WARWICK, R.I. – June 18, 2025 – Rhode Island’s May single-family home median price of $512,750 eclipsed the $460,000 price of May 2024 and was $47,750 more than that seen at the beginning of this year. The median sales price of multifamily homes also reached a new high at $590,000, marking the first time that the price in both sectors topped $500,000. At $390,000, condominium sales saw an 11.5% year-over-year gain.

Compared to 12 months earlier, sales increased by nine percent in the single-family housing market due to a 20% increase in homes listed for sale. Even with that increase in inventory however, Rhode Island’s 2.3-month supply of homes on the market remains less than half of the five to six-month supply that is typically considered a healthy market.

In the condominium market, sales rose 2.4% from 12 months earlier and multifamily home sales fell nine percent. The supply of both sectors fared slightly better than that of the single-family home market. At the current rate of sales, if no new condominiums are put on the market, the supply would be deleted in 2.6 months and multifamily home inventory would be sold in 2.5 months.

“While Rhode Island’s housing shortage is improving slightly, skyrocketing home prices continue to make homeownership out of reach for thousands of Rhode Islanders. Affordability remains a problem for too many people who are on the sidelines, waiting their turn to obtain the American Dream here in the Ocean State. The ability to establish roots in a community and build wealth through equity is not an option for too many low- and middle-class families. If we want younger generations to have a fighting chance at the opportunities that owning a home provides, we have to build stability in our housing market,” said Chris Whitten, President of the Rhode Island Association of Realtors.

The sales data released by the Rhode Island Association of Realtors represents all sales transacted through State-Wide Multiple Listing Service, a subsidiary of the Association. Year-over-year comparisons are reported, rather than month-to-month, to avoid fluctuations due to seasonality.