“Half Our Buyers Are From Out of State,” Says Rhode Island Realtor

“Half Our Buyers Are From Out of State,” Says Rhode Island Realtor

Rhode Island continues to be one of the hottest real estate markets in the country.

Prices are up, inventory is down, and one of the top realtors in South County says that the market in that region is being driven by out-of-state buyers.

Johnny Sheil of Mott & Chace Sotheby’s International said in an interview on GoLocalLIVE. “Right now, we have 16 deals pending and I would say it is 50% [out-of-state buyers.]”

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"I would say [that] other 50% — the out-of-staters — many of them are just trying to find a second home, maybe an investment property of some sort, just to kind of park some money in,” added Sheil.

Sheil’s practice is primarily in the South County area of Rhode Island.

His numbers don’t differ much from what the Rhode Island Association of Realtors (RIAR) reports.

 

Rhode Island in Focus

Roughly 46% (45.8%) of buyers from other states accounted for sales of homes priced at $1 million or more, reports RIAR.

“While other states have made more progress in balancing supply and demand, out-of-state buyers continue to put pressure on Rhode Island’s housing market,” said RIAR.

Overall, nearly one in four buyers (23.5%) hailed from other states during the first half of 2025, according to RIAR. 

During a National Association of Realtors Forecast last week, NAR economist Anat Nusinovich noted that Rhode Island ranked sixth of all fifty states for the biggest change in domestic migration from 2023 to 2024, the latest figures available.

The median price of a single-family home in Rhode Island has been more than $500,000 for the past three months.

Rhode Island experts say that if the Federal Reserve cuts rates in the next few months, it will drive more buyers into the market and spark more demand. They anticipate prices to spike with a significant rate cut.