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Rhode Island
First-time home buyers struggle as cash dominates R.I. market
Real Estate
“We’re seeing homeowners who are tapping into their equity and 401K and competing for properties with first-time home buyers without those luxuries.”
The median sales price for a single-family home in Rhode Island hit $485,000 in October, a 11.5 percent year-over-year jump, the state realtors association reported on Nov. 21.
Rhode Island saw more sales (up 5 .4 percent) and more homes to choose from (inventory was up 4.9 percent), but first-time home buyers are having to do battle with shoppers armed with cash or equity.
“We’re seeing homeowners who are tapping into their equity and 401K and competing for properties with first-time home buyers without those luxuries. Many are cash buyers who are downsizing or buying a second home,” Chris Whitten, 2025 president of the Rhode Island Association of Realtors, said in a news release. “It’s tough for younger buyers to compete with that. Down-payment assistance programs help slightly, but lack of inventory, higher prices, and interest rates are still the biggest pain points preventing our younger generations from starting to build equity through homeownership.”
On Nov. 21, the average rate on a 30-year fixed mortgage hit its highest level since July, 6.84 percent, sapping the buyer power of prospective shoppers.
But the condo market offers buyers hope. The median sales price of $355,000 in October reflects a $25,000 drop in costs compared to October 2023. This led to a 15.1 percent hike in sales, the association reported.
There are more condos on the market as well, which helps to temper competition. The state saw a 37.3 percent increase in inventory, but it’s not enough to meet demand.
“At the current rate of sales, all the condominiums available for sale in Rhode Island would be sold in just over two months if no new listings went on the market,” Whitten said. “The condo market is attractive to first-time buyers due to its lower price point, but more development is the key to help get younger generations into homeownership.
“The net worth of a homeowner is $415,000 compared to $10,000 for a renter,” he added. “In the coming legislative session, RI Realtors will be focused on working closely with legislators who are willing to help remove barriers to building and enable the creation of more homes here in the Ocean State.”
The supply of single-family listings rose as well, by 4.9 percent for a 2.1-month supply. Most economists agree that a healthy market has at least a five-month supply.
Buyers may also turn to multifamily homes to pay their mortgage. Closed sales in that market were up 17.2 percent last month, with a 16.06 percent increase in the median price to $560,000, the association reported.
The typical multifamily home spent 26 days on the market before selling, while condos took 33 days and single-family homes were snapped up after 31.
Single-family properties in Kent County — home to Coventry, East Greenwich, West Greenwich, Warwick, and West Warwick — saw the biggest increase in prices, nearly 17 percent. Prices dropped in Providence County, home to the capital city, fell 6.03 percent.
(WJAR) — Rhode Island Attorney General Peter Neronha endorsed Democrat Helena Foulkes in her bid for Rhode Island Governor on Thursday.
Neronha spoke at a campaign event with Foulkes.
The term-limited Attorney General says he hadn’t been comfortable endorsing people because of his position.
Neronha said he had gotten to know Foulkes after she reached out to him about health care, an issue Neronha has been vocal about.
“I found Helena to be a great listener, a great thought partner, a person of integrity and character, and that is foremost why I’m endorsing her today,” he said.
“What Rhode Island needs today and into the future is strong capable leadership,” he said. “This is not a state that can afford to keep muddling around in the four, eight, ten, fifteen years.”
He said Foulkes could offer bold leadership.
Neronha has publicly admitted to having a strained relationship with Gov. Dan McKee.
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This story will be updated.
The Rhode Island Lottery offers multiple draw games for those aiming to win big.
Here’s a look at March 4, 2026, results for each game:
Winning Powerball numbers from March 4 drawing
07-14-42-47-56, Powerball: 06, Power Play: 4
Check Powerball payouts and previous drawings here.
Winning Numbers numbers from March 4 drawing
Midday: 2-7-4-4
Evening: 7-6-0-2
Check Numbers payouts and previous drawings here.
Winning Wild Money numbers from March 4 drawing
08-11-12-18-24, Extra: 15
Check Wild Money payouts and previous drawings here.
Winning Millionaire for Life numbers from March 4 drawing
12-13-36-39-58, Bonus: 03
Check Millionaire for Life payouts and previous drawings here.
Feeling lucky? Explore the latest lottery news & results
Are you a winner? Here’s how to claim your prize
- Prizes less than $600 can be claimed at any Rhode Island Lottery Retailer. Prizes of $600 and above must be claimed at Lottery Headquarters, 1425 Pontiac Ave., Cranston, Rhode Island 02920.
