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 Q1 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

Providence Housing Market Information

With a population of 179,335, 61,638 total housing units (homes and apartments), and a median house value of $248,447, 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 50.09% of the city's housing units. Other types of housing that are prevalent in Providence include single-family detached homes ( 23.27%), large apartment complexes or high rise apartments ( 23.25%), and a few row houses and other attached homes ( 3.15%). 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.

Providence is dominated by renter-occupied one, two, or no bedrooms apartments. 67.68% of Providence's dwellings are rentals.

The housing in Providence was primarily built before 1939 ( 55.60%), 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 ( 21.00%), followed by between 1970-1999 ( 18.13%). There's also some housing in Providence built between 2000 and later ( 5.27%).

Vacant housing appears to be an issue in Providence. Fully 15.40% 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 37.97%, which ranks in the top 30% nationwide. This equates to an annual average Providence house appreciation rate of 3.27%.

Appreciation rates are so strong in Providence that despite a nationwide downturn in the housing market, Providence real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Providence appreciation rates continue to be some of the highest in America, at 7.55%, which is higher than appreciation rates in 81.33% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Providence. Providence appreciation rates in the latest quarter were at 1.59%, which equates to an annual appreciation rate of 6.51%.

Relative to Rhode Island, our data show that 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 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:
$248,447

Providence, RI HOME PRICES

Value Range
> $1,270,000 1.8
$953,001 - $1,270,000 2.6
$635,001 - $953,000 5.0
$508,001 - $635,000 3.8
$381,001 - $508,000 9.8
$254,001 - $381,000 19.8
$127,001 - $254,000 47.1
$63,001 - $127,000 7.7
$0 - $63,000 2.3

Very Low for RI
High for Nation

Value Relative to Nation Value Relative to State
29.0861313868613 87.1794871794872

Number Of Homes And Apartments:
61,638

Providence Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
America*
Latest Quarter:
2019 Q4 - 2020 Q1
Last 12 Months:
2019 Q1 - 2020 Q1
Last 2 Years:
2018 Q1 - 2020 Q1
Last 5 Years:
2015 Q1 - 2020 Q1
Last 10 Years:
2010 Q1 - 2020 Q1
Since 2000:
2000 Q1 - 2020 Q1
109.14% 3.71%
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,367 / per month

Homeownership Rate

Homeownership
Owners 32.32
Renters 67.68
Vacant 15.40

Housing Market Details

 

Age of Homes

AGE OF Providence HOMES
2000 or Newer 5.3
1970 - 1999 18.1
1940 - 1969 21.0
1939 or Older 55.6

Types of Homes

TYPE OF Providence HOMES
Single-Family 23.3
Townhomes 3.1
Small Apt. Buildings 50.1
Apt. Complexes 23.3
Mobile Homes 0.1
Other 0.2

Home Size

SIZE OF Providence HOMES
No Bedroom 4.16
1 Bedroom 17.90
2 Bedrooms 36.91
3 Bedrooms 29.64
4 Bedrooms 8.10
5 or more bedrooms 3.29