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Rhode Island
Records broken: Home prices, inventory, and sales increase in Rhode Island
Home Buying
“Homeownership is out of reach for far too many Rhode Islanders.”
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.
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.
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:
| HOUSING TYPE | TYPICAL DAYS ON MARKET |
% CHANGE OVER JULY 2023 |
|---|---|---|
| Condo | 31 | ⏫24% |
| Single-family | 18 | ⏬28% |
| Multifamily | 21 | ⏫16.67% |
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.
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.
Why is the flag at half staff? These are possible reasons
The flag of the United States of America is flown at half-staff on several occasions, generally marking that the country is in mourning
On Friday, May 15, flags will be flown at half-staff across the United States to commemorate Peace Officers Memorial Day.
Recognized each year since 1962 as part of May’s National Police Week, the national observance pays tribute to United States law enforcement officials who gave their lives in the line of duty, whether at the local, state or federal level.
“United in gratitude, we recommit ourselves to supporting those who keep the peace in our neighborhoods, and we offer our heartfelt appreciation for the service they render to community and country,” reads a proclamation from President Trump. “Their steady presence brings calm to our streets, their dedication preserves the order that allows our Nation to flourish, and their unwavering vigilance is the reason families across America can rest under the promise of a safer tomorrow.”
In memory of those who made the ultimate sacrifice, the flag of the United States at all public buildings and grounds across the country and its territories – including in Rhode Island – will fly at half-staff from sunrise to sunset on Friday, May 15.
Why are flags flown at half-staff?
According to the official website of the U.S. General Services Administration, flags typically fly at half-staff when the country or specific state is in mourning. Observances include national tragedies, days of remembrance and deaths of government or military personnel.
The president, the state governor or the mayor of Washington, D.C., can order flags to fly at half-staff.
Half-staff vs. half-mast
While half-staff refers to lowered flags on land, half-mast refers to those at sea. Both refer to a flag being flown beneath the top of its staff as a sign of respect.
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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