Smithfield, RI Real Estate Market

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 Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Smithfield, RI Housing Market Trends

With 21,897 people, 7,690 houses or apartments, and a median cost of homes of $328,974, Smithfield real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Smithfield, accounting for 66.52% of the town's housing units. Other types of housing that are prevalent in Smithfield include large apartment complexes or high rise apartments ( 17.28%), duplexes, homes converted to apartments or other small apartment buildings ( 9.81%), and a few row houses and other attached homes ( 5.97%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Smithfield. Owner-occupied housing accounts for 67.42% of Smithfield's homes, and 55.20% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Smithfield built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Smithfield built between 1940-1969 ( 31.95%). A lesser amount of the housing stock also hails from before 1939 ( 14.99%). There's also some housing in Smithfield built between 2000 and later ( 7.86%).

Smithfield Home Appreciation Rates

Real estate appreciation rates in Smithfield's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 2.63% during the period.

Appreciation rates are so strong in Smithfield that despite a nationwide downturn in the housing market, Smithfield real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Smithfield appreciation rates continue to be some of the highest in America, at 6.37%, which is higher than appreciation rates in 71.18% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Smithfield. Smithfield appreciation rates in the latest quarter were at 2.53%, which equates to an annual appreciation rate of 10.53%.

Relative to Rhode Island, our data show that Smithfield's latest annual appreciation rate is lower than 70% of the other cities and towns in Rhode Island.

Average Home Values

 

Median Home Value:
$328,974

Smithfield, RI HOME PRICES

> $1,184,000
0.5%
0.5%
$888,001 - $1,184,000
1.7%
1.7%
$592,001 - $888,000
7.0%
7.0%
$473,001 - $592,000
8.0%
8.0%
$355,001 - $473,000
28.5%
28.5%
$237,001 - $355,000
36.0%
36.0%
$118,001 - $237,000
15.2%
15.2%
$59,001 - $118,000
1.6%
1.6%
$0 - $59,000
1.6%
1.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Low for RI

Value Relative To Nation

Number Of Homes And Apartments:
7,690

Smithfield Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
86.27% 3.01%
7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,260 / per month

Homeownership Rate

Owners
67.4%
67.4%
Renters
32.6%
32.6%
Vacant
5.3%
5.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
7.9%
7.9%
1970 - 1999
45.2%
45.2%
1940 - 1969
32.0%
32.0%
1939 or Older
15.0%
15.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
66.5%
66.5%
Townhomes
6.0%
6.0%
Small Apt. Buildings
9.8%
9.8%
Apt. Complexes
17.3%
17.3%
Mobile Homes
0.4%
0.4%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
5.1%
5.1%
1 Bedroom
13.1%
13.1%
2 Bedrooms
24.5%
24.5%
3 Bedrooms
40.7%
40.7%
4 Bedrooms
14.5%
14.5%
5 or more bedrooms
2.1%
2.1%
0.0% 100.0%
% OF HOMES