I'm a Realtor in Rhode Island — Here's What I'd Tell My Own Family About the Market Right Now

No spin. No sales pitch. Just honest advice from someone who lives and breathes this market every day.

People ask me all the time: "So is it a good time to buy? Should we wait? Are prices going to drop?" And honestly? I get it. The market feels confusing right now — maybe more than it has in years.

So I want to answer those questions the same way I would if you were sitting at my kitchen table. Not as a Realtor trying to close a deal — but as someone who genuinely cares about helping people in Rhode Island and Massachusetts make smart decisions with one of the biggest investments of their lives.

Here's the honest truth, broken down simply.

THE BIG PICTURE

The Market Isn't Crashing — But It Is Shifting

If you've been waiting for prices to fall dramatically in RI or Southern MA, I have to be straight with you: it hasn't happened, and the data doesn't strongly suggest it will anytime soon.

Rhode Island continues to deal with a serious inventory problem. There simply aren't enough homes for sale to meet demand — and that imbalance is the single biggest reason prices have stayed stubbornly strong even as interest rates climbed.

That said, the market has cooled from the frenzy of 2021-2022. Bidding wars aren't as extreme. Inspection contingencies are coming back. Sellers are being more realistic. For buyers, that's actually a meaningful improvement.

Bottom line: It's not a buyer's paradise, but it's no longer a seller's free-for-all either. It's a more balanced, more negotiable market — and that matters.

FOR BUYERS

Should You Buy Now or Wait for Rates to Drop?

This is the question I hear more than any other right now. And my honest answer is: it depends on your situation — but waiting isn't as safe as it sounds.

Here's why:

• If rates drop significantly, more buyers flood back into the market — which drives prices back up.
• Every month you wait is a month you're not building equity.
• Renting in RI and Greater Providence/Fall River area is not cheap either — you're paying someone else's mortgage.

Let me give you a quick real-world example:

Example: A home in Cranston listed at $380,000. At today's rate of roughly 6.25%, your principal & interest payment on a 30-year loan with 10% down is approximately $2,105/month. If rates drop to 5.75% next year but the same home is now priced at $400,000 due to increased buyer competition coming back into the market — your payment is still around $2,100/month. You waited a year, paid rent, and saved roughly $5/month. The math rarely works out the way people hope.

The smarter move? Buy when your finances, your life situation, and a good home all align — not when you're trying to time a market that even economists can't predict. And if rates do drop, you can always refinance.

FOR SELLERS

Your Equity Is Real — And It's Working For You Right Now

If you've owned your home in RI or MA for more than 3-4 years, there's a very good chance you're sitting on significant equity — and many homeowners don't fully realize just how much.

The median home price in Rhode Island has risen substantially over the past five years. According to Rhode Island housing market data via the RI Association of Realtors, values in many communities have appreciated 30–50% since 2019. That's real money.

Here's what I'd tell a family member who owns a home right now:

• If you're upsizing, don't let the rate on your next home scare you into staying put forever. You can negotiate, buy down points, and refinance later.
• If you're downsizing, this market rewards you. Smaller homes are selling fast and your equity goes a long way.
• If you're on the fence, get a free market analysis. Not to commit — just to know what you're actually working with.

Example: A homeowner in Warwick bought in 2018 for $260,000. That same home today is conservatively worth $390,000-$410,000. After selling costs (~8%), they're walking away with roughly $95,000-$110,000 in net equity to roll into their next purchase. That's a life-changing number for a lot of families.

WHAT I'D ACTUALLY SAY

The Advice I'd Give My Own Family — Honestly

If I had a brother (I’m an only child 😉) call me today and ask, "Should we buy a house in Warwick or Cumberland or North Providence?" — here's what I'd actually say:

• Don't wait for perfect. Perfect rates and perfect prices rarely arrive at the same time.
• Get pre-approved properly. Not pre-qualified — actually underwritten. It gives you real power in this market.
• Focus on the home, not just the payment. A home you love in the right neighborhood builds wealth and quality of life.
• Use an attorney. Rhode Island real estate transactions involve attorneys — don't skip this step or rush it.
• Be patient but be ready. When the right home comes up in this low-inventory market, you need to be able to move fast.

And if you're a seller? I'd tell you: the window of strong pricing is still open, but the market is stabilizing. Price it right the first time. Prep matters more than it did in 2021. And work with someone who knows your specific neighborhood — not just the state-wide data.

The Bottom Line

The RI and Southern MA market right now rewards people who are informed, prepared, and working with someone they trust. It's not the easiest market in history — but it's far from impossible. And for the right buyer or seller, it's still genuinely a great time to make a move.

If you have questions about your specific situation — whether you're thinking about buying, selling, or just want to know what your home is worth — I'm always happy to have an honest conversation. No pressure, no pitch.

That's a promise I make to everyone — not just family!

Written by: David Cherry

REALTOR®, Rhode Island and Massachusetts - Life By Design Homes - REAL Broker