RI Housing Prices Spike Again in June — Median Price Hits $520,000

RI Housing Prices Spike Again in June — Median Price Hits $520,000

New data shows that the median price of a single-family home in Rhode Island hit a new record in June, according to a report released this week.

 

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The median price of a home jumped to $520,000 in June -- a 5.3% increase over June of 2024.

 

And, Rhode Island's prices are significantly higher than the national median price. "The median U.S. home sale price for the four weeks ending July 6 hit a new record at $399,633, which was up 1% year over year, the real estate company reported in data released on Thursday," reports Inman.

 

And, the asking price in Rhode Island jumped to $549,000, according to the report prepared by Mott & Chace Sotheby’s International. This is on top of the May increases that saw Rhode Island single-family home prices jump to $512,750 — a 12.4% increase year-over-year.

 

"Single-family home sale prices have stayed elevated year-over-year, likely due to low inventory.  A balanced market should have about six months of available inventory, while June 2025 had just above two months of inventory.  While mortgage rates seem to be stabilizing, there is still significant buyer demand for well-priced homes," reports Mott & Chace.

 

 

“With Rhode Island’s median sold price for single-family homes already reaching $520,000 in June and the median asking price approaching $549,900, the market continues to climb on the back of extremely tight inventory—just 2.1 months’ supply, well below what’s considered balanced. Given this sustained demand and limited availability, I believe it’s very likely we’ll see the median price surpass $550,000 by year’s end,” said Ben Scungio of Mott & Chace.