Requirements for a Rhode Island Real Estate License

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FOR IMMEDIATE RELEASE Rhode Island Single-Family Home Market Heats Up in May 2025: Prices and Sales Continue to Climb

Rhode Island Single-Family Home Market Heats Up in May 2025: Prices and Sales Continue to Climb

Cranston, RI – June 19, 2025 — Rhode Island’s single-family housing market showed renewed strength in May 2025 home sales, with key indicators pointing to rising demand and growing confidence among both buyers and sellers. According to the latest data, the median sale price for single-family homes surged to $512,750, marking an 11.5% increase over May 2024.

A total of 702 single-family homes sold in May, representing a 9% increase year-over-year, while 1,075 homes went under contract, up 3.7% from the same period last year. The number of pending sales, often viewed as a forward-looking indicator, suggests that buyer interest remains high heading into the summer market.

Inventory also saw a modest improvement, with 2.3 months of supply available in May, up from 2.1 months in April. While still well below the 5–6 months typically considered a balanced market, the slight increase offers some hope for buyers frustrated by years of tight supply.

"The Rhode Island housing market is showing signs of healthy momentum," said Robert Scaralia, Director of Education at Real Estate Institute of Rhode Island. "Prices continue to rise, but increased inventory and steady gains in sales and pending's reflect a competitive yet active environment."

The combination of strong price appreciation, faster sales activity, and slightly improved inventory paints a picture of a resilient ri real estate housing market, buoyed by life changes, sustained demand, and a gradual easing of supply constraints.

With summer approaching, industry professionals are keeping a close eye on whether inventory will continue to improve and help meet buyer demand. For now, Rhode Island real estate single-family market remains one of the most dynamic sectors in the region.

Media Contact:
Real Estate Institute of Rhode Island
401-943-8500

[info@instituteRI.com
www.instituteRI.com

Rhode Island Real Estate Market Report December 2024

 

Real Estate Institute of Rhode Island Monthly Market Report

Ring in the New Year Right: Why Starting Early on Your 2025 Goals Matters

 The new year is often a time for reflection and setting fresh goals. While many wait until January 1st to make resolutions, starting early can significantly increase your chances of success. Here's why:

• Momentum is Key: Early planning allows you to build momentum gradually. You can break down large goals into smaller, more manageable steps, making them feel less daunting.
• Reduced Procrastination: Starting early minimizes the risk of procrastination that often plagues New Year's resolutions. You'll have a head start and be less likely to get sidetracked.
• Increased Motivation: Early wins, however small, can significantly boost your motivation. Seeing progress early on will encourage you to stay on track.
• Improved Planning: Early planning allows for more thorough consideration and adjustment. You can anticipate potential obstacles and develop effective strategies to overcome them.

Considering a Career in Real Estate?

If one of your goals for the new year is to increase your income and gain more freedom, a career in real estate might be the perfect fit.

• Freedom and Flexibility: Real estate offers a flexible schedule and the potential for significant income. You can set your own hours and build a career that aligns with your lifestyle.
• Income Potential: The earning potential in real estate is virtually limitless. Your income is directly tied to your effort and the number of deals you close.
• Personal Growth: A career in real estate can be incredibly rewarding. You'll develop valuable skills in negotiation, communication, and problem-solving.

Get Started Today!

Ready to take the first step towards a rewarding career in real estate? The Real Estate Institute of Rhode Island, a state-approved real estate school, offers comprehensive training programs to help you obtain your Rhode Island real estate license.

Visit their website today to learn more and start your journey to success in 2024!

www.realestateinstituteofrhodeisland.com

Become a Rhode Island Real Estate Agent: Your Path to Financial Freedom and Flexibility

Are you looking for a career that offers both financial reward and the freedom to work on your own terms? Becoming a Rhode Island real estate agent could be the perfect opportunity for you.

The Potential for High Income

One of the most attractive aspects of a real estate career is the potential for significant income. Top-performing agents can earn six-figure salaries, and even part-time agents can supplement their income with commissions from property sales. Your earnings will depend on various factors, including your experience, market conditions, and the number of deals you close.

The Freedom to Work Your Way

As a real estate agent, you'll have the flexibility to set your own schedule and work as much or as little as you want. You can work remotely, from home, or from a traditional office setting. This level of autonomy allows you to balance your work and personal life in a way that suits your lifestyle.

Getting Your Rhode Island Real Estate License

To become a licensed real estate agent in Rhode Island, you must complete a pre-licensing course and pass the state licensing exam. The Real Estate Institute of Rhode Island (REIR) is a reputable institution that offers comprehensive pre-licensing courses to prepare you for the exam.

Key Steps to Becoming a Rhode Island Real Estate Agent:

1. Enroll in a Pre-Licensing Course: Sign up for a pre-licensing course offered by REIR 
2. Study and Prepare: Dedicate time to study the course materials and practice for the licensing exam.
3. Pass the State Licensing Exam: Successfully complete the Rhode Island real estate licensing exam.
4. Apply for Your Real Estate License: Submit your application to the Rhode Island Department of Business Regulation.
5. Find a Sponsoring Broker: Partner with a licensed real estate broker to gain practical experience and support.

The Path to Success in Rhode Island Real Estate

While the potential for high income and flexibility is significant, becoming a successful real estate agent requires hard work, dedication, and a strong work ethic. Building a solid network of clients, staying up-to-date on market trends, and providing excellent customer service are essential for long-term success.

If you're ready to embark on a rewarding career with the freedom and flexibility you desire, consider becoming a Rhode Island real estate agent. With the right training and dedication, you can achieve your financial goals and live life on your own terms.

