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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.
RI’s Verdi Productions films ‘Bad News On The Doorstep’ in Providence
Verdi Productions wrapped filming of Tom DeNucci’s “Bad News On The Doorstep” early on May 23 in Providence.
Verdi Productions’ secret horror movie, “My Boyfriend is a Demon,” now filming in Rhode Island, is no longer a secret as Chad A. Verdi, the East Greenwich production company’s president, has announced the cast and given an outline of the movie’s plot.
The ensemble cast comprises veteran actors and rising young talents. The story follows Mary, a lonely, small-town girl who creates a fake Instagram account that pretends to be boyfriend, a guy too perfect to be real. Mary puts so much effort into making him “real” that he shows up at her door one day.
The cast includes:
- Mattias Ferrell, son of comic actor Will Ferrell and known for “A Very Jonas Christmas Movie” and “Anchorman 2: The Legend Continues.”
- Coco Arquette, daughter of Courteney Cox and David Arquette and known for “Cougar Town.”
- David Arquette, known for his work in the “Scream” film franchise.
- Rosanna Arquette, David’s sister and Coco’s aunt, known for “The Moment.”
- Bailey Sloan, known for “Ragamuffin.”
- Jack Champion, known for “Avatar.”
- Ever Anderson, known for “Peter Pan & Wendy.”
- Vinnie Hacker, known for “Euphoria.”
- Josephine Reitman, known for “Juno.”
- Savannah Lee Smith, kown for “Tunsel Town.”
- Lisa Yamada, known for “Elle.”
- Ty Law, known for “Friday Night Lights.”
“My Boyfriend is a Demon” is written and directed by first-time director mishka.
“My Boyfriend is a Demon” is filming in Providence
The movie began filming in Rhode Island in April and has rented Providence’s Cranston Street Armory for the month of May to use as a studio.
The producing team for Verdi Productions includes Chad A. Verdi, Chad Verdi Jr., Paul Luba, Michelle Verdi and Sera Verdi. Executive producers include Ketchup Entertainment and Kinolime.
Good morning! Happy Thursday! Today will be pretty unsettled with the chance for showers and t’storms. Friday will still be damp with showers and drizzle, but the weekend still looks amazing!
The one good thing with the rain, for allergy sufferers at least, the pollen levels will be lower. In fact, both today and tomorrow, the tree pollen counts will be low locally. Do expect a spike in the pollen count for Saturday and Sunday with the dry weather.
INTERACTIVE RADAR: Live Pinpoint Weather 12 Radar »
“https://www.wpri.com/weather-now/weather-now-for-thu-5-14-26/” FLIGHT TRACKER
“https://www.wpri.com/weather-now/weather-now-for-thu-5-14-26/” POWER OUTAGES
TODAY
Hour-by-hour forecast for today…
Hour by Hour // A close look at the upcoming conditions »
We’ll have some showers around during the morning commute today, but the greatest chance for showers and t’storms will be after 9AM and before 5PM.
Showers and thunderstorms could slow travel around mid-day. Rain could fall heavily at times.
A line of showers and t’storms will be sweeping across the area through the afternoon as a slow-moving weather systems moves through the region.
Highs today will be in the upper 50s to lower 60s with southeast to east winds of 5-15mph.
“https://www.wpri.com/weather-now/weather-now-for-thu-5-14-26/” BEACH AND BOATING FORECASTS
TONIGHT
Showers are still possible this evening; although they won’t be as numerous.
TOMORROW
That low center will be nearby Friday morning, and we’ll be stuck with a damp, cool windflow. Expect drizzle and showers in the morning and possibly some lingering showers in the afternoon.
Highs Friday will only be in the 50s. The average high this time of year is in the upper 60s.
LOOKING AHEAD
Then…there’s the weekend. Saturday looks amazing with lots of sunshine and dry weather. It’ll be warmer, too, with highs in the 70s.
-Meteorologist T.J. Del Santo
T.J. Del Santo (tdelsanto@wpri.com) is the weekday morning and noon meteorologist for 12 News. Connect with him on Facebook and Twitter and Instagram and Threads and BlueSky.
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The Rhode Island Department of Health issued an overdose spike alert for Johnston and North Providence.
Health officials said over the past week, five Johnston and North Providence residents received medical care for a drug overdose.
According to RIDOH, these municipalities have historically lower overdose rates than the statewide average.
BE THE FIRST TO COMMENT
Residents can visit Prevent Overdose RI connect with community harm reduction organizations and find treatment.
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