New Record: Median Price of a Single-Family Home in RI Jumps to $512,750, Says Report

New Record: Median Price of a Single-Family Home in RI Jumps to $512,750, Says Report

A new report released Thursday shows that the price of a single-family home has rocketed upward in Rhode Island.

Mott & Chace Sotheby’s International Realty announced that the Rhode Island single-family real estate has jumped to $512,750 — a 12.4% increase year-over-year.

This sets an all-time record in the state and is another indicator of Rhode Island becoming a bigger and bigger attraction for out-of-state buyers. Simultaneously, it is becoming more and more difficult for first-time homebuyers.

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The report also finds:

- The median asking price for new listings reached $549,900.

- The supply of inventory decreased from 2.7 months to 1.9 months when compared to the same time period last year. 

- Additionally, the average days on market increased from 22 days in May 2024 to 29 days in May 2025.

“Single-family home sale prices have stayed elevated year-over-year, likely due to low inventory.  A balanced market should have about 6 months of available inventory, while May 2025 had under 2 months of inventory.  While mortgage rates seem to be coming down slightly, there is still significant buyer demand for well-priced homes,” states the report from Mott & Chace.