Rhode Island Home Prices Continue to Climb as Inventory Remains Tight

Rhode Island home buyers are seeing more properties come onto the market, but the state’s persistent housing shortage continues to keep prices elevated.

The Rhode Island Association of Realtors reported that the median price of a single-family home reached $544,000 in August 2026, an increase of 6.7 percent from August 2025. At the same time, the number of completed single-family sales fell 3.4 percent.

Inventory has improved, but Rhode Island still had only a 2.8-month supply of single-family homes. By comparison, the national supply of single-family homes, condominiums and townhomes stood at 4.9 months.

Condominium prices also increased. The August median condominium price reached $407,455, while the median price for multifamily properties climbed to $607,500.

For buyers, the changing market may provide slightly more breathing room than during the intense bidding environment of recent years. The Association reports that multiple-offer situations above asking price have begun to moderate.

But the fundamental Rhode Island real-estate problem remains: demand continues to compete for a relatively limited number of available homes.

Until substantially more housing becomes available, affordability is likely to remain one of the biggest challenges facing Rhode Island home buyers.