Providence, RI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Providence Neighborhoods Since 2000




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 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

Providence Housing Market Information

With 179,207 people, 61,481 houses or apartments, and a median cost of homes of $178,222, 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 49.96% of the city's housing units. Other types of housing that are prevalent in Providence include single-family detached homes ( 23.79%), large apartment complexes or high rise apartments ( 21.58%), and a few row houses and other attached homes ( 4.33%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

Providence is dominated by renter-occupied one, two, or no bedrooms apartments. 67.90% of Providence's dwellings are rentals.

The housing in Providence was primarily built before 1939 ( 52.91%), 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 ( 23.37%), followed by between 1970-1999 ( 17.54%). There's also some housing in Providence built between 2000 and later ( 6.18%).

Vacant housing appears to be an issue in Providence. Fully 13.50% 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

Homes have actually lost value in Providence over the last then years, as home values have seen a decline of 22.67% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Providence home appreciation rates at 0.64%, which equates to an annual appreciation rate of 2.59%.

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 8.22%, which is higher than appreciation rates in 87.81% 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 0.64%, which equates to an annual appreciation rate of 2.59%.

Relative to Rhode Island, our data show that Providence's latest annual appreciation rate is higher than 90% 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:
$178,222

Providence, RI HOME PRICES

Value Range
> $1,143,000 2.0
$857,001 - $1,143,000 2.5
$571,001 - $857,000 3.9
$457,001 - $571,000 3.7
$343,001 - $457,000 7.7
$228,001 - $343,000 18.8
$114,001 - $228,000 46.3
$57,001 - $114,000 12.4
$0 - $57,000 2.7

Very Low for RI
High for Nation

Value Relative to Nation Value Relative to State
38.7378413219266 94.8717948717949

Number Of Homes And Apartments:
61,481

Providence 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
60.10% 2.77% 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,195 / per month

Homeownership Rate

Homeownership
Owners 32.10
Renters 67.90
Vacant 13.50

Housing Market Details

 

Age of Homes

AGE OF Providence HOMES
2000 or Newer 6.2
1970 - 1999 17.5
1940 - 1969 23.4
1939 or Older 52.9

Types of Homes

TYPE OF Providence HOMES
Single-Family 23.8
Townhomes 4.3
Small Apt. Buildings 50.0
Apt. Complexes 21.6
Mobile Homes 0.1
Other 0.2

Home Size

SIZE OF Providence HOMES
No Bedroom 4.31
1 Bedroom 16.10
2 Bedrooms 35.92
3 Bedrooms 31.49
4 Bedrooms 8.51
5 or more bedrooms 3.66