News

Warwick, R.I. – June 21, 2024 -- Today, the Rhode Island Association of Realtors reported that the median price of residential property sales in Rhode Island soared to new heights in May, with multifamily home sales leading the pack. Multifamily homes with up to four units saw a 23.9% increase from the median price of $440,000 realized just 12 months earlier. The median price of multifamily homes has increased 78.7% in the past four years, hitting a new record of $545,000 last month.

As of June 17, 2024, a new law (S2647) requires condominium bylaws and rules to be recorded in the municipal land evidence records in every town or city in which any portion of the condominium is located.  

In late June, 2023, a new law gave members of the public the right to access private beaches up to ten feet above the “recognizable high tide line.”  In 2024, legislation was filed to require sellers to notify buyers of the public’s shoreline access rights to make sure that new owners are aware of the law and do not interfere with these rights.

On June 17, 2024, Governor McKee signed H7376A and it went into  effect immediately.