Rhode Island Home Sellers Now Cutting Prices as Buyers Gain Leverage

The typical home in Rhode Island took 51 days to sell in early April, the slowest pace for this time of year since before the pandemic. This shift in the housing market has given buyers more leverage, with 34% of listings seeing price cuts—the highest share for this time of year in over a decade. Median home prices rose 2% annually to $393,000, but the growing share of price reductions signals a market where sellers are increasingly willing to negotiate. In Providence, sellers who cut prices did so by an average of 6.2%, or $44,090. Mortgage rates climbed into the mid-6% range, pushing typical monthly payments to about $2,750.