The Rhode Island housing market is showing signs of recovery with a 3.3% increase in single-family home sales in 2023, marking the first uptick since the pandemic began. However, sales are still below pre-pandemic levels, with prices rising sharply over the last few years. Median prices for single-family homes have surged 66.7% since 2019. Out-of-state buyers are significantly impacting the market, with about 25% of residential sales attributed to them. Newport County reports the highest growth in sales as remote work influences demand for homes in desirable locations.
Sales in the Rhode Island housing market rose for the first time since 2020, but still fall short of pre-pandemic levels.
The median sales price for a single-family home in Rhode Island rose 66.7% since 2019, reflecting changing demand and remote work.
With the ability to work remotely, we've seen thousands moving into the Ocean State, increasing demand for housing.
Newport County experienced the largest jump in sales, reflecting its appeal with waterfront towns and increased out-of-state buyers.
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