WARWICK, R.I. – July 22, 2025 – Today, the Rhode Island Association of Realtors reported a year-over-year increase in June’s median home sales price. At $520,000, the median price of single-family homes represented a 5.3% gain from 12 months earlier and a 73.6% gain since 2019, the last year unaffected by pandemic migration.

“Homeownership is a strong path to building net worth, but too many Rhode Islanders are struggling to afford purchasing their own home. The inventory shortage here in the Ocean State remains the main hurdle but fortunately we are making slight progress. We’re seeing more homes available for sale this year than last, which is a positive sign for our housing market. Mortgage rates also continue to create affordability issues but many economists predict there may be a little relief in the months ahead as they see mortgage rates inching downward.” said Chris Whitten, President of the Rhode Island Association of Realtors.

 According to the Realtor data, the number of homes on the market grew by 20.4% leading to a jump in single-family home sales activity of 14.2% since June 2024. In  the second quarter, single-family home sales saw the largest gain in sales activity from the previous year of all residential home types.

Condominium Sales See Double-Digit Growth in Sales Activity and Median Price

The median price of June’s condominium sales grew 18.4% to $417,500 and sales increased 15.5% from June 2024. The number of condominiums for sale increased 29.1%. Throughout the second quarter, condominium sales saw the largest increase in median sales price from the previous year.

62% Increase in Multifamily Home Listings

The multifamily home market saw the highest increase in the number of properties for sale with 62% more multifamily homes listed for sale last month compared to 12 months earlier. A significant jump in listings began in the second quarter with with a 50.3% hike in April followed by a 60.1% jump in May.

Despite the biggest increase in available inventory, the sector saw the smallest increase in sales. June saw a 4.1% increase in sales over last year, while the median price grew 13% to $599,000. The sales cycle was shorter among multifamily home sales throughout the second quarter than other property types with properties staying on the market just 27 days.

“Multifamily home sales were down in April and May but rebounded in June, accompanied with a significant increase in median price. At the same time, we’ve seen a big spike in multifamily listings over the past few months. The costs associated with increased regulations, laws and taxes on local landlords seem to be prompting some long-time property owners to sell to avoid all the recent headaches, particularly when they’re seeing a 115% increase in median price in the past six years, the highest gain of all types of residential homes. In the past, duplexes and 3-families were a great way for first-time buyers and multi-generational families to gain generational wealth, but with increased regulation and the median multi-family price nearing $600k, it’s near impossible for them to break into this market,” commented Whitten.

All residential property types saw an increase in the number of properties available for sale, though Rhode Island’s residential home market continues to offer just half the supply that is considered a healthy market at the current rate of sales.

While other states have made more progress in balancing supply and demand, out-of-state buyers continue to put pressure on Rhode Island’s housing market. Nearly one in four buyers (23.5%) hailed from other states during the first half of 2025. And roughly 46% (45.8) buyers from other states accounted for sales of $1 million or more. During a National Association of Realtors Forecast last week, NAR economist Anat Nusinovich noted that Rhode Island ranked sixth of all fifty states for the biggest change in domestic migration from 2023 to 2024, the latest figures available.