Smithfield, RI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Smithfield Neighborhoods Since 2000




Smithfield, 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

Smithfield Housing Market Information

With 21,632 people, 7,243 houses or apartments, and a median cost of homes of $294,144, 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 67.09% of the town's housing units. Other types of housing that are prevalent in Smithfield include large apartment complexes or high rise apartments ( 16.92%), duplexes, homes converted to apartments or other small apartment buildings ( 12.01%), and a few row houses and other attached homes ( 3.99%).

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 67.79% of Smithfield's homes, and 56.03% 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 ( 32.33%). A lesser amount of the housing stock also hails from before 1939 ( 13.17%). There's also some housing in Smithfield built between 2000 and later ( 6.61%).

Smithfield Home Appreciation Rates

Smithfield's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Smithfield during the period has been just -1.61%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Smithfield's appreciation rate, at 4.30%, has been at or slightly above the national average. In the latest quarter, Smithfield's appreciation rate has been 0.64%, which annualizes to a rate of 2.59%.

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:
$294,144

Smithfield, RI HOME PRICES

Value Range
> $1,120,000 0.4
$840,001 - $1,120,000 1.4
$560,001 - $840,000 7.0
$448,001 - $560,000 6.1
$336,001 - $448,000 21.0
$224,001 - $336,000 40.4
$112,001 - $224,000 19.0
$56,001 - $112,000 2.7
$0 - $56,000 2.0

Average for RI
Very High for Nation

Value Relative to Nation Value Relative to State
16.8170631665299 58.974358974359

Number Of Homes And Apartments:
7,243

Smithfield 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
52.90% 2.49% 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,204 / per month

Homeownership Rate

Homeownership
Owners 67.79
Renters 32.21
Vacant 5.25

Housing Market Details

 

Age of Homes

AGE OF Smithfield HOMES
2000 or Newer 6.6
1970 - 1999 47.9
1940 - 1969 32.3
1939 or Older 13.2

Types of Homes

TYPE OF Smithfield HOMES
Single-Family 67.1
Townhomes 4.0
Small Apt. Buildings 12.0
Apt. Complexes 16.9
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Smithfield HOMES
No Bedroom 0.76
1 Bedroom 12.53
2 Bedrooms 27.81
3 Bedrooms 45.13
4 Bedrooms 10.90
5 or more bedrooms 2.86