Rhode Island has been declining since its massive price hike in 2021. The average prices of the top luxury sales almost show a perfect bell curve around this high and saw an average of $7M and $8M in 2023 and 2024. Although the prices appear steady, the Days On Market (DOM) fluctuate like a sinus wave. While in 2023 properties sold in only 152 days on average, last year more than doubled to 354 days.
Prices stabilized at $7-8M after the 2021 peak, following the bell curve pattern
DOM fluctuates dramatically, more than doubling from 152 to 354 days
The gap between fast and slow-selling properties narrowed to just 2% in 2024
Steadying out
Most of the fluctuation in the Rhode Island top luxury market has calmed in the past years and sales versus list price dynamics follow suit. At 88% and 90% sales-to-list price, the Rhode Island market has a similar ‘buyer-seller’ dynamic as the rest of the New England region. The difference between the faster-selling segment (within 180 DOM) and slower selling has always been 10% in the list versus sale price. There is a clear trend that the longer a property is on the market, the lower the percentage of its list price it sells for. This variance narrowed in 2024, where the difference was only 2%.
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