Warwick, R.I. – September 17, 2026 – Rhode Island residential home sale trends continued in August with slower sales and rising median prices year-over-year in all sectors of the market.

The Rhode Island Association of Realtors reported today that the August single-family home median price of $544,000 represented a 6.7% jump since August 2025, while sales fell 3.4%. The condominium market saw a midpoint price of $407,455, a 1.9% increase, and a 13.3% drop in closed sales. Activity in the multifamily home sector remained the most stable with the number of sales falling just .74% from the previous year. At $607,500, August sales of multifamily homes saw an annual increase in median price of 4.7%.

If no new residential properties were listed for sale, all single-family homes currently for sale would be sold in 2.8 months. Available condominiums and multifamily homes would be sold in 3.5 months. According to the National Association of Realtors, the U.S. supply of single-family homes, condominiums and town homes is 4.9 months, the highest in ten years. 

“The good news is that falling sales have increased the number of homes for sale throughout Rhode Island, but we still have far less supply than the national average which is keeping our prices high. Multiple offers over asking are definitely moderating but affordability remains the biggest block to our housing recovery. It’s critical that we grow our housing supply to reduce costs,” said Michael Pereira, President of the Rhode Island Association of Realtors. 

On Wednesday, in an attempt to control inflation, the Federal Reserve raised its benchmark interest rate for the first time since 2023.  Typically, a rate hike by the Fed eventually results in higher mortgage costs.

“Our current inflationary climate has been heavily influenced by global impacts – the effects of tariffs, the uncertainty of international relations, even the capital expenditures associated with the AI boom – are all weighting heavily on affordability, making the impact of the Fed’s hike more unpredictable.  A stable economic environment – both locally and globally -  is what’s needed to help us get to a place where development is incentivized and not cost prohibitive. This election year, it’s more important than ever to understand the ramifications of our votes at the polls,” commented Pereira.