Q1 2025 Rhode Island Real Estate Market Update
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 Warwick, East 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.
