Warwick, R.I. – March 19, 2026 – In February, a combination of weather, economic uncertainty, and the continued critical supply shortage, caused R.I.’s home sales to fall 13.6% year-over-year, according to a new report released by the Rhode Island Association of Realtors. Last month’s 349 single-family home sales signified the lowest number of monthly sales recorded since February 2011. Pending sales, those under contract but not completed by month’s end, fell by 4.8%.

The Association also reported that there were 4.8% fewer homes for sale than during the same time last year, increasing the gap between supply and demand. As a result, prices continued their upward trajectory with the median price of $475,000 representing a 4.3% hike since February 2025.

Other sectors of the market saw mixed results. Multifamily home sales rose by 2.4%, though pending sales dropped 11.6% from a year ago, indicating a slowdown in the weeks ahead. The median price of sales stayed relatively stable, rising just 1.4% year-over-year to $567,500.

The condominium market took the biggest hit last month with sales falling 20.2% and the median price seeing a annual price decline of 11.8%. At $353,000, condominiums offered the lowest entry point to home ownership. Despite the increased affordability, pending sales also fell by 10% compared to February 2025.

“Rhode Island’s housing supply further eroded in February, falling both year-over-year and month-to-month to a critically low 1.4 months of available inventory. Though typically spring markets offer increased inventory, moving forward we will continue to be affected by a significant housing shortage, further hindered by economic uncertainty. Rising energy costs and price hikes from tariffs are adding to Rhode Islanders' inability to find affordable housing, and this week’s decision by the Federal Reserve’s decision not to cut rates will keep some prospective buyers on the sidelines. Our concern is for our clients as well as the state’s residents overall, as real estate transactions are a significant driver of our economy,” said Michael Pereira, President of the Rhode Island Association of Realtors.

The data is sourced from State-Wide Multiple Listing Service, a subsidiary of the Rhode Island Association of Realtors that exchanges and disseminates information on all Rhode Island Realtor-assisted sales.