If you’ve been waiting for the housing market to rebound or crash, two of the biggest names in real estate—Ryan Serhant and Barbara Corcoran—want you to know that neither is happening.

The market isn’t collapsing, but it is changing. And while home prices aren’t plummeting, affordability has become a major issue for buyers and renters alike.

So, what does this mean for buyers, sellers, and investors in Rhode Island? Let’s break down Serhant and Corcoran’s expert insights and how they apply to Warwick, Cranston, Providence, and beyond.

It’s Not a Housing Crisis—It’s an Affordability Crisis

Ryan Serhant, CEO of SERHANT., is clear on one thing: the issue today isn’t that the housing market is in crisis—it’s that housing affordability is at an all-time low.

“I don’t think there actually is necessarily a housing crisis the way you see and you read about it. I think there’s an affordability crisis.” — Ryan Serhant

What does this mean?

• Home prices aren’t dropping, but mortgage rates have made buying more expensive.

• Starter homes are becoming out of reach, with some cities seeing entry-level homes exceed $1 million.

• Renters are struggling, too—Serhant notes that more than half of U.S. renters spend over 30% of their income on rent, and in some cases, over 40% or 50%.

How Does This Compare to Rhode Island?

Providence was just named the least affordable rental market in the U.S., surpassing cities like Miami and New York. Renters in Rhode Island need to earn $85,800 annually to afford the median asking rent of $2,145—but the typical renter only makes $50,408.

With home prices still rising and mortgage rates remaining high, many Rhode Islanders are stuck renting longer than expected, further fueling the affordability crisis.

Why Sellers Aren’t Listing

So, if affordability is such a challenge, why aren’t home prices falling? Because sellers don’t have to sell.

Barbara Corcoran explains that even if mortgage rates drop slightly, it won’t trigger a flood of new listings because most homeowners have locked in ultra-low interest rates.

“No one wants to move and [there are] fewer houses to choose from at higher rates. So it's difficult for homebuyers.” — Barbara Corcoran

Think about it: If you locked in a 3% mortgage rate in 2020, would you rush to sell and take on a new loan at 7% or higher?

This is why inventory remains low, even as buyer demand fluctuates. And even when homes do hit the market, many sellers aren’t lowering prices.

"I don't think it's in the nature of sellers to be realistic, honestly. Their house is always worth more… I don't think prices will shake out at all. I think they'll hold out hoping interest rates will go down again." — Barbara Corcoran

What This Means for Buyers and Sellers in Rhode Island

For Buyers:

✅ More room to negotiate—but only on certain properties – Nationally, homes are sitting on the market longer, but in Rhode Island, inventory remains extremely tight. Well-priced homes in desirable areas like Warwick, Cranston, and East Greenwich are still selling quickly.

✅ Fewer homes to choose from – While some buyers in other markets can take their time, Rhode Island buyers still face a competitive market due to historically low inventory. That means acting fast on well-priced homes is essential.

✅ Affordability is still a challenge – Mortgage rates remain high, and home prices in Rhode Island continue to rise. Buyers need a strong financial plan and pre-approval to be competitive.

Pro Tip: If you’re planning to buy, you need a strategy. Work with a local expert who understands how to navigate low inventory and find homes before they hit the market. The Slocum Home Team has access to exclusive listings and can help you move quickly when the right home becomes available.

For Sellers:

✅ Homes aren’t selling overnight anymore – 54.5% of listings at the end of 2024 had been on the market for over 60 days (nationally).
✅ Buyers are pickier – If your home isn’t move-in ready or priced competitively, it may sit longer.
✅ Pricing smart is key – Overpricing can hurt your chances of attracting serious buyers.

Pro Tip: If you need to sell, working with a skilled real estate team ensures your home is marketed properly and priced to attract offers without sitting for months.

For Renters:

✅ Rental prices remain high – Providence has been named the least affordable rental market in the U.S.
✅ Homeownership could still be a better long-term play – Buying may feel expensive, but renting doesn’t build wealth.
✅ Start planning now – If you want to buy in the future, focus on saving for a down payment and improving your credit score.

Pro Tip: Rhode Island offers several first-time homebuyer assistance programs that can help renters transition into homeownership. The Slocum Home Team can connect you with the right resources to make your purchase possible.

The Bottom Line

The housing market isn’t stuck—it’s evolving.

• If you’re buying: Prices aren’t crashing, but you have more negotiating power than in previous years.

• If you’re selling: You can still get strong offers, but pricing and presentation matter more than ever.

• If you’re renting: High costs will continue, so now is the time to consider long-term financial planning for homeownership.

Real estate has always been about making the right moves at the right time. While some hesitate, those who understand long-term market fundamentals are already positioning themselves for what’s next.

At The Slocum Home Team, we help buyers, sellers, and renters navigate Rhode Island’s market with expert insight and local knowledge.

📞 Call Nick Slocum or one of The Slocum Home Team’s top agents today.