- Mega Millions and Powerball jackpot winners can decide on cash or annuity payment within 60 days after becoming entitled to the prize. The annuitized prize shall be paid in 30 graduated annual installments.
- Winners of the Millionaire for Life top prize of $1,000,000 a year for life and second prize of $100,000 a year for life can decide to collect the prize for a minimum of 20 years or take a lump sum cash payment.
When are the Rhode Island Lottery drawings held?
- Powerball: 10:59 p.m. ET on Monday, Wednesday, and Saturday.
- Mega Millions: 11:00 p.m. ET on Tuesday and Friday.
- Lucky for Life: 10:30 p.m. ET daily.
- Millionaire for Life: 11:15 p.m. ET daily.
- Numbers (Midday): 1:30 p.m. ET daily.
- Numbers (Evening): 7:29 p.m. ET daily.
- Wild Money: 7:29 p.m. ET on Tuesday, Thursday and Saturday.
This results page was generated automatically using information from TinBu and a template written and reviewed by a Rhode Island editor. You can send feedback using this form.
When it comes to expressing ourselves, Rhode Islanders have elevated license plates to an art form. You might not be able to get a new vanity plate — the state suspended applications in 2021 after a judge ruled a Tesla owner could keep his FKGAS plates — but you can still express your Rhody pride with one of seventeen state-approved charity plates. The program has funded ocean research, thrown parades, saved crumbling lighthouses and even provided meals for residents. About half of the $43.50 surcharge goes to the associated charity, while the other half covers the production cost.
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License plate images courtesy of the Rhode island division of motor vehicles.
Atlantic Shark Institute
Year first approved: 2022
Plates currently on road: 7,007
Total raised: $269,530
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License plate images courtesy of the Rhode island division of motor vehicles.
Friends of Plum Beach Lighthouse
Year first approved: 2009
Plates currently on road: 5,024
Total raised: $336,890
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License plate images courtesy of the Rhode island division of motor vehicles.
Wildlife Rehabilitators Association of Rhode Island
Year first approved: 2013
Plates currently on road: 2,102
Funds raised: $32,080
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License plate images courtesy of the Rhode island division of motor vehicles.
Rocky Point Foundation
Year first approved: 2016
Plates currently on road: 1,616
Funds raised: $50,450
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License plate images courtesy of the Rhode island division of motor vehicles.
Rhode Island Community Food Bank
Year first approved: 2002
Plates currently on road: 765
Funds raised since 2021: $11,060*
*Prior to 2021, customers ordered plates directly through the food bank, and total revenue numbers are not available.
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License plate images courtesy of the Rhode island division of motor vehicles.
New England Patriots Charitable Foundation
Year first approved: 2009
Plates currently on road: 1,472
Funds raised: $136,740
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License plate images courtesy of the Rhode island division of motor vehicles.
Audubon Society of Rhode Island and Save the Bay
Year first approved: 2006
Plates currently on road: 1,132
Funds raised: $61,380 for each organization (proceeds split evenly)
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License plate images courtesy of the Rhode island division of motor vehicles.
Boston Bruins Foundation
Year first approved: 2014
Plates currently on road: 1,125
Funds raised: $36,880
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License plate images courtesy of the Rhode island division of motor vehicles.
Beavertail Lighthouse Museum Association
Year first approved: 2023
Plates currently on road: 1,105
Funds raised: $37,610
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License plate images courtesy of the Rhode island division of motor vehicles.
Bristol Fourth of July Committee
Year first approved: 2011
Plates currently on road: 1,104
Funds raised: $17,640
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License plate images courtesy of the Rhode island division of motor vehicles.
Red Sox Foundation
Year first approved: 2011
Plates currently on road: 860
Funds raised: $88,620
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License plate images courtesy of the Rhode island division of motor vehicles.
Gloria Gemma Breast Cancer Resource Foundation
Year first approved: 2012
Plates currently on road: 1,510
Funds raised: $33,360
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License plate images courtesy of the Rhode island division of motor vehicles.
Providence College Angel Fund
Year first approved: 2016
Plates currently on road: 693
Funds raised: $23,220
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License plate images courtesy of the Rhode island division of motor vehicles.
Rose Island Lighthouse and Fort Hamilton Trust
Year first approved: 2022
Plates currently on road: 383
Funds raised: $10,640
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License plate images courtesy of the Rhode island division of motor vehicles.
Friends of Pomham Rocks Lighthouse
Year first approved: 2022
Plates currently on road: 257
Funds raised: $7,580
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License plate images courtesy of the Rhode island division of motor vehicles.
Day of Portugal and Portuguese Heritage in RI Inc.
Year first APPROVED: 2018
Plates currently on road: 132
Funds raised: $3,190
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