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Records broken: Home prices, inventory, and sales increase in Rhode Island

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Records broken: Home prices, inventory, and sales increase in Rhode Island


Home Buying

“Homeownership is out of reach for far too many Rhode Islanders.”

A lot of the hope for buyers hinges upon expected drops in the average rate for a 30-year fixed mortgage, but economists have warned not to expect significant decreases. Adobe Stock

There are more homes on the market in Rhode Island, but buyers are paying a significantly higher premium compared to last year, the state realtor association said in a report released Monday.

The median sales price for a single-family home in July was $495,000, a 12.5 percent increase over what buyers paid in July 2023 and a record, according to the Rhode Island Association of Realtors.

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In the condo market, the jump wasn’t as high, but home shoppers are still feeling it: The median sales price for a condo was $395,000, a 9.75 percent bump and a record.

And multifamily properties are still in demand as shoppers look for an investment or a way to help them pay the mortgage. The median sales price for a multifamily in the state was $550,000, a 10 percent jump.

Inventory on the rise

Inventory bumps in the condo, single-family, and multifamily markets — 14.73 percent, 16.19 percent, and 27.04 percent, respectively — are steps in a healthy direction, but “July’s 2.2-month supply of homes for sale pales in comparison to the 4.1-month nationwide supply reported by the National Association of Realtors in June,” the association said.

“We’re seeing inventory begin to creep up slightly and mortgage rates have fallen a bit lately, but we’re still not where we need to be,” Sally Hersey, association president, said in an Aug. 2 press release on the state’s quarterly results. 

“Homeownership is out of reach for far too many Rhode Islanders,” she said.

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A supply of at least five months is widely considered balanced.

“We are beginning to see an increase in the number of homes listed for sale,” Hersey said Monday. “And fortunately, anticipated rate cuts this fall should entice more homeowners who were previously unwilling to let go of their current low mortgage rates to consider making a move. While this is good news, more new development remains the key to repairing our housing crisis.”

Mortgage rates remain high

A lot of the hope for buyers hinges upon expected drops in the average rate for a 30-year fixed mortgage, but economists have warned not to expect significant decreases. The rate stood at 6.49 percent on Aug. 15. Five years ago, it averaged 3.6 percent, according to the Federal Reserve Bank of St. Louis.

“Fortunately, the Federal Reserve indicated in its July meeting that the first cut in its benchmark interest rate in more than two years could be on the table at its September meeting,” Hersey said in Monday’s release. “That would be a positive step for prospective home buyers as mortgage rates typically follow the trends set by the Federal Reserve.”

Despite climbing prices and mortgage rates in the 6s, buyers are still snapping up single-family properties:

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HOUSING TYPE TYPICAL DAYS
ON MARKET
% CHANGE
OVER JULY 2023
Condo 31 ⏫24%
Single-family 18 ⏬28%
Multifamily 21 ⏫16.67%
Source: Rhode Island Association of Realtors

The 18-day timeframe for single-family homes was “the shortest window on record since 1988 when record-keeping began,” the association reported.

In-migration

Out-of-state buyers are playing an outsized role in the price increases and ramped-up competition, but the pace is slowing, according to the association: “Last quarter, 23.4 percent of all residential sales were transacted with buyers from other states, compared to 26.7 percent in quarter two last year.  Unsurprisingly, Providence County attracted the most out-of-state buyers, given that most interstate sales came from neighboring Massachusetts. Newport County saw the second-highest sales involving those from other states.”

The median sales price in Providence County was $450,000 for a single-family home, an increase of 8.43 percent. Homes in Providence proper, for example, sold for a median sales price of $440,000, a jump of 13.26 percent.

In Newport County, the state’s priciest overall, the median sales price for a single-family home hit $695,000, a decrease of 0.36 percent based on a whopping 95.45 percent jump in sales. That’s 86 properties.

“The percentage of Ocean State homes sold for $1 million or more to out-of-state buyers also fell from 49.1% in the second quarter of 2023 to 42% this year,” the association reports.

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There were 20 single-family home sales in the city of Newport in July for a median sales price of $1,285,000, a decrease of a little more than 17 percent.





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Video: Massive great white shark feeds on dead whale off the coast of Rhode Island

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Video: Massive great white shark feeds on dead whale off the coast of Rhode Island


RHODE ISLAND – It’s not often you can get so close to such a dangerous beast like a great white shark, but that is exactly what one boater was able to do in Rhode Island.

A large 15-foot great white shark was spotted feasting on a dead whale in the ocean off the coast of Rhode Island.

STAY SHARK SMART: WHAT TO KNOW WHEN YOU HEAD INTO THE WATER

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Despite a reputation for inhabiting waters in Australia and South Africa, great white sharks can be found in temperate waters around the world, as their habitat preferences can change as they age, according to National Geographic.

Video footage shared by Ian Shilosky shows many birds hovering around the whale carcass, trying to get a nibble without getting too close to the 15-foot beast.

