Top Large Teams in Rhode Island – Ranked by Volume

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    • Rank – State VolumeTeam NameCompanyLocationVolumeProfile
    2The Fitzpatrick TeamRE/MAX ResultsMiddletown, RI$85,639,564View Profile
    3The Stearns/McGee TeamRE/MAX PropertiesSmithfield, RI$84,061,290View Profile
    6The Alba GroupRE/MAX InnovationsProvidence, RI$64,277,692View Profile
    7Slocum Home TeamSLOCUMWarwick, RI$63,838,777View Profile

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    2023 Rhode Island Housing Market Summary

    Rhode Island started 2023 with a total of 697 single-family homes on the market, with a median home price of $484,900 and an average price per square foot of $356. By the end of the year, inventory had increased to 720 homes on the market (+3%), with a median home price of $529,900 (+9%) and an average price per square foot of $403 (+13%).

    At the start of 2023, the median days on market (DOM) was 56 days – by the end of the year, median DOM had remained the same at 56 days.

    Rhode Island started the year with 25% of homes taking a price cut (for reference, 35% is the national average for price reductions in a ‘normal’ year.) By the end of the year, about 23% of Rhode Island homes for sale had taken a price cut.

    Finally, Altos’ proprietary Market Action Index (MAI) shows that Rhode Island started 2023 as a strong seller’s market, with an MAI score of 52; by the end of the year, the MAI had dropped to 49 – a strong seller’s advantage.

    This market summary is powered by Altos Research – click here to run a free report for your area.

    Housing Market News

    AdobeStock_250556333

    Lower mortgage rates attracting more homebuyers 

    Sep 16, 2024By

    An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

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