Warwick, R.I. -- February 19, 2026 – Rhode Island’s housing market was off to a slow start in 2026, having experienced the lowest single-family home sales at the beginning of the year since 2011. With just 429 homes sold statewide in January, sales activity fell 7.3% from 12 months prior. 

The lack of sales did nothing to increase housing options for buyers. Inventory remained unchanged from December at just 1.7 months of supply. As a result, the median sales price continued to rise, reaching $499,000, a 7.3% annual increase.

In other areas of the market, condominium sales fell 14.2% while their median sales price rose 12.2% to $452,250. Multifamily home closings fell 5.8% and the median price of those sales rose 9.1% to $600,000. While still under-supplied, both sectors offered slightly more options for buyers than single-family homes.  The multifamily home market is recovering fastest with a 2.3-month supply of listings, though that remains well under the five- to six-month supply that typically indicates a balanced market.

The drop in Rhode Island’s residential home sales dwarfed that seen nationwide, which experienced a 4.4% decline last month, according to the National Association of Realtors. January’s harsh weather patterns likely played a part in the lull in activity.

“If inflation and employment trends remain stable, that should help with some of our affordability problems. It’s critical though, that our elected officials don’t add to the woes of the housing market by tacking on more real estate taxes and regulations during the 2026 session. If we want to get a strong foothold in our housing market’s recovery, it’s critical that we keep costs down for buyers and sellers and remove barriers to development,” said Michael Pereira, President of the Rhode Island Association of Realtors.