Central Falls, RI Housing Market Trends
With 22,543 people, 7,487 houses or apartments, and a median cost of homes of $497,549, Central Falls real estate prices are well above average cost compared to national prices.
Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Central Falls, accounting for 65.39% of the city's housing units. Other types of housing that are prevalent in Central Falls include large apartment complexes or high rise apartments ( 17.85%), single-family detached homes ( 11.76%), and a few row houses and other attached homes ( 5.00%). 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. 72.51% of Central Falls's dwellings are rentals.
The housing in Central Falls was primarily built before 1939 ( 46.39%), 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 1970-1999 ( 24.83%), followed by between 1940-1969 ( 18.04%). There's also some housing in Central Falls built between 2000 and later ( 10.74%).
Vacant housing appears to be an issue in Central Falls. Fully 10.24% 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
In the last 10 years, Central Falls has experienced some of the highest home appreciation rates of any community in the nation. Central Falls real estate appreciated 120.97% over the last ten years, which is an average annual home appreciation rate of 8.25%, putting Central Falls in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Central Falls definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
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 10.17%, which is higher than appreciation rates in 82.46% 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 2.49%, which equates to an annual appreciation rate of 10.34%.
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.
Median Home Value
$497,549
Low
for Rhode island
Very High
for nation
Number of Homes And Apartments:
7,487
America
2024 Q3 - 2024 Q4
2023 Q4 - 2024 Q4
2022 Q4 - 2024 Q4
2019 Q4 - 2024 Q4
2014 Q4 - 2024 Q4
2000 Q1 - 2024 Q4
Average Market Rent:
$1,921 / per month