Real Estate Institute of Rhode Island - State License #REE000105

401-943-8500  www.InstituteRI.com

Rhode Island real estate market report September 2024

September 2024 Rhode Island real estate market report. 

Monthly market reports compliments of:

Real Estate Institute of Rhode island

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Rhode Island real estate licensing classes

Rhode Island real estate market report August 2024

Warwick, R.I. – September 20, 2024 – The median price of single-family homes sold last month in Rhode Island rose 9% year-over-year to $490,563 according to a report released today by the Rhode Island Association of Realtors. Sales activity also increased from August 2023, rising 10.7%.

The months’ supply of homes on the market at August’s rate of sales grew slightly to 2.3 months. While still far below the five- to six-month supply of a balanced market, Rhode Island’s supply of single-family homes for sale increased from the 1.8-month supply of August 2023.

At $549,000, the median price of multifamily homes saw an annual increase of 15.6%. Though sales saw a 3.1% gain since August 2023, the rate of increase in sales activity in the multifamily home market has slowed considerably in recent months.

“R.I. saw slight improvement in housing supply in August, but a significant housing shortage remains. The recent reduction of 50 basis points in the funds rate by the Federal Reserve will give builders access to more affordable credit terms and the housing legislation passed this year should eliminate some of the roadblocks that hindered development. Building more homes is the most significant factor in getting our housing market back in balance,” said Sally Hersey, president of the Rhode Island Association of Realtors.

In stark contrast to the trends of the single-family and multifamily home sectors, the median price of condominium sales in August fell 14.2% to $330,000 and closed sales slowed by 7.8% from the prior August. Those trends have wavered each month however. Just one month prior, both the median price and closing activity of condominiums were up significantly from the previous year.

“Overall, we have encouraging signs to look forward to next year. Some homeowners who are reluctant to give up their current low mortgage rates may be more willing to sell as rates come down and buyers should see better affordability, at least in terms of financing. Inadequate supply will remain the critical factor in home prices though. It will take some time, but we are hopeful that we now have some of the pieces of the puzzle to work through that,” said Hersey.

According to the Real Estate Institute of Rhode Island the interest rate cuts just announced this should help ease some of the challenges home buyers and sellers have faced in buying and selling over the last year.  

Contact: Real Estate Institute of Rhode Island. 

401-943-8500

www.instituteRI.com  

A day in the life of a Rhode Island real estate agent

 

Thinking about a career in real estate? This short video captures a day in the life of a Rhode Island real estate agent. Of the top things real estate agents like about the profession is the freedom and flexibility to work the hours they choose and of course the high earning potential that a career in real estate can offer. 

To get started on earning your potential visit the Real Estate Institute of Rhode Island www.InstituteRI.com

Rhode Island Real Estate Market Report - June 2024

 Rhode Island Real Estate Market Report - June 2024

May 2024 Real Estate Market Report for Rhode Island Single Family Homes

The Rhode Island real estate market for single-family homes has demonstrated notable activity in May 2024. According to the Real Estate Institute of Rhode Island the key indicators such as median price, months of inventory, number of sales, and pending sales reflect a dynamic market environment. Below is an in-depth analysis of these metrics.

Key Market Statistics

Median Price: $460,000

Months of Inventory: 2

Number of Sales: 644

Pending Sales: 1037

Market Analysis

Median Price

The median price for single-family homes in Rhode Island stands at $460,000 for May 2024. This represents a stable yet competitive market, indicating robust demand balanced with adequate supply. The median price is a critical indicator, reflecting the midpoint of all home prices, where half of the homes sold for more and half sold for less.

Months of Inventory

With only 2 months of inventory available, Rhode Island is experiencing a seller’s market. This metric, which measures how long it would take to sell all the current listings at the current sales pace if no new listings were added, underscores the high demand and relatively low supply. Typically, a balanced market has 5-6 months of inventory. The current figure suggests that buyers must act quickly and decisively.

Number of Sales

A total of 644 single-family homes were sold in May 2024. This sales volume reflects a healthy transaction pace and robust market activity. Comparing this figure to historical data can provide insights into market trends and fluctuations, but the current number indicates strong buyer interest and successful closings.

Pending Sales

Pending sales for May 2024 reached 1037. This high number of pending transactions suggests sustained momentum in the market, with a significant number of homes under contract and poised to close in the coming months. Pending sales are a leading indicator of future closed sales and provide a glimpse into the market's near-term trajectory.

Market Dynamics

The current market dynamics favor sellers, driven by high demand and limited supply. The combination of a relatively high median price and low inventory levels indicates that buyers are willing to pay a premium for available homes, leading to a competitive buying environment.

Buyer and Seller Considerations

For Buyers: The tight inventory and competitive pricing mean that buyers need to be prepared to act quickly. Pre-approval for financing, readiness to make competitive offers, and flexibility in negotiations will be crucial.

For Sellers: This market presents an opportune time to list properties, as the high demand can lead to favorable terms and potentially multiple offers. Sellers should ensure their homes are market-ready to capitalize on buyer interest.

Conclusion

May 2024 has proven to be a dynamic month for the Rhode Island single-family home market. The combination of a high median price, limited inventory, and strong sales activity points to a thriving market with continued demand. Both buyers and sellers must navigate this competitive landscape with strategic planning and informed decision-making.

For further insights and detailed market trends, please refer to our comprehensive market analysis report or contact a local real estate expert.

This market report aims to provide a professional overview and insightful analysis of the current state of the Rhode Island single-family home market. If you have any specific questions or need additional information, Contact:

Real Estate Institute of Rhode Island

ATTN: Research Department