Warwick, R.I. – August 20, 2026 – Today, the Rhode Island Association of Realtors reported that the median price of single-family home sales in the Ocean State continued to increase year-over-year last month, rising to $525,000 from $505,000 in July 2025. Rising prices and recent mortgage rate increases prompted fewer sales than the prior year, helping to increase the number of homes on the market.

Despite 9.4% more single-family homes listed for sale this July than last and a 3.2% decrease in sales from July 2025, available inventory remained the same as last year. With no new listings coming onto the market, all single-family homes would be sold within 2.7 months. While the Rhode Island summer housing market has seen some increase in options available for buyers since 2023, Rhode Island's housing shortage remains significant at roughly half the amount of supply that signifies a healthy balance between buyers and sellers.

“We would like to see less pent-up demand on the buyer side,  but what is positive, is that we saw a month-to-month increase in the number of homes listed for sale from June to July, which was not the case last year. Every little bit of increased inventory will help to diminish the imbalance between supply and demand,” said Mike Pereira, President of the Rhode Island Association of Realtors.

In other areas of the market, the median price of condominium sales rose 7.4% to $399,900, while sales fell by 10.3%. The median price of multifamily homes remained relatively stable year-over-year at $620,000, though sales skyrocketed by 15.1% from July 2025, following several months of minimal, if any, monthly gains since the beginning of the year.

“Condominiums and multifamily homes have long been an entry point for buyers who couldn’t break into the single-family home market, but today’s prices, mortgage rates, HOA and other fees, coupled with increased competition, have left these sectors of the market out of reach for many prospective buyers as well.

“The only real fix to our housing market, for both renters and owners, is to increase our housing stock. The elections this year matter, Rhode Island can’t thrive if Rhode Islanders can’t afford a place to live,” commented Pereira.