Warwick, R.I. – December 18, 2025 – Today, the Rhode Island Association of Realtors released sales data that reflects a slowdown in residential single-family home sales in November compared to 12 months earlier, while median sales price continued to rise. Single-family home sales activity fell 9.5% last month while the median price of sales climbed to $505,000, a 5.2% year-over-year increase. The gain is reflective of a market that catered to buyers of higher-priced homes than lower-priced, starter homes due to inventory and affordability issues.

With a 2.3-month supply of homes on the market last month, Rhode Island’s supply of housing grew from a 1.9-month supply in November 2024. The supply indicates that more homes are available for buyers to choose from this year than last, but remains far below the five to six-month supply of a healthy market balanced between buyers and sellers.

“Given the supply shortage and relative affordability compared to the Boston market, Realtor.com named the Providence metro market number five out of the top ten U.S. markets for anticipated sales and price gains. That’s good news for sellers, but not necessarily for first-time buyers. Next year, we will likely see many of the same issues that we’ve been grappling with for the past several years. The good news is that mortgage rates aren’t expected to rise and may come down. That will help more buyers afford a home,” commented Michael Pereira, President of the Rhode Island Association of Realtors.

In other areas of the market, multifamily home sales increased by 6.6% and condominium sales rose by 11.1% from a year ago. Both sectors also showed an annual uptick in median price. At $580,000, the multifamily home median rose 2.9% from November 2024 and the condominium market’s median price of $405,000 represented a 3.9% increase.

Like the single-family home market, supply remains well below balanced levels. The multifamily home market offered the most options for buyers with a 2.7-month supply. The supply of condominiums mirrored that of single-family homes at 2.3 months.

“This year, we’ve slowly seen improvement in seeing more choice for buyers overall. We’re hopeful that increased supply and better mortgage rates will help continue that trend in 2026. We’re also excited to see some of the State’s initiatives to increase housing supply begin to take hold, but we can’t take our foot off the gas pedal. There’s a lot of work to be done to ensure that Rhode Islanders have an affordable place to call home,” said Pereira.

The data reported by RI Realtors is collected through the Association’s subsidiary, State-Wide Multiple Listing Service, which tracks information on Realtor-assisted sales.