RHODE ISLAND
Home Sales Up, Average Price Up
Home sales are up 21.9% year over year, with December 2024 at 979 compared to 803 last December. Sales are up for single-family homes and condos, and there has been no change for multi-family homes.
- Single families: 545 (2023) | 696 (2024)
- Condominiums: 120 (2023) | 145 (2024)
- Multi-families: 138 (2023) | 138 (2024)
Average sale price increased 9.7% year-over-year, now at $581,887 compared to $530,278 in December 2023. Prices increased for single-family homes and multi-family homes but decreased for condos.
- Single families: $551,549(2023) | $614,965 (2024)
- Condominiums: $453,425 (2023) | $412,689 (2024)
- Multi-families: $513,093 (2023) | $592,844 (2024)
Homes Listed For Sale:
The number of homes listed is up by 7.2% when compared to December 2023.
- 2024: 758
- 2023: 707
- 2022: 747
Pending Home Sales:
The number of homes placed under contract is up by 13.6% when compared to December 2023.
- 2024: 734
- 2023: 646
- 2022: 747
Data provided by RI Statewide MLS then compared to the prior year.
What’s Happening in the Market?
- In December 2024, national home sales climbed 9.3% compared to a year ago, marking the biggest year-over-year gain since June 2021. Following this trend, Rhode Island also saw an increase in home sales.
- The Rhode Island housing market performed exceptionally well compared to last December, with notable growth in home sales, average sale prices, listings, and pending transactions. This vibrant market creates a prime opportunity for sellers, as rising prices and strong buyer demand make this winter the perfect time to maximize the value of your home.
- According to Mortgage Daily News, mortgage rates in December started in the high 6s and hit their lowest point of the month at 6.68%. By month’s end, rates were back around 7% and showing signs of further increases heading into January.
- With 2025 underway, the housing market continues to struggle with low inventory. Following record-low inventory in 2023 and cautious sellers in 2024, competition is still fierce this year. Buyers need to act fast when the right home comes along. Having a trusted REALTOR® by your side can help you stand out in this competitive market.
- We anticipate a transitional period as presidential power shifts, and like most new administrations, the initial months may bring some turbulence. This could create volatility in the stock market, potentially driving interest rates lower.