Rhode Island Home Sales Fell 11.74% in September. The Median Barely Moved.

The Rhode Island Association of Realtors released September numbers on October 19. The statewide single-family median sold price was $534,000, up 0.75% from September 2025. Sales fell 11.74%, and pending sales fell 14.75%. After 25 years brokering and appraising in this state, I think the sales and pending numbers matter more this month than the price.

Statewide: the numbers

Single-family. 729 closed sales, down 11.74% from 826 a year ago. Median sold price $534,000, up 0.75%. Average days on market 34, down 2.86%. Active listings 1,773, up 11.09%. Pending sales 740, down 14.75%. RIAR puts supply at 2.9 months, up from 2.8 in August and unchanged from a year ago. A balanced market is roughly twice that.

Condominiums. 158 sales, down 28.18%. Median $441,015, up 5.64%. Days on market 37, up 27.59%. Listings 534, up 28.06%. Pendings 191, down 18.38%. This is the segment slowing fastest.

Multifamily. 130 sales, down 13.91%. Median $600,000, up 1.69% from $590,000. Days on market 39. Listings 445, up 19.30%. Pendings 222, up 0.45%, the only category where contracts held steady year over year.

RIAR's president, Michael Pereira, tied the drop to rates: "Once rates moved past 7%, we immediately saw a double-digit drop in sales." He added that as inventory grows, "buyers will have more negotiating power and sellers may need to adjust their expectations." He also noted that Rhode Island remains a sellers' market for now.

A median is not appreciation

The median is the middle sale of whatever closed that month. It moves with the mix of homes that sold, not with the value of any one house. The State-Wide MLS prints that warning on its own town report.

September shows it in both directions. In the coastal, high-price towns, small samples produced wild swings:

• Jamestown: 8 sales, median $1,996,133, up 86.55%.
• Little Compton: 6 sales, median $1,387,500, up 41.22%.
• Barrington: 18 sales, median $1,109,472, up 23.27%.
• Narragansett: 20 sales, median $1,200,000, up 18.52%.

Now look next door, in the same month:

• Newport: 14 sales, median $1,486,000, down 27.16%.
• Middletown: 12 sales, median $763,500, down 33.61%.
• Portsmouth: 16 sales, median $520,000, down 22.29%.

Newport County as a whole shows a median of $821,500, down 22.68%, while Bristol County shows $831,000, up 11.50%. No house in Jamestown gained 86% in a year while a house across the bridge in Middletown lost a third of its value. Those numbers reflect which handful of homes happened to close. In August, Middletown was the town that looked like it was soaring. In September it looks like it collapsed. Neither one was true.

As an appraiser, I value a house from the closest, most similar, most recent sales, adjusted for the differences. A town median built on 6 to 20 sales is not one of those.

Where prices genuinely rose

Providence County is where most of my clients buy and sell. The county closed 317 single-family sales, down 13.39%, at a median of $465,000, exactly flat with last September. Days on market held at 29.

Within the county, the towns with real sample sizes:

• Cranston: 59 sales, median $500,000, up 4.71%, 25 days on market.
• Pawtucket: 34 sales, median $417,500, up 9.01%, 25 days on market.
• East Providence: 32 sales, median $439,950, up 3.52%, 25 days on market.

In Kent County, Warwick closed 99 sales, the same as last September, at a median of $490,000, up 11.36%. West Warwick rose 14.74% to $447,500 on 14 sales.

Not everything rose. Providence closed 45 sales at a median of $420,000, down 19.23%, and its days on market rose to 34. Johnston fell 5.01% to $465,000 and North Providence fell 4.24% to $440,000. Cumberland closed 23 sales, down 39.47%, at $541,000, down 13.96%. Woonsocket shows a 10.51% gain, but on 10 sales against 25 a year ago, which is too thin to read.

The honest read: in the middle of the state, prices are holding to slightly up in the towns with real volume. Fewer homes are selling, and the ones that sell are not selling for less.

The pending-sales signal for the next 60 days

Closed sales reflect contracts written in July and August. Pendings show what closes next. Single-family pendings were 740 in September, down 14.75% from 868 a year ago. That is the fourth straight month pendings have trailed last year, and the gap is widening: down 5.76% in July, 7.23% in August, 14.75% in September. Listings meanwhile are up 11.09%.

Expect October and November closings to come in well below last year, and expect buyers to keep gaining leverage. Condo pendings are down 18.38% with listings up 28.06%. Multifamily is the exception, with pendings flat.

Seller takeaways

• Price off your comps, not the headline. A 0.75% statewide change tells you nothing about your street. Your price comes from the closest sales to your house.
• Buyers have more choices. Single-family listings are up 11.09%, condo listings 28.06%, multifamily 19.30%.
• Rates are doing the work. RIAR linked the double-digit sales drop directly to rates moving past 7%. Price for the buyer who is paying that rate.
• Condo owners, price to sell now. Sales down 28.18%, pendings down 18.38%, days on market up 27.59%.
• Multifamily is the steadiest. Pendings held, but days on market are 39, so price to the rent roll.
• Your equity is still there. RIAR pointed out that Rhode Island owners have built substantial equity over the past six years. That equity travels to your next purchase.

What your home is actually worth

If you want a number built the way an appraiser builds one, from verified closed sales near you rather than a website estimate or a statewide median, reach out. Request a home value analysis or call my office at 401-288-3600.

Melissa Perrille, Broker/Owner, PRG Premier Group, Certified Real Estate Appraiser

Source: Rhode Island Association of Realtors / State-Wide MLS, September 2026 data, released October 19, 2026. Information deemed reliable but not guaranteed. Equal Housing Opportunity.