Warwick, R.I. –May 20, 2026 – Rhode Island’s spring housing market has seen growing inventory and increased sales for the past three months, a typical trend leading into the spring market. Year-over-year however, data released by the Rhode Island Association of Realtors shows that the Ocean State’s housing issues show little overall improvement.

In April, the median sales price of existing single-family homes was $529,000, up 10.2% from April 2025. While the number of listings on the market increased both month-to-month and year-over-year, sales fell 6.9% from a year ago and transactions in process fell 12.9%, a sign of slower future sales.

“Affordability remains the issue.  Price hikes, not only in the price of the properties themselves, but in related expenses like insurance, oil and other home goods and services, have created a situation for too many prospective buyers where home ownership is a pipe dream. Rhode Island’s real estate taxes and fees for new regulations also continuously increase, creating even more financial burdens for homeowners, buyers, sellers and renters,” said Michael Pereira, President of the Rhode Island Association of Realtors.

At $615,950, the median price of two- to four-family multifamily homes also rose 10% year-over-year, while sales increased 4.7%. Although the number of multifamily properties remained higher than last year, the rate of annual inventory growth has been steadily declining since the end of last year. Given the high price point of entry, what was once a common option for first-time buyers to gain a foothold on homeownership, has become out of reach for many.

In contrast, April’s $395,000 median condominium sales price provided a more accessible entry point for first-time buyers. Although the median price rose 9.1% from April 2025, sales climbed 7.5% last month, even as the number of units for sale continued the annual inventory declines seen each month since January.

Among all residential property types, if no new listings were put on the market, all homes would be depleted in approximately two months, roughly half the national average.

“There’s no doubt that consumer confidence has been affected by macroeconomics, but for those trying to buy or sell, the spring market offers the best opportunity for increased choice. Buyers have access to more options, sellers have access to more buyers. While it’s difficult for prospective sellers to wrap their head around paying higher home prices for a replacement home and interest rates that are higher than they were a few years ago, equity gains have been substantial and can neutralize the higher prices for many,” said Pereira.

Housing statistics released by the Rhode Island Association of Realtors is sourced from its subsidiary, State-Wide Multiple Listing Service which reports Realtor-assisted transactions. The month supply of inventory is seasonally adjusted to factor out seasonal variations and compare market conditions over time.