Over the past two decades, one surprising trend has quietly reshaped the U.S. real estate market: homeowners are moving less frequently. In fact, according to Redfin, the median U.S. homeowner tenure has nearly doubled—from 6.5 years in 2005 to 11.8 years in 2024.

But what does that mean for buyers, sellers, and especially the Rhode Island real estate market? Whether you're thinking of buying or selling in Warwick, East Greenwich, Cranston, Coventry, North Kingstown, or Providence—understanding homeowner behavior can give you a strategic edge.

What's Driving Longer Homeowner Tenure?

1. Locked-In Mortgage Rates

Since 2020, many homeowners refinanced into historically low mortgage rates—sometimes under 3%. With today’s rates hovering around 6–7%, there's little financial incentive for these owners to move. Selling could mean doubling their monthly payments for a similar home.

2. Aging in Place

Baby boomers—many of whom bought during the early 2000s—now make up a massive share of Rhode Island homeowners. Over 54% of boomers own their homes outright, often paying under $700 per month for taxes and insurance. With no mortgage, minimal monthly expenses, and aging-friendly renovations, it’s no wonder so many choose to stay put2025 Selling SHT workin….

3. Favorable Tax Policies

Some states, like California, discourage selling through property tax freezes (like Proposition 13). While Rhode Island doesn’t have identical laws, senior tax exemptions and homestead protections can reduce costs for long-term owners.

How This Impacts the Rhode Island Real Estate Market

🔍 1. Fewer Homes Hitting the Market

As tenure increases, housing turnover slows. That’s part of why Rhode Island’s total home sales dropped to their lowest point in two decades in 2023 and 2024. In Warwick and Cranston, buyers have fewer choices, especially in the under-$500K range.

🔍 2. Inventory Tightness = Seller Opportunity

With fewer listings, well-priced homes still generate intense buyer demand. The Slocum Home Team regularly sees multiple offers on move-in-ready homes in East Greenwich, North Kingstown, and even more affordable pockets like Coventry.

If you’re a seller, the low turnover means less competition—and potentially a faster sale at a higher price.

🔍 3. Buyers Need to Be Strategic

Longer tenure also means buyers must be patient and proactive. The most desirable homes—especially in Warwick Neck, Cowesett, and Edgewood—don’t last long. That’s why our buyer agents specialize in:

• Finding off-market properties

• Customizing listing alerts

• Crafting competitive offers with favorable terms

Are Rhode Islanders Staying Longer Too?

Yes—and the data shows that clearly:

• According to NAR, median tenure nationwide hit 10 years in 2024, up from 6 years in the early 2000s.

• In Rhode Island, that same pattern holds, with sellers in recent years typically owning their homes for 9–11 years before moving.

• Our internal Slocum Home Team data supports this. In 2024, over 65% of our listings came from homeowners who had been in their homes 9+ years.

What This Means for Your Real Estate Plans

🧭 If You’re a Seller:

• You’re in the driver’s seat. With fewer listings on the market and buyers motivated to act before rates rise again, your home has leverage.

• Pricing matters. Even in low-inventory environments, overpricing can still lead to stale listings. That’s why we use a comprehensive pricing strategy that includes up to 20 comps and a condition-based narrative to tell your home’s story.

• Your next home might be harder to find. If you’re buying and selling at the same time, consider bridge financing or rent-back options to ease the transition.

🧭 If You’re a Buyer:

• Act early. With fewer homes coming to market, you’ll want to be set up for success from the start.

• Work with a local expert. Our team specializes in targeting aging-in-place homes and navigating multiple offer scenarios.

• Think long-term. With people staying longer in their homes, consider buying a place you can grow into—not out of.

Final Thought: A Shift in the American Dream

For many Rhode Islanders, the idea of “buying a starter home and moving in 5 years” is no longer the norm. People are staying longer, aging in place, and choosing stability—and that’s reshaping the entire market.

Whether you're upgrading, downsizing, or buying your first home, working with a team that understands these shifts is critical. Nick Slocum or one of The Slocum Home Team’s top agents can help you navigate this changing landscape with confidence and clarity.

Want to Talk Strategy?

We’d love to help you buy or sell smarter in today’s Rhode Island real estate market. Schedule a no-obligation consultation with Nick Slocum or one of The Slocum Home Team’s top agents today.