North Providence, 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 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

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

North Providence, RI Housing Market Trends

With 32,686 people, 13,718 houses or apartments, and a median cost of homes of $266,983, North Providence real estate values are some of the lowest in Rhode Island, although compared to real estate around the nation, North Providence homes are still considered rather expensive.

Single-family detached homes are the single most common housing type in North Providence, accounting for 45.99% of the town's housing units. Other types of housing that are prevalent in North Providence include large apartment complexes or high rise apartments ( 30.63%), duplexes, homes converted to apartments or other small apartment buildings ( 17.17%), and a few row houses and other attached homes ( 5.99%).

People in North Providence primarily live in small (one, two or no bedroom) single-family detached homes. North Providence has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in North Providence built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in North Providence built between 1940-1969 ( 35.13%). A lesser amount of the housing stock also hails from before 1939 ( 13.70%). There's also some housing in North Providence built between 2000 and later ( 4.70%).

North Providence Home Appreciation Rates

Appreciation rates for homes in North Providence have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 33.99%, which ranks in the top 50% nationwide. This equates to an annual average North Providence house appreciation rate of 2.97%.

Appreciation rates are so strong in North Providence that despite a nationwide downturn in the housing market, North Providence real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, North Providence appreciation rates continue to be some of the highest in America, at 6.44%, which is higher than appreciation rates in 72.91% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in North Providence. North Providence appreciation rates in the latest quarter were at 2.60%, which equates to an annual appreciation rate of 10.80%.

Relative to Rhode Island, our data show that North Providence's latest annual appreciation rate is higher than 80% 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 town. Individual neighborhoods within North Providence differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in North Providence - 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 North Providence real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$266,983

North Providence, RI HOME PRICES

> $1,255,000
0.3%
0.3%
$941,001 - $1,255,000
0.0%
0.0%
$627,001 - $941,000
2.3%
2.3%
$502,001 - $627,000
1.3%
1.3%
$376,001 - $502,000
12.5%
12.5%
$251,001 - $376,000
42.1%
42.1%
$126,001 - $251,000
35.7%
35.7%
$63,001 - $126,000
3.1%
3.1%
$0 - $63,000
2.7%
2.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very Low for RI

Value Relative To Nation

Number Of Homes And Apartments:
13,718

North Providence Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
92.96% 3.18%
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,484 / per month

Homeownership Rate

Owners
55.8%
55.8%
Renters
44.2%
44.2%
Vacant
7.8%
7.8%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
4.7%
4.7%
1970 - 1999
46.5%
46.5%
1940 - 1969
35.1%
35.1%
1939 or Older
13.7%
13.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
46.0%
46.0%
Townhomes
6.0%
6.0%
Small Apt. Buildings
17.2%
17.2%
Apt. Complexes
30.6%
30.6%
Mobile Homes
0.2%
0.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.2%
2.2%
1 Bedroom
19.3%
19.3%
2 Bedrooms
35.4%
35.4%
3 Bedrooms
33.5%
33.5%
4 Bedrooms
8.1%
8.1%
5 or more bedrooms
1.6%
1.6%
0.0% 100.0%
% OF HOMES