The Rhode Island Real Estate Market: 2024 Trends

I want to... 🏠 Sell my home | 🗝️ Buy a home | 🗺️ Find a new place to live in Rhode Island

💡 Key Rhode Island housing market facts

Data PointValueRankCompared to National Avg
Typical Home Value $457,952[1]#12 of 50 states24.9% higher
Median Listing Price $489,000[2]#16 of 50 states11.8% higher
Median Sale Price $464,500[3]#15 of 50 states13.8% higher
30 Year Mortgage Rate 7.03%[4]#34 of 50 states0.8% higher
Median Days on Market 37[5]#4 of 50 states25.9% shorter
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🗺️ Buying a house in the Rhode Island real estate market

Rhode Island has an affordability score of 6.6, meaning it takes 6.6 years of the median household income ($70,305) to afford Rhode Island's median home sale price ($464,500). Because of this, we rank Rhode Island as the 20th least affordable state for buyers based strictly on prices compared to income.

Data PointValueRankCompared to National Avg
Median Sale Price $464,500[6]#15 of 50 states13.8% higher
30 Year Mortgage Rate 7.03%[7]#34 of 50 states0.8% higher
Median Household Income $70,305[8]#15 of 50 states9% higher
Affordability Ratio 6.6#31 of 50 states5.8% higher
Buyers Agent Commission 2.50%[9]#11 of 50 states6.5% lower
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Resources for Rhode Island home buyers

🗺️ Selling a house in the Rhode Island real estate market

According to our detailed survey of Rhode Island real estate agents, listing agents (those representing the seller) charge an average commission in Rhode Island of 3%, which is the 14th highest in the United States. Buyers' agents charge an average commission of 2.5%, which is the 11th lowest in the United States.

Data PointValueRankCompared to National Avg
Median Listing Price $489,000[10]#16 of 50 states11.8% higher
Median Sale Price $464,500[11]#15 of 50 states13.8% higher
Median Days on Market 37[12]#4 of 50 states25.9% shorter
Buyer's Agent Commission 2.50%[13]#11 of 50 states6.5% lower
Listing Agent Commission 3.00%[14]#37 of 50 states5% higher
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Resources for Rhode Island home sellers

Moving to Rhode Island

According to our recent moving trends survey[15], 5% of Americans indicated that they would choose to move to Rhode Island if money were no object. Likewise, 6% of survey respondents indicated that they would move to Providence among a choice of America's largest cities.

Here's how Rhode Island cities rank in a number of our research studies.

StudyBest Rhode Island cityRank
Best Pizza Cities[16]Providence32nd best
Best Coffee Cities[17]Providence6th best
Best LGBTQ Cities[18]Providence21st best
Best Bike Cities[19]Providence10th best
Best Commuter Cities[20]Providence26th best
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Article Sources

[1] Zillow – "Zillow Home Value Index". Updated April 30, 2024.
[2] Realtor.com – "Realtor.com Data Library". Updated March 2024.
[3] Redfin – "Redfin Data Center". Updated March 2024.
[4] Bankrate – "Bankrate". Updated May 2024.
[5] Realtor.com – "Realtor.com Data Library". Updated March 2024.
[6] Redfin – "Redfin Data Center". Updated March 2024.
[7] Bankrate – "Bankrate". Updated May 2024.
[8] US Census – "US Census, 2020 American Community Survey". Updated 2020.
[9] Clever Real Estate – "Clever Real Estate survey of American real estate agents". Updated May 2024.
[10] Realtor.com – "Realtor.com Data Library". Updated March 2024.
[11] Redfin – "Redfin Data Center". Updated March 2024.
[12] Realtor.com – "Realtor.com Data Library". Updated March 2024.
[13] Clever Real Estate – "Clever Real Estate survey of American real estate agents". Updated May 2024.
[14] Clever Real Estate – "Clever Real Estate survey of American real estate agents". Updated May 2024.
[15] Home Bay – "Half of Americans Are Surprised by How Much It Costs to Move". Updated February 26, 2024.
[16] Clever Real Estate – "The 15+ Best Pizza Cities in America". Updated February 12, 2024.
[17] Clever Real Estate – "The Best (and Worst) Coffee Cities in America". Updated January 12, 2024.
[19] Clever Real Estate – "The Most Bike-Friendly Cities in the U.S.". Updated July 17, 2023.
[20] Clever Real Estate – "The Best (and Worst) Cities for Commuters". Updated September 21, 2023.

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