As we saw in our 2023 Year in Review Housing Report, home prices continue to rise across Rhode Island. The average selling price for a home hit $532,592 by year’s end, an increase of 7.7% compared to 2022.
Here is a list of the most expensive towns in Rhode Island in 2023:
1. Block Island (a.k.a New Shoreham)
Coming in first is Block Island, otherwise known as New Shoreham. In 2023, there were 29 home sales, with an average selling price of $1,965,638. Nestled off the coast of Rhode Island, Block Island is a charming beach town offering a wide range of activities to residents and visitors alike. Outdoor enthusiasts can stroll along Mohegan Bluffs or relax on Crescent Beach. History buffs can explore the town’s past by touring the iconic Southeast Lighthouse or visiting the shops and galleries in Old Harbor. If you’re a fan of seafood, Block Island offers delicious and freshly caught fish at many of their local restaurants. For those who value relaxation, nature, history, and a tight-knit community, Block Island is sure to have something to offer!
2. Jamestown
Jamestown is in second with an average selling price of $1,396,830. This picturesque town is home to stunning beaches, ocean views, and happy residents. Perhaps one of Jamestown’s most notable attractions is Beavertail State Park, boasting gorgeous coastal cliffs and the historical Beavertail Lighthouse. If you visit Jamestown, you’re sure to see a plethora of boats sailing out on the sparkling waters of Narragansett Bay. Throughout the year, even during the colder months, residents come together for seasonal events, farmers’ markets, and local gatherings, creating a strong sense of belonging. Jamestown offers a timeless, New England charm that captivates all who visit, making it a cherished gem on Rhode Island’s coast.
3. Little Compton
Little Compton had 32 home sales in 2023, with the price of homes averaging at $1,095,438. Whether you’re a foodie, an avid boater, or looking for a new adventure, there is definitely something for you in Little Compton. Enjoy a meal at one of their local restaurants such as Commons Lunch and The Barn, take a sailing trip with On Watch Sailing, or lounge on South Shore Beach. But it’s not just the picturesque scenery or the attractions that make Little Compton special; it’s the tight-knit community that makes this town feel like home.
4. Newport
Newport is perhaps one of Rhode Island’s most famous towns and has an average home-selling price of $1,070,427. Known for its breathtaking scenery and grand New England mansions, Newport wins the hearts of residents and visitors with its blend of historic charm and coastal beauty. Explore the town’s various gorgeous landmarks, such as the Vanderbilt Estates, the Marble House, and Cliff Walk. For lovers of the ocean, Newport’s harbor provides ample opportunities for sailing, fishing, and waterfront dining. It also boasts a lively downtown scene, full of shops, art galleries, and local restaurants and cafes. Whether you’re staying for a weekend or moving there full-time, there’s always something to discover in Newport.
5. Middletown
Middletown places fifth on our list, with an average sales price of $979,935 and 130 homes sold in 2023. This town is located along the shores of Aquidneck Island, offering gorgeous coastal views. With its quaint neighborhoods and welcoming atmosphere, Middletown’s community is fun and vibrant! Marvel at the sparkling waters of Sachuest Beach, or immerse yourself in the colorful Norman Bird Sanctuary. Middletown is perfect for those who love nature, seafood eateries, and shopping at adorable boutiques. Additionally, the Middletown community hosts a variety of events and festivals year-round including the upcoming 21st Annual Spring Festival!
6. Narragansett
Coming in at number six is the beautiful town of Narragansett, with 217 homes sold and an average selling price of $924,469. The community embodies a tight-knit spirit, where residents and visitors alike come together to celebrate life by the sea. From the iconic Narragansett Towers, a historic landmark, to the vibrant local shops and restaurants, there’s a strong sense of pride in the town’s history and culture. Relaxation awaits on the shores of Narragansett Beach or the waters of Narragansett Bay, and historical gems are around every corner.
7. Barrington
Barrington is number seven for most expensive towns, with an average sales price of $869,778 in 2023. Barrington is a serene and charming New England community, offering residents scenic ocean views, historical colonial architecture, and exciting neighborhood events such as Barrington’s Annual Fourth of July Parade. Located less than 10 miles from Providence, people have easy access to exciting city adventures without sacrificing a quaint suburban lifestyle. For those who seek a mix of seaside living, bustling cities, and a strong sense of community, Barrington is the perfect place to call home.
8. Portsmouth
Clocking in at an average sales price of $857,491, Portsmouth ranks as the eighth town on our list. This peaceful town boasts a coastal lifestyle with a wide range of activities from beer tasting at Ragged Island Brewing Company to exploring the vibrant colors of the Green Animals Topiary Garden. Portsmouth’s community is known for its charm and friendly atmosphere. Many of its residents are true lovers of the outdoors, coming together for sailing, beachcombing, and fishing. Portsmouth is more than just a town; it’s a close-knit community where people cherish their coastal surroundings and enjoy a relaxed way of life.
9. Bristol
The town of Bristol had 187 homes sold and an average price of $749,302 in 2023, making it number nine for the most expensive towns in Rhode Island. This quiet, waterfront town is perfect for those who value a peaceful lifestyle and have a deep interest in New England history and art. With a vast array of museums, exhibits, and monuments, there is always something new to learn. People are drawn to Bristol by its strong sense of community, as residents come together for festivals and events that celebrate the town’s rich heritage. Life in Bristol is relaxed, peaceful, and rooted in fascinating New England history, making it a perfect place to settle down.
10. East Greenwich
East Greenwich rounds out our list of top 10 with an average home selling price of $709,160. This charming town is widely loved for its historic buildings, friendly vibe, and beautiful scenery. One of the most popular areas for residents and tourists alike is Main Street, offering hundreds of shops, restaurants, art galleries, and more! Take in the stunning waterfront views of Greenwich Cove, and enjoy coastal dining at the Greenwich Cove Kitchen. What truly sets East Greenwich apart is the people who live there. Friendly and welcoming, residents embrace diversity and are deeply engaged in shaping the town’s future.
**Data provided by RI REALTORS®