Providence, RI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Providence, RI Real Estate Data


Providence Housing Market Information

With 179,207 people, 60,967 houses or apartments, and a median cost of homes of $250,321, Providence real estate prices are well above average cost compared to national prices.

Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Providence, accounting for 50.79% of the city's housing units. Other types of housing that are prevalent in Providence include single-family detached homes ( 23.01%), large apartment complexes or high rise apartments ( 21.72%), and a few row houses and other attached homes ( 4.04%). 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. 67.82% of Providence's dwellings are rentals.

The housing in Providence was primarily built before 1939 ( 54.86%), 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 ( 22.17%), followed by between 1970-1999 ( 17.54%). There's also some housing in Providence built between 2000 and later ( 5.43%).

Vacant housing appears to be an issue in Providence. Fully 14.31% 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 25.12% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Providence home appreciation rates at 2.07%, which equates to an annual appreciation rate of 8.54%.

NeighborhoodScout's data show that during the latest twelve months, Providence's appreciation rate, at 4.98%, has been at or slightly above the national average. In the latest quarter, Providence's appreciation rate has been 2.07%, which annualizes to a rate of 8.54%.

Relative to Rhode Island, our data show that Providence's latest annual appreciation rate is lower 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:
$250,321

Providence, RI HOME PRICES

Value Range
> $1,091,000 2.3
$818,001 - $1,091,000 2.6
$546,001 - $818,000 4.1
$436,001 - $546,000 3.5
$327,001 - $436,000 8.5
$218,001 - $327,000 20.3
$109,001 - $218,000 43.5
$55,001 - $109,000 12.0
$0 - $55,000 3.1

Low for RI
High for Nation

Value Relative to Nation Value Relative to State
23.1363822685483 74.3589743589744

Number Of Homes And Apartments:
60,967

Rent & Ownership

 

Average Market Rent:
$1,151 / per month

Homeownership Rate

Homeownership
Owners 32.18
Renters 67.82
Vacant 14.31

Housing Market Details

 

Age of Homes

AGE OF Providence HOMES
2000 or Newer 5.4
1970 - 1999 17.5
1940 - 1969 22.2
1939 or Older 54.9

Types of Homes

TYPE OF Providence HOMES
Single-Family 23.0
Townhomes 4.0
Small Apt. Buildings 50.8
Apt. Complexes 21.7
Mobile Homes 0.2
Other 0.2

Home Size

SIZE OF Providence HOMES
No Bedroom 4.27
1 Bedroom 15.94
2 Bedrooms 36.28
3 Bedrooms 30.78
4 Bedrooms 8.73
5 or more bedrooms 4.00

Providence Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
53.20% 2.54% 6
* 10 is highest