North Smithfield, RI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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North Smithfield, 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

North Smithfield Housing Market Information

With 12,314 people, 4,619 houses or apartments, and a median cost of homes of $318,179, real estate costs in North Smithfield are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Rhode Island communities.

Single-family detached homes are the single most common housing type in North Smithfield, accounting for 64.72% of the town's housing units. Other types of housing that are prevalent in North Smithfield include large apartment complexes or high rise apartments ( 14.28%), duplexes, homes converted to apartments or other small apartment buildings ( 14.28%), and a few row houses and other attached homes ( 6.73%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in North Smithfield. Owner-occupied housing accounts for 71.75% of North Smithfield's homes, and 51.70% have either three or four bedrooms, which is average sized relative to America.

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. North Smithfield's housing was primarily built during this period, from the '40s through the '60s. A full 28.34% of the town's housing hails from this era. Other housing ages represented in North Smithfield include homes built between 1970-1999 ( 28.10%) and housing constructed before 1939 ( 25.10%). There's also some housing in North Smithfield built between 2000 and later ( 18.45%).

North Smithfield Home Appreciation Rates

North Smithfield's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in North Smithfield during the period has been just -1.70%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, North Smithfield's appreciation rate, at 3.94%, has been at or slightly above the national average. In the latest quarter, North Smithfield's appreciation rate has been 0.64%, which annualizes to a rate of 2.59%.

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

Average Home Values

 

Median Home Value:
$318,179

North Smithfield, RI HOME PRICES

Value Range
> $1,109,000 0.5
$832,001 - $1,109,000 0.0
$555,001 - $832,000 4.5
$444,001 - $555,000 9.9
$333,001 - $444,000 30.6
$222,001 - $333,000 36.1
$111,001 - $222,000 14.6
$55,001 - $111,000 0.8
$0 - $55,000 3.0

Average for RI
Very High for Nation

Value Relative to Nation Value Relative to State
14.7076057658502 43.5897435897436

Number Of Homes And Apartments:
4,619

North Smithfield 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
48.51% 2.32% 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,400 / per month

Homeownership Rate

Homeownership
Owners 71.75
Renters 28.25
Vacant 9.41

Housing Market Details

 

Age of Homes

AGE OF North Smithfield HOMES
2000 or Newer 18.5
1970 - 1999 28.1
1940 - 1969 28.3
1939 or Older 25.1

Types of Homes

TYPE OF North Smithfield HOMES
Single-Family 64.7
Townhomes 6.7
Small Apt. Buildings 14.3
Apt. Complexes 14.3
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF North Smithfield HOMES
No Bedroom 1.29
1 Bedroom 14.20
2 Bedrooms 28.95
3 Bedrooms 35.40
4 Bedrooms 16.30
5 or more bedrooms 3.86

Popular Neighborhoods in North Smithfield

Zip Codes in North Smithfield, RI