Rhode Island Home Sales Prices Up From 2024: RIAR

The median home sales price for Rhode Island in June was up 5.3% from June a year ago, the Rhode Island Association of Realtors reported.

"At $520,000, the median price of single-family homes represented a 5.3% gain from 12 months earlier and a 73.6% gain since 2019, the last year unaffected by pandemic migration.," the Rhode Island Association of Realtors said in a news release Tuesday.

“Homeownership is a strong path to building net worth, but too many Rhode Islanders are struggling to afford purchasing their own home," Rhode Island Association of Realtors President Chris Whitten said in the release.

"The inventory shortage here in the Ocean State remains the main hurdle but fortunately we are making slight progress," Whitten said. "We’re seeing more homes available for sale this year than last, which is a positive sign for our housing market. Mortgage rates also continue to create affordability issues but many economists predict there may be a little relief in the months ahead as they see mortgage rates inching downward.”