NEW RECORD: Median Price of RI Home Hits $530K — 162% Increase Since 2015

NEW RECORD: Median Price of RI Home Hits $530K — 162% Increase Since 2015

The new numbers are in, and the median price of a single-family home in Rhode Island has now pierced $530,000.

The statewide data for September released by Mott & Chace Sotheby’s International sets a new record and continues to underscore how increasing home prices are running away from salaries.

In April of 2015, the median sales price of a single-family home increased 4% to $202,500. 

Since then, the median price of a home in Rhode Island has exploded 162%

In contrast, the median household income over that same time period has increased by about 48%.

 

Numbers - Up and Up

The median asking price for new listings reached $539,950 in September.  The supply of inventory decreased from 3.6 months to 2.1 months when compared to the same time period last year.  Additionally, the average days on market increased from 32 days in September 2024 to 37 days in September 2025.

The prices may be impacted by the “Taylor Swift” tax, according to Mott & Chace.

“Single-family home sale prices have stayed elevated year-over-year, likely due to low inventory.  The State of Rhode Island implemented an increase in the conveyance tax effective October 1, which may have prompted a surge in closings ahead of the change,” wrote Mott & Chace in its report.

“A balanced market should have about 6 months of available inventory, while September 2025 had just above 2 months of inventory.  As of early September 2025, 30-year fixed mortgage rates in the U.S. have held steady in the low-to-mid 6 percent range, providing some relief compared to earlier highs but still remaining well above historic lows. The elevated rates continue to challenge affordability and sustain strong competition for well-priced homes,” added the report.

 

Josh Cullion of Mott & Chace joined GoLocal and discussed the trends. Regarding the shortage of inventory and the fact that there are over 7,000 brokerages and agents and just about 1,300 single-family homes on the market presently, Cullion said, "Those metrics flatten out pretty fast. It's still imbalanced."

“It's still tight, still high demand, and in all sectors, quite frankly, especially first-time buyers. It's been frustrating for a lot of buyer clients, with the normalization of the market that I'm seeing on the front lines,” said Cullion.

“Buyers sometimes can be the last to accept that the market's normalizing, and well, you want to try to test the waters for them, you've got to keep them close to reality on what the market's telling you,” added Cullion.