Cranston, RI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Cranston Neighborhoods Since 2000




Cranston, RI Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Cranston Housing Market Information

With a population of 81,073, 30,208 total housing units (homes and apartments), and a median house value of $223,288, Cranston real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Cranston, accounting for 61.93% of the city's housing units. Other types of housing that are prevalent in Cranston include duplexes, homes converted to apartments or other small apartment buildings ( 21.09%), large apartment complexes or high rise apartments ( 14.54%), and a few row houses and other attached homes ( 2.00%).

The most prevalent building size and type in Cranston are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 61.82% owning and 38.18% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Cranston's housing was primarily built during this period, from the '40s through the '60s. A full 39.38% of the city's housing hails from this era. Other housing ages represented in Cranston include homes built before 1939 ( 30.15%) and housing constructed between 1970-1999 ( 25.41%). There's also some housing in Cranston built between 2000 and later ( 5.06%).

Cranston Home Appreciation Rates

Homes have actually lost value in Cranston 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 Cranston home appreciation rates at 0.64%, which equates to an annual appreciation rate of 2.59%.

Appreciation rates are so strong in Cranston that despite a nationwide downturn in the housing market, Cranston real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Cranston appreciation rates continue to be some of the highest in America, at 6.45%, which is higher than appreciation rates in 77.54% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Cranston. Cranston appreciation rates in the latest quarter were at 0.64%, which equates to an annual appreciation rate of 2.59%.

Relative to Rhode Island, our data show that Cranston's latest annual appreciation rate is higher than 60% of the other cities and towns in Rhode Island.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Cranston differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Cranston - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Cranston real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$223,288

Cranston, RI HOME PRICES

Value Range
> $1,144,000 0.2
$858,001 - $1,144,000 0.5
$572,001 - $858,000 2.5
$457,001 - $572,000 4.1
$343,001 - $457,000 11.5
$229,001 - $343,000 32.3
$114,001 - $229,000 45.0
$57,001 - $114,000 1.2
$0 - $57,000 2.8

Low for RI
High for Nation

Value Relative to Nation Value Relative to State
27.1006679948435 79.4871794871795

Number Of Homes And Apartments:
30,208

Cranston Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
53.04% 2.50% 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,274 / per month

Homeownership Rate

Homeownership
Owners 61.82
Renters 38.18
Vacant 6.50

Housing Market Details

 

Age of Homes

AGE OF Cranston HOMES
2000 or Newer 5.1
1970 - 1999 25.4
1940 - 1969 39.4
1939 or Older 30.1

Types of Homes

TYPE OF Cranston HOMES
Single-Family 61.9
Townhomes 2.0
Small Apt. Buildings 21.1
Apt. Complexes 14.5
Mobile Homes 0.5
Other 0.0

Home Size

SIZE OF Cranston HOMES
No Bedroom 0.76
1 Bedroom 12.25
2 Bedrooms 30.49
3 Bedrooms 41.95
4 Bedrooms 12.12
5 or more bedrooms 2.41