Curious how the Rhode Island real estate market performed in the first quarter of 2025? Whether you're buying, selling, or simply watching the market, here's what you need to know.

Despite ongoing inventory challenges, the Q1 2025 data shows a resilient and appreciating Rhode Island housing market. Across single-family, condo, and multi-family sectors, prices continued to climb—even with slightly lower transaction volume. Areas like WarwickEast Greenwich, and Kent County are seeing steady activity and competitive offers.

This market update is brought to you by Nick Slocum and The Slocum Home Team, offering trusted local guidance for buyers and sellers across Rhode Island.

Single-Family Homes: Prices Up, Sales Down Slightly

Across the state, average single-family home prices rose 9.10% year-over-year, reaching $624,700. Median prices climbed to $465,000, a 5.68% increase. Yet sales volume dipped 2.46% compared to Q1 2024.

  • Price per square foot rose from $352 to $377

  • Days on market edged up slightly from 36 to 39 days

  • Sales-to-list price ratio held steady at 100%, indicating continued competitive offers

Key takeaway: While buyers may have slightly more negotiating time than last spring, well-priced homes are still selling quickly and close to asking.

Condo Market: Rising Prices and Stronger Demand

The condo market saw notable appreciation and increased buyer activity:

  • Average sale price: Up 13.44% to $462,791

  • Median sale price: Up 14.20% to $390,000

  • Total condo sales: Increased 12.65%

  • Days on market: Increased to 42 days, up from 38 in 2024

Key takeaway: Condos remain a strong option for first-time buyers, downsizers, and anyone priced out of the single-family market.

Multi-Family Market: Inventory Boost, Price Growth

Multi-family listings jumped nearly 21% year-over-year, giving buyers more options. Demand remains high:

  • Average price: Up 13.65% to $619,890

  • Median price: Up 12.65% to $570,000

  • Price per square foot: Up 13.09% to $216

Key takeaway: Multi-family homes remain attractive to investors and owner-occupants alike, especially given continued rental demand.

Spotlight: Warwick, RI

The Warwick single-family market continues to show strength:

  • New listings: Up 17.7% from Q1 2024

  • Average sale price: Up 8.5% to $460,986

  • Median sale price: Up 4.75% to $419,000

  • Average days on market: Dropped to 30 days

Key takeaway: Warwick remains one of the most active submarkets in Rhode Island, offering a wide range of housing options and strong overall value.

Kent County Snapshot

Covering towns like Warwick, West Warwick, Coventry, and East Greenwich:

  • Average sale price: Up 10.61% to $477,817

  • Median sale price: Up 7.59% to $425,000

  • Price per square foot: Rose to $337, up 10.49%

  • Average DOM: Down slightly to 33 days

Key takeaway: Kent County continues to be one of the most consistent markets in Rhode Island, combining accessibility, affordability, and solid returns.

What This Means for Buyers

  • Be prepared to act quickly—homes are still moving fast

  • Get pre-approved early to be competitive

  • Expect to pay near or at asking price on well-priced properties

What This Means for Sellers

  • Your home may be worth more than you think

  • Proper prep and pricing are key to selling fast

  • Professional marketing can set your home apart in a crowded online space

Slocum Home Team Insights

We're seeing:

  • Continued demand across all price points

  • Increased buyer activity from out-of-state relocators

  • More opportunities for off-market transactions—ask us about private listings

Whether you're buying your first home, moving up, downsizing, or investing, our team is here to help you navigate the market with confidence.

Let’s Talk About Your 2025 Game Plan

Every neighborhood. Every price point. Every detail that matters.

Contact Nick Slocum or one of The Slocum Home Team’s expert agents to schedule a strategy session. We'll help you understand your options and make informed decisions for the months ahead.

This analysis is based on personal research through our Statewide MLS system and is deemed reliable but not guaranteed.