Residential Properties Ltd., Rhode Island’s leading real estate company, begins the new year with a tailwind of notable successes in 2022, including leading the state in both overall sales and sales volume. As the only company in Rhode Island to ever reach $1 billion in annual sales, RPL accomplished the feat for a third consecutive year during 2022, finishing with $1,181,312,871 in sales - 53.9% more than the next closest competitor. The company has now led the state in overall sales volume every year since Statewide MLS began recording accurate records back in 2004. Residential Properties also had three offices rank among the top 25 in the state for overall sales volume, including RPL's Providence office which ranked #1 in Rhode Island. In addition to its local accolades, RPL has also earned national recognition, annually being ranked on both REAL Trends’ and RIS Media’s lists of the top 500 most successful real estate companies in the entire country.
Leading the state in sales
Since 2018, Residential Properties has expanded from five local offices to a total of nine locations, including new offices in Newport and Little Compton in 2021. Over this time, the company has also increased from 180 total agents to a consistently growing number of roughly 250 local Realtors®. While seizing recent opportunities for growth, RPL has remained dedicated to its original mission, and in a year of unique challenges has achieved remarkable success.
“2022 was RPL’s 41st year of proudly serving Rhode Island and our surrounding communities,” RPL President and CEO Sally Lapides noted. “We congratulate our teams of real estate professionals who continue to inspire and amaze year after year. RPL also successfully enhanced its operations as a company this past year by broadening our education programs for agents, increasing our corporate clients through the tireless efforts of our Relocation department, finding new and better spaces for our Newport and South County offices, and hiring a Chief Strategy Officer to join our Executive Team.”
Tops in transactions
Other hard-earned honors for the company include RPL leading the state in total homes sold for a second consecutive year, now finishing #1 in Rhode Island for total homes sold in seven of the past eight years. RPL also led all companies in luxury home sales, recording a total of 221 sales over $1 million during 2022. Sales Associate Jim DeRentis was recognized as the #1 Individual Agent in the state for both homes sold and total sales volume.
RPL was proud to participate in record-breaking and notable transactions throughout 2022. Highlights include:
- Highest Providence Sale Ever: 66 Power Street - Providence, RI ($5,500,000)
Listing Agent: Jim DeRentis
- Highest Cranston Sale Ever: 52 Fort Avenue - Cranston, RI ($2,950,000)
RPL represented both the buyer and seller.
Listing Agent: Michael J Sweeney of Greene | Sweeney
- Highest No. Kingstown Multi-Family Sale Ever: 126 134 Willett Rd - No. Kingstown, RI ($2,565,000)
Listing Agent: Dana Zangari
- Highest Scituate Sale Ever: 512 Seven Mile Road - Scituate, RI ($1,800,000)
Buyer's Agent: Beth DeSista
- Highest Barrington Multi-Family Sale Ever: 404 County Rd - Barrington, RI ($1,100,000)
- Highest RI Commercial Sale of the Year: 101 Hillside Ave - Providence, RI ($5,000,000)
Listing Agent & Buyer's Agent: Scott Veloso of the Bessette Veloso Group
- Highest East Bay Sale of the Year: 35 Fessenden Rd - Barrington, RI ($4,750,000)
RPL represented both the buyer and seller.
- Highest Warren Sale of the Year: 10 Stonegate Road - Warren, RI. ($1,895,000)
Listing Agent: Alicia Reynolds
- Highest Providence Multi-Family Sale of the Year: 103 Prospect St - Providence, RI ($2,100,000)
Listing Agent: Michael J Sweeney of Greene | Sweeney
- Highest Providence Condominium Sale of the Year: 200 Exchange St, #PH11 - Providence, RI ($1,700,000)
Buyer's Agent: Rachael Dotson
- 2022 HGTV Ultimate House Hunt Finalist: 111 Harrison Avenue, #MH8 - Newport, RI
Listing Agent & Buyer's Agent: Pawler Garrahan
Excellence ahead
Properties in Rhode Island and the South Coast of Massachusetts remain in demand. With inventory low and buyer demand still high, however, competition will continue for buyers but not like what was experienced last year. Though an evolving real estate landscape is a constant, RPL will continue to leverage its ability to pivot swiftly to meet changing needs.
“We have returned to a pre-pandemic market and can anticipate 2023 continuing to be strong,” Lapides said. “With company-wide investments made at RPL in 2022 to better serve our clients and agents, we are excited to hit the ground running in the new year. Though we are number one in RI luxury real estate, we are now even better prepared to extend a luxury experience and top-tier marketing to customers at every price point.”
*Information based in whole or in part on data supplied by State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from State-Wide MLS as of January 2023.
