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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Central Falls, RI Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Central Falls, RI Housing Market Trends

With 22,490 people, 7,358 houses or apartments, and a median cost of homes of $297,167, Central Falls real estate values are some of the lowest in Rhode Island, although compared to real estate around the nation, Central Falls homes are still considered rather expensive.

Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Central Falls, accounting for 68.21% of the city's housing units. Other types of housing that are prevalent in Central Falls include large apartment complexes or high rise apartments ( 17.77%), single-family detached homes ( 10.52%), and a few row houses and other attached homes ( 3.30%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

Central Falls is dominated by renter-occupied one, two, or no bedrooms apartments. 74.77% of Central Falls's dwellings are rentals.

The housing in Central Falls was primarily built before 1939 ( 47.14%), making the housing stock in Central Falls some of the oldest overall in America, although there is a range of ages of homes in Central Falls. The next most important housing age is between 1940-1969 ( 23.42%), followed by between 1970-1999 ( 22.38%). There's also some housing in Central Falls built between 2000 and later ( 7.07%).

Vacant housing appears to be an issue in Central Falls. Fully 11.09% of the housing stock is classified as vacant. Left unchecked, vacant Central Falls homes and apartments can be a drag on the real estate market, holding Central Falls real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Central Falls Home Appreciation Rates

Appreciation rates for homes in Central Falls have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 92.48%, which ranks in the top 40% nationwide. This equates to an annual average Central Falls house appreciation rate of 6.77%.

Appreciation rates are so strong in Central Falls that despite a nationwide downturn in the housing market, Central Falls real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Central Falls appreciation rates continue to be some of the highest in America, at 7.71%, which is higher than appreciation rates in 81.87% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Central Falls. Central Falls appreciation rates in the latest quarter were at 2.08%, which equates to an annual appreciation rate of 8.59%.

Relative to Rhode Island, our data show that Central Falls's latest annual appreciation rate is higher than 80% of the other cities and towns in Rhode Island.

Average Home Values

Median Home Value

$297,167

Central Falls, RI Home Prices
> $1,278,000
$958,001 - $1,278,000
$639,001 - $958,000
$511,001 - $639,000
$383,001 - $511,000
$255,001 - $383,000
$128,001 - $255,000
$64,001 - $128,000
$0 - $64,000
1.4%
1.4%
0.6%
0.6%
0.0%
0.0%
4.7%
4.7%
22.6%
22.6%
44.6%
44.6%
18.7%
18.7%
1.2%
1.2%
6.2%
6.2%
0% 100.0%
% of Homes
Very Low

for Rhode island

Average

for nation

Number of Homes And Apartments:

7,358

Central Falls Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,957 / per month

Homeownership Rate

Owners
Renters
25.2%
25.2%
74.8%
74.8%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
11.1%
11.1%
88.9%
88.9%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
7.1%
7.1%
22.4%
22.4%
23.4%
23.4%
47.1%
47.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
10.5%
10.5%
3.3%
3.3%
68.2%
68.2%
17.8%
17.8%
0.0%
0.0%
0.2%
0.2%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.7%
1.7%
18.5%
18.5%
31.9%
31.9%
41.0%
41.0%
5.7%
5.7%
1.2%
1.2%
0% 100.0%
% of Homes