Warwick, RI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Warwick, RI Real Estate Data


Warwick Housing Market Information

With 81,699 people, 35,156 houses or apartments, and a median cost of homes of $239,515, Warwick real estate values are some of the lowest in Rhode Island, although compared to real estate around the nation, Warwick homes are still considered rather expensive.

Single-family detached homes are the single most common housing type in Warwick, accounting for 71.94% of the city's housing units. Other types of housing that are prevalent in Warwick include large apartment complexes or high rise apartments ( 17.74%), duplexes, homes converted to apartments or other small apartment buildings ( 7.05%), and a few row houses and other attached homes ( 2.97%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Warwick. Owner-occupied housing accounts for 70.75% of Warwick's homes, and 53.02% have either three or four bedrooms, which is average sized relative to America.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Warwick's housing was primarily built during this period, from the '40s through the '60s. A full 44.65% of the city's housing hails from this era. Other housing ages represented in Warwick include homes built between 1970-1999 ( 29.79%) and housing constructed before 1939 ( 21.80%). There's also some housing in Warwick built between 2000 and later ( 3.76%).

Warwick Home Appreciation Rates

Homes have actually lost value in Warwick over the last then years, as home values have seen a decline of 20.67% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Warwick home appreciation rates at 2.07%, which equates to an annual appreciation rate of 8.54%.

Appreciation rates are so strong in Warwick that despite a nationwide downturn in the housing market, Warwick real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Warwick appreciation rates continue to be some of the highest in America, at 6.11%, which is higher than appreciation rates in 75.60% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Warwick. Warwick appreciation rates in the latest quarter were at 2.07%, which equates to an annual appreciation rate of 8.54%.

Relative to Rhode Island, our data show that Warwick's latest annual appreciation rate is higher than 50% 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 Warwick differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Warwick - 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 Warwick real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$239,515

Warwick, RI HOME PRICES

Value Range
> $1,131,000 0.9
$848,001 - $1,131,000 0.3
$566,001 - $848,000 2.1
$453,001 - $566,000 3.6
$339,001 - $453,000 10.5
$226,001 - $339,000 31.7
$113,001 - $226,000 45.6
$57,001 - $113,000 2.7
$0 - $57,000 2.6

Very Low for RI
High for Nation

Value Relative to Nation Value Relative to State
24.8404286467178 84.6153846153846

Number Of Homes And Apartments:
35,156

Rent & Ownership

 

Average Market Rent:
$1,286 / per month

Homeownership Rate

Homeownership
Owners 70.75
Renters 29.25
Vacant 6.23

Housing Market Details

 

Age of Homes

AGE OF Warwick HOMES
2000 or Newer 3.8
1970 - 1999 29.8
1940 - 1969 44.6
1939 or Older 21.8

Types of Homes

TYPE OF Warwick HOMES
Single-Family 71.9
Townhomes 3.0
Small Apt. Buildings 7.1
Apt. Complexes 17.7
Mobile Homes 0.3
Other 0.0

Home Size

SIZE OF Warwick HOMES
No Bedroom 2.46
1 Bedroom 14.62
2 Bedrooms 27.85
3 Bedrooms 41.45
4 Bedrooms 11.57
5 or more bedrooms 2.04

Warwick 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
54.51% 2.59% 7
* 10 is highest