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Rhode Island

First-time home buyers struggle as cash dominates R.I. market

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First-time home buyers struggle as cash dominates R.I. market


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“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 of a single-family home in Providence was $450,000 in October, a 16.67 percent year-over-year increase. Adobe Stock

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.

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“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.

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“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.

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Eileen Woods

Editor, real estate


Eileen McEleney Woods is the real estate editor for Boston.com and editor of the Boston Globe’s Sunday real estate section (Address). 






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Rhode Island

Rhode Island shifts its primary to Wednesday, Sept. 9, easing a Labor Day poll setup crunch

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Rhode Island shifts its primary to Wednesday, Sept. 9, easing a Labor Day poll setup crunch


PROVIDENCE, R.I. – Rhode Island’s primary elections will now be held on Wednesday, Sept. 9, moving it back from the typical Tuesday election day because it fell too close to Labor Day.

Gov. Dan McKee, a Democrat, signed off on the change earlier this week. The primary election had been scheduled for Sept. 8, which is the day after the holiday weekend.

State and local officials had requested the change after raising concerns about having enough time to set up polls for voters. However, under the legislation enacted, the filing deadlines will remain the same.

“We have to set up over 400 polling places around the state on the day before the election,” Nick Lima, the registrar and director of elections for the city of Cranston, told lawmakers at a hearing in January. “That’s very difficult to do on a holiday because many of our polls are schools, social halls and churches.”

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It’s not unusual for states to change their election day. Lawmakers in neighboring Massachusetts changed the state’s 2026 primary election day from Sept. 15 to Sept. 1, arguing that doing so will help improve voter turnout.

Only four states hold their primary elections in September: Rhode Island, Massachusetts, New Hampshire and Delaware, which has the latest primary date in the U.S., taking place this year on Sept. 15.

Legislation seeking to move up Delaware’s primary election by several months has been introduced in the statehouse, but previous attempts to do so have stalled.

Copyright 2026 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.



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RI State Police investigating Cumberland crash

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RI State Police investigating Cumberland crash


CUMBERLAND, R.I. (WPRI) — Rhode Island State Police are investigating a crash that happened on I-295 North in Cumberland Tuesday night.

The crash happened in the right lane near Exit 22 just before 9 p.m.

It’s unclear exactly what caused the crash or if anyone was injured.

12 News has reached out to Rhode Island State Police for more information but has not heard back.

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RI just moved its primary elections for 2026. Here’s why, and when.

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RI just moved its primary elections for 2026. Here’s why, and when.


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  • Rhode Island’s 2026 primary election day has been moved to Wednesday, September 9.
  • The change was made to avoid logistical issues with setting up polls on Labor Day.
  • Races on the ballot will include governor, lieutenant governor, and attorney general.

Rhode Island’s Democrat and Republican primary elections will officially be held on Wednesday, Sept. 9 this year, instead of the usual Tuesday election day.

Lawmakers passed the bill at the urging of state and local officials, who were concerned that an election day falling the day after Labor Day would not give them enough time to set up polls for the arrival of voters.

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Gov. Dan McKee signed the bill on April 20, officially moving the primary day for 2026.

Which races will be on the ballot? The Republican and Democrat nominees for a swath of local offices – most notably governor but also lieutenant governor and attorney general.

Why was RI’s primary day moved?

At a hearing on the bill earlier this year, Randy Rossi, executive director of the Rhode Island League of Cities and Towns explained the “significant logistical and financial challenges” municipalities otherwise would have faced having an election the day after Labor Day.

“Beyond cost, municipalities face serious logistical challenges accessing and setting up more than 430 polling locations on a major federal holiday, a process that often requires many hours and access to facilities that are typically closed and unstaffed on Labor Day,” he said.

“Compounding these challenges, many municipalities conduct early voting in city or town halls that must also serve as primary day polling locations,” Rossi noted.

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Without changes to current law, he said, “municipalities would be required to conduct early voting and primary day polling simultaneously, often in the same limited space and with the same poll workers, requiring additional staffing and facilities.”

By the time this legislative hearing took place in January, other states facing similar issues, including Massachusetts, had already adjusted their primary dates, “and Rhode Island itself has demonstrated that alternative scheduling can be successful, as occurred during the statewide Wednesday primary in 2018,” Rossi said.



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