Rhode Island real estate trends (May 2022)
How is the real estate market in Rhode Island?
🏠 Average home value: $437,226
📈 0.88% home value increase month over month
💰 Median sale price: $440,900
⏳ 37 days on the market
🔑 Homes on the market: 1,553
📆 0.8 months of housing inventory
🏦 30-year mortgage rate: 5.50000%
💵 Average income: 67167
State of the market: A-
Rhode Island’s market is continuing to cool off. Although limited inventory has pushed demand, plateauing home values are evidence that the state’s hot streak might be over.
*Data last updated May 2022
Spanning just 1,214 square miles, Rhode Island is the smallest state in nation — but don't let its size fool you. Throughout its history, the Ocean State has been the site of tireless innovation.
For example, Rhode Island hosted the nation's first open golf tournament, boasts the nation's oldest carousel, and today keeps a thriving folk art tradition alive. Notable cities include Providence, Newport, and Warwick, but large stretches of the state are still considered rural.
Perched on the Atlantic coast between Massachusetts and Connecticut, Rhode Island's weather is defined by snowy New England winters and brisk sea breezes in the summertime.
If you're thinking of buying or selling in Rhode Island, these Rhode Island housing predictions and stats can help you make an informed decision.
Want to save money when you buy or sell your home? With Clever, you'll only pay 1% or $3K in listing fees. Eligible buyers get 0.5% cash back after closing. Find out how much you can save with Clever today!
Selling a home in Rhode Island
Rhode Island real estate market forecast for sellers
⏰ Homes are selling 7 days faster than the annual average
💰 Homes are selling for $39,579 more than the annual average
💸 Average listing commission: 2.66%
💸 Average buyer's commission: 2.46%
How to sell a home in Rhode Island
- The Best Low Commission Real Estate Brokers
- Top Real Estate Agents in Rhode Island (June 2021 Rankings)
- 8 Steps to Selling a House in Rhode Island
- How to Sell a House By Owner in Rhode Island (2021 Update)
- 5 Best Rhode Island Flat-Fee MLS Companies | Clever Real Estate
- 5 Rhode Island We Buy Houses for Cash Companies & Alternatives (2021 Rankings)
Cost to sell a home in Rhode Island
Buying a home in Rhode Island
How much home you can buy with $300,000 in...
🏠 Providence: 1,007 sq ft
- How to Save with a Home Buyer Rebate
- 8 Definitive Steps to Buying a House in Rhode Island
- The 5 Most Affordable Places to Live In Rhode Island
Investing in Rhode Island real estate
- Top 5 Best Real Estate Investment Markets in Rhode Island
- The Ultimate Guide to Flipping Houses in Rhode Island
- A Beginner's Guide to Buying an Apartment Building
Best of Rhode Island
💡 Did you know…
With about 23 cafes per capita, Rhode Islanders can try a wide variety of coffee drinks while still spending less than the national average on their daily pick-me-up.
» Thirsty for more info? ☕ Read our full study here: The Best Coffee Cities in America
Each month, we compare locations in Rhode Island based on different criteria. This month, we're looking at levels of happiness and ranking the best counties in the state.
Happiest Counties in Rhode Island
1. Bristol County
2. Newport County
3. Washington County
Worst of Rhode Island
Each month, we compare locations in Rhode Island based on a different criteria. This month we're looking at levels of happiness data. These are the counties that ranked the worst in the state.
Least Happy Counties in Rhode Island
1. Providence County
2. Kent County
Rhode Island resources
- State of Rhode Island Department of Business Regulation - Real Estate Commission
- Rhode Island's real estate license verification
- Rhode Island's real estate agent code of conduct
- Rhode Island's disclosure forms
- Transfer taxes in Rhode Island
- Home buying assistance programs in Rhode Island
Frequently asked questions about Rhode Island real estate
Currently, it's a seller’s market in Rhode Island, however it's beginning to cool off. Although homes are still selling quickly, sellers have started reducing listing prices to attract buyers. And while that may be the case across the state, each city and town is different, so it’s best to consult with a real estate agent to understand your local trends.
Investing in Rhode Island real estate is a good idea, particularly in cities like Providence, where people are always looking for housing. However, to make the most from your investment, you'll need to research which types of properties are profitable and which neighborhoods are desirable. Learn more in our guide to real estate investing.
It might be a good time to buy a house in Rhode Island right now. Listing prices are lower than usual, but inventory is still low which might lead to bidding wars on prime properties. To find the best deal, work with one of the top real estate agents in the state.
Clever's analysis of state market trends is based on local data from Zillow, realtor.com, Redfin, Bankrate, the U.S. Census, and Clever surveys. Our team of over 20 real estate analysts from across the country research local markets and data to compile our "Best" and "Worst" rankings.