RI Property Prices Driven Up By Out-Of-Town Buyers: Real Estate Institute

Out-of-state buyers have been a heavy influence on Rhode Island's housing dynamics in the last year and a half, driving up the price of property, according to the Real Estate Institute of Rhode Island.

"Roughly one in four residential sales involved buyers from other states in 2024, and those buyers accounted for an outsized share of high-end transactions," the institute said, identifying out-of-towners as the purchasers in about 42% of sales exceeding $1 million.

"That external demand has amplified already-tight supply, pushed up median prices and rents, and concentrated competitive bidding in coastal towns, Providence-area neighborhoods and desirable suburbs," the institute said, noting those weren't the only areas affected, as "external demand is concentrated in the upper tiers but meaningfully present across the market."

While efforts have been made at the state level to increase the housing supply, "in the short term external demand will likely keep pressure on prices and inventory," the institute said.

See also:

• Newport Motorcycle Mayhem Leads To 2 Arrests: Cops
• This Coffee May Contain Glass, Chain Issues Recall: What To Know In RI
• Exeter Man Who Bashed Roomate's Head In with Rock Sentenced To Life In Prison
• Warwick Doctor Performed Laser Surgery On Wrong Eye: Department Of Health