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Contact: Kerry Park
Ph: 401-432-6948
Email: kerry@rirealtors.org

Inventory increases slightly in R.I.’s housing market

Warwick, R.I. – August 22, 2023 – July home sales data reported by the Rhode Island Association of Realtors recently showed a small increase in the supply of single-family homes for sale in Rhode Island and a 7.3% year-over-year gain in the median price, to $440,000. A decrease in single-family home sales of 27.8% contributed to the increase in supply.

July’s 1.7-month supply was the highest reached since October of last year.  A six-month supply is generally considered to be a market balanced between supply and demand.

“Mortgage rates have been creeping up further this summer which has slowed sales activity. While that has increased the supply of available homes a little bit, we’re watching rates carefully as housing costs have been a main driver of the increase in inflation. The housing market helps drive the economy so it’s important that we’re able to keep sales moving,” said Bryant Da Cruz, president of the Rhode Island Association of Realtors.

Single-family home sales which went under contract in July but scheduled to close after the month’s end, fell 19.9% from July 2022, indicating the sales slowdown will continue.

The median price of condominium sales rose to $359,900, a 12.5% increase from 12 months earlier, while sales activity fell 28.7%. Supply and demand are slightly more in balance in the condo market, with a two-month supply of properties for sale. This sector of the market showed only a 3.4% decline in pending sales, vastly better than the single-family home market’s near 20% drop.

At $500,000, the median price of multifamily home sales represented an 11.1% increase from 12 months earlier. Completed sales dropped by 25.2% and pending sales fell by 26.6%. With a 1.5-month supply of properties on the market, the investor-driven multifamily home sector had the least amount of inventory available.

“Multifamily homes have wide appeal for investors. It’s no secret that rents have skyrocketed and with mortgage rates rising, the supply of prospective tenants is growing,” commented Da Cruz.


Housing Statistics Archives

Months Supply: Click here for interactive display

About the Rhode Island Association of REALTORS®

The Rhode Island Association of REALTORS®, one of the largest trade organizations in Rhode Island with more than 5,000 members in nearly 1,000 offices, has been serving Rhode Islanders since 1948. Advocating for Rhode Island's property owners, the Rhode Island Association of REALTORS® provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property. Last year, RI Realtors transacted $6.9 billion in residential real estate sales and $7.1 billion in total sales and rentals including commercial transactions.

The Association is one of more than 1,500 boards and associations that comprise the National Association of REALTORS® (NAR). The National Association of Realtors®, “The Voice for Real Estate,” is America's largest trade association, representing over 1.5 million members involved in all aspects of the residential and commercial real estate industries and who subscribe to a strict Code of Ethics.

REALTOR® is a federally registered collective membership mark which identifies a real estate professional who is member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics.

press photo

Bryant Da Cruz

2023 President,
RI Association of REALTORS®


July 2023
Single-family Monthly
Sales Comparison


July 2023
Multifamily Monthly
Sales Comparison


July 2023
Condominium Monthly
Sales Comparison


July 2023
Single-family Sales
By Town