Who can afford a 520,000 home? RI's median house price just keeps rising.

Rhode Island's housing market reached a new median price of $520,000 in June, marking a 1. 4% increase from the previous month. The number of multifamily homes listed for sale saw a dramatic 62% rise compared to June 2024, driven by landlords exiting the market due to increased taxes and regulations. Multifamily prices have skyrocketed 115% over the last six years, with the current median at $599,000. Homes sold more quickly in June, averaging just 27 days on the market.

Even with a slight increase in listings, the current supply is a fraction of what it was before the pandemic. In June 2018, there were 3,190 single-family homes available, indicating a significant reduction in options for buyers. This scarcity continues to challenge first-time buyers and multi-generational families, who struggle to access affordable housing. Landlords' compliance issues with new lead regulations further complicate the market landscape.