Rhode Island, September 28, 2025
News Summary
Compass has announced plans to acquire Anywhere, the parent company of major real estate brands including Century 21 and Coldwell Banker. If approved, this acquisition could give Compass control over more than 60% of the real estate sales brands in Rhode Island, significantly altering the competitive landscape. As the housing market shows strong price growth, with median home prices exceeding $512,000, the deal may further intensify the demand from out-of-state buyers and prompt shifts in local brokerage strategies. Observers are closely monitoring the approval process and its implications on market dynamics.
Providence, R.I.
Compass announced plans to acquire Anywhere, the parent company of Century 21, Coldwell Banker, Corcoran and Sotheby’s International Realty, a move that could reshape the Rhode Island real estate market if approved by federal regulators. If the deal clears regulatory review, Compass would control over 60% of the real estate sales brands in Rhode Island, shifting the balance of market share among brokers and national brands operating in the state.
The proposed acquisition is framed as a major consolidation in an already competitive market. The transaction would expand Compass’s footprint and potentially move the company into a dominant regional position, a development some observers describe as potentially creating a “megalopolis” of consolidated national brands in Rhode Island.
Market activity and new entrants
At the same time, national and celebrity-branded agents are moving into the region. Celebrity realtor Ryan Serhant is entering the Rhode Island and Massachusetts markets by opening his 12th office and signing 24 agents, introducing additional national-level marketing and branding approaches to local competition.
Prices, inventory and buyer mix
Rhode Island’s housing market continues to show strong price growth. The median single-family home price in Rhode Island was reported at $512,750 in May, reflecting a sharp rise from five years earlier when the median was $309,500. The median price of a single-family home in Rhode Island has surpassed $500,000 for over four months, underlining persistent upward pressure on values.
Out-of-state demand has been a significant factor in price increases. Approximately 23% of buyers in Rhode Island are from outside the state, an increase from about 15% in 2016. Out-of-state buyers continue to significantly influence the local housing market, with buyers from Massachusetts, New York, and elsewhere recognizing Rhode Island as a lucrative option.
Local broker responses and independence
Local brokerages are responding to the changing landscape in different ways. Residential Properties, the largest independent brokerage in Rhode Island, remains committed to local service and support amid the competitive landscape. Sally Lapides, CEO of Residential Properties, emphasized that healthy competition benefits clients and agents; specifically, Sally Lapides, CEO of Residential Properties, stated that healthy competition is welcomed and is beneficial for clients and agents alike. Meanwhile, brokerages affiliated with national brands are reassessing strategy and market positioning as consolidation unfolds.
Several independent firms in the state maintain autonomy. For example, Mott & Chace Sotheby’s International Realty owner Judy Chace confirmed her firm remains independent despite the market shifts and potential acquisition of the Sotheby’s brand by Compass, signaling that some local operators expect to continue serving Rhode Island buyers and sellers under existing arrangements.
Supply constraints and construction
Supply-side issues are reinforcing price gains. Low inventory and sluggish construction in Rhode Island have compounded the rising home prices, as demand continues to exceed supply. Builders and developers report that new construction has not kept pace with growing demand, and permitting, labor and land constraints are cited as ongoing challenges.
Buyer perceptions and tools
Homebuyers relocating from high-cost areas report mixed experiences. Many moving from neighboring states expected Rhode Island to be substantially less expensive than their original markets but are surprised by rising prices. At the same time, developers and realtors note that Rhode Island still offers relatively better value compared to Massachusetts, where home prices are significantly higher.
In response to heightened competition and brand consolidation, technologies and marketing tools are evolving among brokerages and agents. Technologies and marketing tools are evolving in response to the competitive real estate environment, with a focus on maintaining strong client-agent relationships, and firms are investing in digital marketing, client portals and targeted outreach to differentiate service.
Immediate implications and next steps
The acquisition remains subject to federal regulatory approval and potential conditions imposed by antitrust or competition reviews. Stakeholders in Rhode Island say they are monitoring the process closely while continuing to navigate a market characterized by rising prices, constrained supply and growing out-of-state demand. The timing and final structure of any regulatory decision were not available at the time of this report.
FAQ
Q: What acquisition did Compass announce?
A: Compass announced plans to acquire Anywhere, the parent company of Century 21, Coldwell Banker, Corcoran and Sotheby’s International Realty.
Q: How much of the Rhode Island market would Compass control if the deal is approved?
A: If approved by federal regulators, Compass would control over 60% of the real estate sales brands in Rhode Island.
Q: Are there other national entrants coming into Rhode Island?
A: Celebrity realtor Ryan Serhant is entering the Rhode Island and Massachusetts markets, opening his 12th office and signing 24 agents.
Q: What are recent median price figures for Rhode Island single-family homes?
A: The median single-family home price in Rhode Island was reported at $512,750 in May, a sharp increase from $309,500 five years ago.
Q: Has the median single-family home price in Rhode Island crossed $500,000?
A: The median price of a single-family home in Rhode Island has surpassed $500,000 for over four months.
Q: What share of buyers are from outside Rhode Island?
A: Approximately 23% of buyers in Rhode Island are from outside the state, an increase from about 15% in 2016.
Q: How are local brokerages responding?
A: Residential Properties, the largest independent brokerage in Rhode Island, remains committed to local service and support amid the competitive landscape.
Q: What did Sally Lapides say about competition?
A: Sally Lapides, CEO of Residential Properties, stated that healthy competition is welcomed and is beneficial for clients and agents alike.
Q: Is Mott & Chace Sotheby’s International Realty remaining independent?
A: Mott & Chace Sotheby’s International Realty owner Judy Chace confirmed her firm remains independent despite the market shifts and potential acquisition of the Sotheby’s brand by Compass.
Q: What is driving rising prices in Rhode Island?
A: Low inventory and sluggish construction in Rhode Island have compounded the rising home prices, as demand continues to exceed supply.
Q: How are technologies and marketing evolving?
A: Technologies and marketing tools are evolving in response to the competitive real estate environment, with a focus on maintaining strong client-agent relationships.
Q: How do Rhode Island prices compare to Massachusetts?
A: Developers and realtors alike highlight that while home prices are rising, Rhode Island still offers better value compared to neighboring states like Massachusetts, where home prices are significantly higher.
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Quick Reference Table
| Item | Detail |
|---|---|
| Proposed acquisition | Compass plans to acquire Anywhere (Century 21, Coldwell Banker, Corcoran, Sotheby’s International Realty) |
| Potential market share in Rhode Island | Over 60% of the real estate sales brands in Rhode Island (if approved by federal regulators) |
| Celebrity entrant | Ryan Serhant opening 12th office and signing 24 agents in Rhode Island and Massachusetts |
| Median single-family home price (May) | $512,750 |
| Median five years earlier | $309,500 |
| Months median > $500,000 | Over four months |
| Out-of-state buyer share | Approximately 23% (up from about 15% in 2016) |
| Primary supply issues | Low inventory and sluggish construction |
| Local independent brokerage stance | Residential Properties remains committed to local service and support |
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Additional Resources
- GoLocalProv: The Business of Real Estate is in an Upheaval – RI is the Epicenter
- Providence Journal: Rhode Island Real Estate Transactions
- Boston.com: Is R.I. Real Estate Still a Deal for Out-of-State Home Buyers?
- GoLocalProv: Netflix Star Serhant to Launch Offices in RI
- Providence Journal: Rhode Island Real Estate Transactions Details
- Wikipedia: Real Estate
- Google Search: Rhode Island real estate
- Google Scholar: Rhode Island real estate market
- Encyclopedia Britannica: Real estate market
- Google News: Rhode Island real estate news
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