Central Falls, RI


Highest Appreciating Central Falls Neighborhoods Since 2000

Central Falls, RI Real Estate Data

Central Falls Housing Market Information

With 19,303 people, 6,415 houses or apartments, and a median cost of homes of $182,200, 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 65.47% of the city's housing units. Other types of housing that are prevalent in Central Falls include large apartment complexes or high rise apartments ( 21.58%), single-family detached homes ( 11.51%), and a few row houses and other attached homes ( 1.44%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

Central Falls is dominated by renter-occupied one, two, or no bedrooms apartments. 73.10% of Central Falls's dwellings are rentals.

The housing in Central Falls was primarily built before 1939 ( 71.98%), 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 ( 14.63%), followed by between 1970-1999 ( 9.95%). There's also some housing in Central Falls built between 2000 and later ( 3.44%).

Vacant housing appears to be an issue in Central Falls. Fully 17.01% 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

Homes have actually lost value in Central Falls over the last then years, as home values have seen a decline of 19.60% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Central Falls home appreciation rates at 2.07%, which equates to an annual appreciation rate of 8.54%.

NeighborhoodScout's data show that during the latest twelve months, Central Falls's appreciation rate, at 4.87%, has been at or slightly above the national average. In the latest quarter, Central Falls's appreciation rate has been 2.07%, which annualizes to a rate of 8.54%.

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

Average Home Values


Median Home Value:

Central Falls, RI HOME PRICES

Value Range
> $1,121,000 0.8
$840,001 - $1,121,000 0.0
$560,001 - $840,000 0.9
$448,001 - $560,000 1.1
$336,001 - $448,000 2.7
$224,001 - $336,000 19.9
$112,001 - $224,000 55.6
$56,001 - $112,000 15.4
$0 - $56,000 3.8

Very Low for RI
High for Nation

Value Relative to Nation Value Relative to State
38.5723487732037 97.4358974358974

Number Of Homes And Apartments:

Rent & Ownership


Average Market Rent:
$884 / per month

Homeownership Rate

Owners 26.90
Renters 73.10
Vacant 17.01

Housing Market Details


Age of Homes

AGE OF Central Falls HOMES
2000 or Newer 3.4
1970 - 1999 9.9
1940 - 1969 14.6
1939 or Older 72.0

Types of Homes

TYPE OF Central Falls HOMES
Single-Family 11.5
Townhomes 1.4
Small Apt. Buildings 65.5
Apt. Complexes 21.6
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Central Falls HOMES
No Bedroom 2.52
1 Bedroom 18.53
2 Bedrooms 31.36
3 Bedrooms 41.99
4 Bedrooms 4.32
5 or more bedrooms 1.28

Central Falls Appreciation Rates

Time Period Total Appreciation Avg. Annual Rate Compared To
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
62.99% 2.92% 8
* 10 is highest