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Rhode Island Real Estate market, May 2025: What you need to know – Emilio DiSpirito
By Emilio DiSpirito, License Partner | Private Office Advisor with Engel & Völkers
If you’re buying, selling, or investing in Rhode Island real estate right now, pay close attention. This is not the market we saw a year ago. It’s tighter, faster, and more competitive—but it’s also filled with opportunity for those who understand how to navigate it.
Here’s what’s really going on across the Ocean State as of May 2025.
Home Prices: Still Rising, but Watch the Curve
Across the board, we’re seeing home values continue to climb. The median sale price for a single-family home hit $504,600 in January, a nearly 10% year-over-year jump. Zillow has Rhode Island averaging around $475,000 right now, up 6.5%.
Condos are soaring too—median price: $403,000, up 24% from last year. Multi-families? They’re up to $550,000, a 15.8% gain. If you’re holding one, you’re in a strong position. If you’re looking to buy, speed and strategy are essential.
Inventory: Slight Uptick, But Still a Seller’s Market
Yes, inventory is ticking up. Listings for single-family homes have climbed 4.8% statewide. In Providence, we saw a 13% month-over-month increase. But before you celebrate as a buyer, understand this: we’re still operating in a 1.5-month supply market. That’s deep seller territory.
So while we may be moving in the right direction, demand is still outpacing supply—and will continue to unless construction or listing activity dramatically shifts.
Buyer Behavior: Competition Isn’t Cooling
Even with slightly longer days on market (we’re averaging 38 statewide), over 42% of homes are still selling above asking. Warwick is moving even faster, with homes flying off the market in 33 days on average—down nearly 27% from last year.
Buyers who hesitate are losing. Period. If you’re advising buyers, they need to be locked in, pre-approved, and prepared to make strong, clean offers.
Local Highlights: Momentum in Every Corner
- Warwick: Average price up 15.1% to $478,701.
- Kent County: 10.5% increase to $482,898.
- Providence: Inventory gains could hint at future opportunity—if you’re watching closely.
Translation? Every major area is performing, and there are no “cheap” pockets left. Strategy matters more than ever.
Where We’re Headed
Expect prices to keep climbing—but possibly at a slower pace by Q3 or Q4. More inventory may hit, but affordability is going to be the key pressure point. A recent national report gave Rhode Island a failing grade for affordability and new housing starts. That should tell you everything you need to know.
If you’re in development, this is your window. If you’re a buyer, focus on the long-term value. If you’re selling, now’s your moment—strike while the leverage is yours.
Final Take
Rhode Island’s market is tight, fast-moving, and full of demand. We’re still in a seller-driven cycle, and buyers need to come to the table prepared. Inventory is creeping up, but the competition hasn’t let up—and likely won’t until we see real change in construction or mortgage rates.
Want to win in this market? Don’t guess. Get real insight. Make informed moves. And partner with professionals who have their finger on the pulse—not just the stats.
For additional information www.dispiritoteam.com
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To read more articles in RINewsToday by Emilio, go to: https://rinewstoday.com/emilio-dispirito/
Emilio DiSpirito, Realtor and License Partner, Engel & Völkers East Greenwich and Engel & Völkers Barrington East Bay, 401-359-2338 – Emilio.dispirito@evrealestate.com – Instagram: @EVRhodeIsland – Website: EastGreenwich.EVRealEstate.com
Emilio DiSpirito
License Partner & Real Estate Advisor, Engel & Völkers East Greenwich & Engel & Völkers Barrington East Bay
Recognized as Rhode Island’s top real estate advisor specializing in luxury properties, multifamily units, and investment strategies.
Host of The Wealth Architect Podcast
Follow me on Instagram: @wealtharchitectpodcast
Contact: Emilio.DiSpirito@evrealestate.com | 401-359-2338