05/12/2026
First-quarter single-family home sales fell by nearly nine percent year-over-year, and by the end of the quarter, March sales remained 5.3% below the prior year. The Rhode Island Association of Realtors reported that the Ocean State realized the slowest activity in single-family home sales last month since monthly record-keeping began in 2010. A 13.5% annual drop in pending sales also foretells a slower market heading into spring.
The single-family home price of $514,250 was the third-highest monthly median price on record, below only June and September of last year.
“Bad weather, tariffs and economic uncertainty limited home sales in the first quarter. By March, increasing interest rates, stock market volatility and escalating global tensions kept buyers and sellers on the sidelines. At the same time, we still have a very low supply of homes for sale, roughly half the national average, which is keeping prices elevated. Fortunately, Rhode Island is making headway with building permits significantly up over the past few years,” said Michael Pereira, President of the Rhode Island Association of Realtors.
First-quarter condominium sales were down 16.8% year-over-year and dropped 14% in March. Sales may see a slight increase in the weeks ahead as pending sales showed a small increase last month of 2.4%. The median price of March condominium sales rose 14.5% to $405,000.
In the two- to four-unit multifamily home market, sales dropped 3.6% from March 2025 and those under contract but not closed by the end of the month fell 14.2%, a sign of a slowdown in the weeks ahead. First-quarter multifamily home sales were down throughout the state, with the exception of Kent County, which saw a 7.7% gain.
Unlike the single-family home and condominium markets however, which both saw a decline in listings, last month the multifamily home market saw a 24.2% gain in properties for sale. Multifamily homes on the market have seen double-digit growth each month since January 2025. Despite the increased supply, prices continue to increase. A 9.5% annual increase in median price occurred in March, which reached a monthly record of $637,500.
“The interest by investors in multifamily homes continues to raise prices. Though properties are staying on the market a little longer and buyers have more listings to choose from, many Rhode Islanders are shut out of that market altogether due to affordability issues,” said Pereira.
Home sales statistics reported by the Rhode Island Association of Realtors represent Realtor-assisted sales transacted through State-Wide Multiple Listing Service.
