Elmhurst, Providence, Providence County, RI, Providence, RI Market Report — February 2026

• Median Sale Price: $485,000 (▲ 1.5% QoQ; ▲ 14.7% YoY)
• Closed Sales: 4 units (▼ 33.3% QoQ; 0.0% YoY)
• Active Inventory: 24 units (▲ 20.0% QoQ; ▲ 71.4% YoY)
• New Listings: 9 units (▼ 47.1% QoQ; ▼ 25.0% YoY)
• Listing Velocity Ratio: 2.25 (indicates inventory is building rapidly)
• Sale-to-List Ratio: 99.6% (▲ 0.25pp QoQ; ▲ 0.70pp YoY)

Pricing precision in Elmhurst is tight, with an average sale-to-list ratio of 99.6%. For the 4 properties that closed this month, the median sale price of $485,000 aligns closely with the median sold list price of $485,000, indicating minimal negotiation variance from the final asking price.

Regarding trend momentum, the median sale price has increased for 1 consecutive month. The current $485,000 median sits 2.5% below the 3-month average of $497,667 and 2.2% below the 6-month average of $496,117. As this is a single-month movement based on a small sample, it reflects high volatility rather than a sustained upward trend. Local prices trade 3.2% below the Rhode Island state median of $501,250. The 16.3% QoQ increase in median price per square foot to $314.50 suggests that recent volatility is driven by the specific mix of property types that successfully closed this month.

Actionable Callouts:

• For Listing Agents: The 99.6% sale-to-list ratio confirms that buyers are closing at nearly the full final asking price; set list prices precisely to the $485,000 median to ensure competitive positioning.
• For Buyer Agents: With 99.6% of list price being captured, aggressive below-ask offers face significant resistance; prioritize firm terms and condition-based negotiations over price-only strategies.

Elmhurst’s active inventory of 24 listings reflects 9 new entries against only 4 closings, causing total inventory to rise. The listing velocity ratio of 2.25 is well above the 1.5 threshold, confirming that inventory is building rapidly. This has resulted in 6.0 months of supply, placing the neighborhood in the "balanced" category (4–6 months).

Total sales volume declined 44.0% QoQ, driven by a 33.3% decrease in transaction volume combined with price volatility inherent in the small sample size. Property type inflows included 8 Single Family homes, 0 Multi-Family units, and 1 Condo.

Actionable Callouts:

• For Listing Agents: With 6.0 months of supply and a velocity ratio of 2.25, the market is shifting toward a higher-supply environment; prioritize professional property presentation to ensure your listing stands out as total inventory grows.
• For Buyer Agents: The 71.4% YoY increase in active inventory provides significantly more optionality than in prior periods; utilize this additional selection to perform thorough due diligence.

Median DOM data for closed sales is not available for this period. As such, no assessment can be made regarding the speed of market absorption for sold properties using closed-sale data.

Actionable Callouts:

• For Listing Agents: Monitor the days on market of comparable active listings to establish your own velocity benchmarks in the absence of closed-sale DOM data.
• For Buyer Agents: Focus on the "days on market" for individual listings in your search criteria, as this remains the best indicator of current buyer interest and seller flexibility.

Elmhurst is currently a balanced market. This assessment is supported by the 6.0 months of supply (within the 4–6 month benchmark) and a 99.6% sale-to-list ratio (within the 97–100% neutral range). While these metrics signal balance, the rapidly rising inventory—which sits 43% above the 12-month average—serves as a conflicting indicator that may push the market toward buyer-friendly conditions if not met with increased demand.

Actionable Callouts:

• For Listing Agents: Avoid overpricing in a market where inventory is climbing; the current equilibrium is fragile.
• For Buyer Agents: Increased supply grants you more negotiating leverage than in the recent past; use this to focus on property condition and terms.

The price trajectory remains volatile, with 1 consecutive month of growth, though the current $485,000 median remains below the 3-month ($497,667) and 6-month ($496,117) averages. Inventory is building, and the velocity ratio of 2.25—down from 2.83 in January—indicates that while inventory growth is decelerating, it remains in an expansionary phase. Compared to last February, closed sales volume is flat at 4 transactions. If the current velocity ratio of 2.25 persists, the accumulation of active listings will likely continue to shift the market toward buyer-friendly territory. Future price performance will depend on whether new listing inflows continue to outpace the recent absorption rate of 4 sales.

This report uses RealAnalytica MLS analytics via the Rhode Island Association of Realtors (riar) for the neighborhood of Elmhurst, Providence, RI. The reporting period is 2026-02-01 to 2026-02-28. With only 4 closed sales, median metrics are highly volatile and sensitive to individual transactions; medians should be interpreted with caution. Closed sales and active inventory refer to different property populations and are not comparable as a "discount" or "gap."