Providence RI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Providence, 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 Q2 2019. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2017 (latest available). Updated annually.

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

Providence Housing Market Information

With 180,393 people, 62,057 houses or apartments, and a median cost of homes of $214,904, Providence real estate values are some of the lowest in Rhode Island, although compared to real estate around the nation, Providence homes are still considered rather expensive.

Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Providence, accounting for 50.51% of the city's housing units. Other types of housing that are prevalent in Providence include single-family detached homes ( 23.14%), large apartment complexes or high rise apartments ( 22.62%), and a few row houses and other attached homes ( 3.39%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

Providence is dominated by renter-occupied one, two, or no bedrooms apartments. 68.08% of Providence's dwellings are rentals.

The housing in Providence was primarily built before 1939 ( 54.26%), making the housing stock in Providence some of the oldest overall in America, although there is a range of ages of homes in Providence. The next most important housing age is between 1940-1969 ( 21.71%), followed by between 1970-1999 ( 17.94%). There's also some housing in Providence built between 2000 and later ( 6.08%).

Vacant housing appears to be an issue in Providence. Fully 14.53% of the housing stock is classified as vacant. Left unchecked, vacant Providence homes and apartments can be a drag on the real estate market, holding Providence 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.

Providence Home Appreciation Rates

Appreciation rates for homes in 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 19.60%, which ranks in the top 50% nationwide. This equates to an annual average Providence house appreciation rate of 1.81%.

NeighborhoodScout's data show that during the latest twelve months, Providence's appreciation rate, at 3.79%, has been at or slightly above the national average. In the latest quarter, Providence's appreciation rate has been 0.86%, which annualizes to a rate of 3.50%.

Relative to Rhode Island, our data show that Providence's latest annual appreciation rate is higher than 70% 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 Providence differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in 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 Providence real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$214,904

Providence, RI HOME PRICES

Value Range
> $1,295,000 1.5
$971,001 - $1,295,000 2.6
$647,001 - $971,000 4.8
$518,001 - $647,000 3.5
$388,001 - $518,000 9.4
$259,001 - $388,000 18.0
$129,001 - $259,000 46.2
$65,001 - $129,000 11.1
$0 - $65,000 2.8

Very Low for RI
High for Nation

Value Relative to Nation Value Relative to State
34.207299270073 94.8717948717949

Number Of Homes And Apartments:
62,057

Providence Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
America*
Latest Quarter:
2019 Q1 - 2019 Q2
Last 12 Months:
2018 Q2 - 2019 Q2
Last 2 Years:
2017 Q2 - 2019 Q2
Last 5 Years:
2014 Q2 - 2019 Q2
Last 10 Years:
2009 Q2 - 2019 Q2
Since 2000:
2000 Q1 - 2019 Q2
95.29% 3.49%
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,337 / per month

Homeownership Rate

Homeownership
Owners 31.92
Renters 68.08
Vacant 14.53

Housing Market Details

 

Age of Homes

AGE OF Providence HOMES
2000 or Newer 6.1
1970 - 1999 17.9
1940 - 1969 21.7
1939 or Older 54.3

Types of Homes

TYPE OF Providence HOMES
Single-Family 23.1
Townhomes 3.4
Small Apt. Buildings 50.5
Apt. Complexes 22.6
Mobile Homes 0.1
Other 0.2

Home Size

SIZE OF Providence HOMES
No Bedroom 4.23
1 Bedroom 17.36
2 Bedrooms 36.21
3 Bedrooms 29.96
4 Bedrooms 8.63
5 or more bedrooms 3.62