Warwick, R.I. – October 19, 2026 – Rhode Island home sales saw an annual drop of 11.7% in September and a 14.8% decrease in contracts signed but not sold by the end of month. According to data recently released by the Rhode Island Association of Realtors, the median price rose .75% to $534,000.

A comparison of the RI Realtors data to a September report released by the National Association of Realtors showed that Rhode Island’s percentage drop in sales was almost triple that of all Northeastern states combined. RI Realtors also noted that the state's median price was higher than that reported by the National Association for the Northeast region. 

“The National Association of Realtors reported that housing affordability declined in the Northeast more than any other area in the country last month.  Unfortunately, Rhode is among the highest-cost states in terms of housing in the Northeast region because of the lack of supply. Once rates moved past 7%, we immediately saw a double-digit drop in sales. If higher rates continue, which is likely, we could begin to see a more balanced market due to slowing sales.

“ As inventory grows, buyers will have more negotiating power and sellers may need to adjust their expectations. Fortunately, Rhode Island homeowners have realized huge gains in equity in the past six years which can be carried forward to their next purchase,” said Michael Pereira, president of the Rhode Island Association of Realtors.

Pereira further cautioned that currently, Rhode Island remains firmly entrenched in a sellers’ market. The Association’s September report cited a 2.9-month supply of homes for sale, up from 2.8 months in August but unchanged from a year ago. A 2.9-month supply is approximately half of what is considered to be a balanced market.

The condominium market saw a more pronounced slowdown with sales falling 28.2% from September 2025. The median price of condominiums sold last month was $441,015, a 5.6% annual increase. Pending sales fell 18.4% compared to September 2025.

Multifamily home sales dropped 13.9% year-over-year, though pending sales stayed stable with a .5% gain. Last month’s median price was $600,000, up from $590,000 one year prior.

Third quarter single-family home, condominium and multifamily home sales followed the same trends with sales decreasing from the prior year and the median price of sales increasing.