Rhode Island’s Coastal Real Estate Market Stabilizes After Pandemic Boom

Written by:

Steve Marcinuk

Date:

03 Dec 2025

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Rhode Island’s coastal real estate market has shifted from a regional secret to a sought-after destination, fueled by its geographic advantages and relative affordability compared to neighboring states. As remote work and lifestyle priorities changed after the pandemic, the market saw an influx of out-of-state buyers, reshaping pricing and demand.

Breaking Into a Competitive Market

Rhode Island’s coastal communities, especially in the East Bay, present both potential and obstacles for real estate professionals. When Matthew Antonio founded Chart House Realtors (Corcoran Chart House Realty) in 2018, he saw that Barrington’s premium market was controlled by two companies that together held nearly 90% of the market share.

“Those two companies employed people that were, for the most part, what I would consider part-time real estate agents,” Antonio says. “They relied entirely on their network for business—friends and family would use them just because they had to, not necessarily because they offered a better process or outcome.”

Instead of competing directly for established listings, Antonio aimed to attract buyers relocating from outside Rhode Island. “We used internet lead generation tools to meet people relocating from outside the area who wanted to come to Barrington,” he says. “When people search for top-rated school systems in Rhode Island, Barrington shows up.”

This strategy paid off. Within a few years, Chart House became one of the top three brokerages in the East Bay area. The company joined Corcoran as an affiliate in September 2024, maintaining its Barrington office.

Geographic Appeal and Accessibility

Rhode Island’s appeal goes beyond its coastline. The state’s compact geography offers quick access to beaches, farmland, and orchards within a short drive. “You can be at the beach enjoying the ocean, and then 15 minutes later, be at a horse farm or an apple orchard,” Antonio says. “It’s a really cool combination of things.”

Location is a major draw for both primary and second-home buyers. “We’re an hour or so from Boston, and we’re only three hours or so from New York City,” Antonio explains. “For people, it’s an awesome place to vacation or have a second home. You can still go to Boston a couple days a week if you need to, or New York City.”

The rise in remote work has made Rhode Island more attractive to professionals who want to maintain ties to major cities while enjoying a different lifestyle. The state’s accessibility supports both year-round residents and those seeking a convenient retreat.

Market Dynamics and Pricing Trends

The pandemic brought a surge of buyers from New York and Boston seeking less densely populated areas. “The type of buyer changed a lot during COVID because people left New York City and Boston and moved to less densely populated areas like Rhode Island,” Antonio says. Some of these buyers have since returned to urban centers, but overall market stability has been maintained.

Median sale prices across Rhode Island are now close to $500,000, with higher-end communities like Barrington and East Greenwich seeing medians in the high $700,000s. Waterfront homes in these areas typically start at $1–2 million or more.

Antonio points out that Rhode Island remains more affordable than similar communities in Massachusetts or Connecticut. “If you look at what it would cost to live in Massachusetts or Connecticut in a similar environment, Rhode Island is actually still a reasonably affordable choice,” he says.

However, rising prices have made homeownership more difficult for local buyers. “It’s getting harder and harder to find a decent home for under $500,000,” Antonio notes. “If you look at a young couple in their late twenties, both working decent full-time jobs, maybe with some school debt – a $500,000 house projects a pretty substantial mortgage payment. A lot of those people can’t afford it.”

Out-of-State Buyers and Market Stability

The share of out-of-state buyers varies by price segment. “If you look at over a million dollars, I want to say it’s close to half of the buyers are out of state,” Antonio reports. “Under a million dollars, you’re getting more of the bedroom community year-round residents who are just moving up or down depending on where they’re at in life.”

This mix has helped stabilize the market. Out-of-state buyers at higher price points have maintained property values, while local buyers remain active below the $1 million threshold.

Adapting to Changing Market Conditions

The pace of sales and number of offers per listing have slowed compared to the peak pandemic period. Historically, about 40% of homes sold above asking price, but buyer activity per listing has dropped.

“You used to be able to price your property below what you wanted to get, create a bidding war, get eight or ten or twelve offers or more, and choose the best one,” Antonio explains. “Now you have to be a lot more thoughtful about it. You want to price much closer to the actual targeted price you’re looking to achieve, and it better be close to what market value indicates.”

Today’s market requires sellers to set realistic prices based on current conditions rather than expecting aggressive bidding wars.

Development Opportunities and Constraints

For investors, the best opportunities are in communities with strong school systems and available land. “There are a lot of buyers just above the median price point who would love a new home,” Antonio says. “Rhode Island’s housing inventory is old, and buyers who prefer a newer home have a hard time finding that because it was largely developed 75 to 100 years ago.”

The main barrier to new development is not zoning, but the scarcity of undeveloped, buildable land. “The biggest challenge is finding parcels of land that are still undeveloped, that are able to be developed, meaning they don’t have problems with wetlands or endangered species,” Antonio explains. “There’s a good portion of Rhode Island that’s almost maxed out and developed.”

Infrastructure and Environmental Pressures

Growth in coastal communities brings new infrastructure demands. Storm water management is a significant issue, given Rhode Island’s coastal environment and the improvements made to Narragansett Bay over the past three decades.

“The thing that really impacts the bay the most is additional impervious surfaces and storm water management,” Antonio says. “Storm water runoff that picks up fertilizers, oil, and other contaminants – if it ends up depositing in the bay without being pre-treated, that’s a serious environmental concern. We want to protect the bay because that’s our biggest asset.”

While flood zones and climate risks affect some properties, these concerns have not slowed overall market enthusiasm. “People buying along the coast have determined there’s some level of risk associated with buying coastal property, and those are reasonable risks they’re willing to take,” Antonio observes.

Looking Ahead

Rhode Island’s coastal real estate market is positioned for continued strength, supported by its location, affordability relative to nearby states, and lifestyle appeal. The state’s next challenge will be managing growth to preserve the environmental and community qualities that attract buyers.

Success in this environment requires real estate professionals to understand shifting demographics and provide comprehensive, locally informed service. As Antonio notes, “It’s not like we’re all working with the same inventory – the properties are the properties. So it’s really a matter of how you guide the person through that process and really get creative to search hard for all the ways that you can best serve those interests.”

For buyers, sellers, and investors, the key will be adapting to evolving local conditions and recognizing both the opportunities and constraints unique to Rhode Island’s coastal communities. The market’s stability and appeal rest on balancing growth with the preservation of its natural and community assets.