The Business of Real Estate Is in Upheaval — And RI Is at the Epicenter

The Business of Real Estate Is in Upheaval — And RI Is at the Epicenter

You currently need a scorecard to track the changes taking place in the real estate industry. Mergers, celebrities, AI, increasing prices, high interest rates, and out-of-state buyers are all disrupting the market in Rhode Island.

This week, national firm Compass announced it is acquiring Anywhere, which owns prominent brands including Century 21, Coldwell Banker, Corcoran, and Sotheby’s International Realty.

If the deal is approved by federal regulators, Compass would be a megalopolis. In Rhode Island, if the deal is finalized, it would own brands with an estimated 60% plus percent of the sales.

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Then, add that celebrity realtor Ryan Serhant, the star of a real estate series, “Owning Manhattan,” on Netflix, is expanding into Rhode Island and Massachusetts. GoLocal broke the story of Serhant’s arrival on Friday.

The Rhode Island office would be Serhant's 12th, and he has already signed 24 agents.

All this is taking place while the median price of a single-family home in Rhode Island continues to climb and inventory remains low.

For the past four months, a home in Rhode Island has been above $500,000, and out-of-state buyers continue to be a major factor in the ever-increasing cost of a home. Rhode Island is a hot market, and many from Boston, New York, and elsewhere see the state as a "good buy."

 

Continuing the Strategy

For Sally Lapides, CEO of Residential Properties, Rhode Island’s largest brokerage, she said she believes that the changes will not undermine the core elements of the business.

“At Residential Properties, our focus remains the same: serving our clients and supporting our agents with the very best tools, resources, and leadership. Being locally owned and independent allows us to be nimble—making thoughtful decisions quickly without waiting for approval from layers of corporate hierarchy,” said Lapides.

“We’ve always believed that the strength of our company comes from deep community ties, strong local relationships, and a culture of collaboration. Our independence means we can continue to put Rhode Island and Massachusetts first, while still giving our agents access to national and international resources,” adds Lapides.

 

Regarding Serhant’s Entrance to the Market

Lapides said, “We welcome healthy competition. Having new players in the market keeps everyone sharp and constantly striving to improve, which ultimately benefits both clients and agents. There’s plenty of room in the sandbox for everyone to play nicely, and we see this as an opportunity to continue innovating. At Residential Properties, we are proud to combine the advantages of being an independent, community-rooted brokerage with the full resources and technology of a national firm. In fact, we’re about to launch a new website and agent marketing center that rivals anything available elsewhere, ensuring our professionals have cutting-edge tools at their fingertips."

"Interestingly enough, our new CRM and marketing center is from the same provider as Serhants,” she adds.

 

Mega Mergers

One of the Rhode Island companies that is impacted by the Compass acquisition of Anywhere and the related brands is Mott & Chace Sotheby’s International — as the Sotheby’s brand is being purchased by Compass.

This week, GoLocal spoke with owner Judy Chace. 

Chace said, “If the merger goes through, it will not be until the end of 2026. For now, it is truly business as usual... listing, selling, and doing what we do best: representing our clients and supporting our agents.”

“It’s important to remember that Mott & Chace Sotheby’s International Realty is independently owned and operated. I own 100% of the company, so this is not a purchase or takeover of our business,” said Chace.

“Any new opportunity is exciting, and we are looking forward to whatever the outcome may be. In the meantime, our focus remains on providing the highest level of service to our clients and unwavering support to our agents,” Chace added.

 

The Future

As the industry continues to change, Lapides says that the once locally owned industry is now transforming. For Lapides, she says she is proud that her firm is locally owned.

“Real estate is evolving quickly, but what will always matter most is the relationship between agents and clients. Technology will continue to advance, and firms will continue to find new ways to market and support their teams. But at the end of the day, the companies that thrive will be the ones that balance innovation with personalized service and community connection,” said Lapides.

“At Residential Properties, we embrace change as an opportunity to consistently reinvent ourselves. We’re excited about the future, confident in our team, and committed to providing our agents and clients with the best possible experience—today and two years from now,” she added.