SEE IT: SPERM WHALE CAUGHT ON CAMERA IN RARE ENCOUNTER OFF SOUTHERN CALIFORNIA COAST

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The shark shows off its brutal strength, ripping large chunks from the whale with its 2 to 3-inch razor-sharp teeth, before diving underwater to consume its meal.

“White shark sightings are few and far between until a whale dies and then they seem to appear out of nowhere as this one did,” the Atlantic Shark Institute said on social media.

The great white shark grows slowly, with males maturing at around 26 years and females at around 33, according to NOAA.

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These creatures range in age from 30 to over 70 years old, and they can weigh up to 4,500 pounds.

DEEP-SEA DISCOVERY UNCOVERS ONE OF THE LARGEST KNOWN WHALE GRAVEYARDS ON THE FLOOR OF THE INDIAN OCEAN

Adult great whites usually swim along shorelines where there is a known food source, such as seals or sea lions.

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12-YEAR-OLD AMERICAN BOY ATTACKED BY SHARK WHILE VACATIONING IN THE BAHAMAS

As the largest predatory fish in the world, great white sharks tend to eat a variety of fish, rays, squid, seabirds, sea turtles, dolphins and more.





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Lego convention returns to Warwick

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Lego convention returns to Warwick


Rhode Island’s Lego Fan Convention Returned to the West Warwick Civic Center.

Professional Lego artists from around the country displayed their creations and connect with fans.

There are meet and greet opportunities with Lego celebrities too.

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Fans can also show off their own skills in the event’s Brick Pits.



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Taylor Swift and Travis Kelce’s 1st Choice for Wedding Was Rhode Island: Why They Pivoted to NYC

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Taylor Swift and Travis Kelce’s 1st Choice for Wedding Was Rhode Island: Why They Pivoted to NYC


Taylor Swift and Travis Kelce initially had their sights set on a marvelous coastal wedding, multiple sources exclusively tell Us Weekly.

“Taylor and Travis really wanted their wedding in Rhode Island, and June 13 was the date, but security wouldn’t have worked because it could get out of hand with that kind of scale of an event,” an insider says.

Though everything was initially being planned in Rhode Island — where Swift, 36, has a mansion in the lavish Watch Hill neighborhood of Westerly — the insider notes the pop star had booked multiple venues from coast to coast on different dates.

According to the source, “Ocean House [in Westerly] was planned at one point, and then plans changed to New York.”

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Taylor Swift’s Wedding Guests Don’t Know Ceremony Location — Yet

Taylor Swift and Travis Kelce are keeping wedding day details under wraps  — even from their invited guests. “Taylor and Travis told guests to be in NYC. No other location was provided,” a source exclusively tells Us Weekly, noting that invitees only know to be in the Big Apple on Thursday, July 2 and Friday, […]

The insider, meanwhile, tells Us that Swift’s security “had to assess all the venues to see what made sense.”

“Rhode Island wasn’t great because the nature of the access and the perimeters were too difficult to secure,” the source explains. “So the main issue with Rhode Island ended up being security.”

GettyImages-2277907006traviskelcetaylorswiftweddingvenueri.jpg

Taylor Swift and Travis Kelce
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“Everything was being planned in Rhode Island,” added a source. “And so many people wanted to come that plans had to change because it became bigger.”

Swift and Kelce, 36, are now rumored to be tying the knot at Madison Square Garden in New York City over the July 4 holiday weekend. While the exact location and date of the nuptials have not yet been confirmed, NYC Mayor Zohran Mamdani appeared to hint at the wedding taking place in the city during a June 15 press conference earlier this month.

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“I am fully confident in the work of the NYPD, as well as our state partners, in delivering that safe experience,” he told reporters. “We are the biggest city in the country. We are used to big events, and we are incredibly excited for the [World Cup]. We know it coincides with the Knicks’ [NBA] Finals run. We know it coincides with July 4, America 250, Taylor Swift’s wedding — all happening at the same time — and we are so excited to welcome the world here.”

Additionally, a permit was filed with NYC in June, the mayor’s spokesperson Dora Pekec confirmed to Us after The New York Times reported on a permit to close the streets surrounding MSG from July 2 to midday July 4 for an event on July 3.

City sources also confirmed to Us that the Street Activity Permit Office (SAPO), which issues the permits, is in touch with the NYPD regarding a possible influx of street and pedestrian traffic.

Though Swift and Kelce’s Rhode Island wedding plans fell through, the “I Knew It, I Knew You” singer’s Watch Hill mansion had an uptick in action last week when security was spotted swarming the area. A group of unidentified women were reportedly seen on the balcony wearing matching robes — three in black and one in white — sparking speculation about a bachelorette party.

A woman who appeared to be Swift’s childhood friend Abigail Anderson Berard was also seen on the property with her 2-year-old son.

Meanwhile, Travis celebrated what was perceived as his bachelor party in Los Angeles and San Diego. The Kansas City Chiefs tight end and his brother, Jason Kelce, as well as Travis’ teammate Patrick Mahomes and others, were spotted at a Chris Lake concert, a Dave Chappelle comedy show, a night out at the members-only Bird Street Club and more.

Swift and Kelce began dating in the summer of 2023 and got engaged in August 2025.

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