more balanced housing supply, which currently remains critically low,” said Chris Whitten, President of the Rhode Island Association.

Sales activity saw the opposite trend in the multifamily home market with a 14.3% increase in closed sales last month. Pending sales also rose slightly following five months of no gains.

The median price of multi-family homes sold rose 8.8% to $582,278 as high demand continued to fuel prices.

“Given the volatility of the stock market, multifamily homes are an extremely attractive investment here in the Ocean State. They’re great for investors, multigenerational families and first-time homeowners. We’ll be watching closely to see how both tariffs and increasing demand for supplies affect development. We need to continue to promote sensible new construction and rehab projects here in Rhode Island amidst our housing crisis.  We’ll continue to work together with our city and town officials, our state legislators and beloved communities to provide the housing our state is in dire need of,” said Whitten.

Condominium sales increased more moderately, rising 3.2% from the previous year but a drop in pending sales of 21.6% points to slower sales activity in the near future. The median sales price of condominiums sold in March fell 4.4% year-over-year, to $353,771.

Sales data is sourced from State-Wide Multiple Listing Service, the information exchange platform used by Realtors and owned by the Rhode Island Association of Realtors. Year-over-year data, rather than month-to month, is reported to account for swings in the market due to seasonality. Sales activity from February to March, for example, jumps each year in Rhode Island, therefore an annual comparison can better represent market trends. Median prices are reported rather than average prices to avoid the swings caused by extremely high or low prices.

Properties for sale, rent or sold can be found on RILiving.com, the consumer search site of State-Wide MLS.