West Warwick, 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 Q2 2021. 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

West Warwick, RI Housing Market Trends

With 28,962 people, 12,973 houses or apartments, and a median cost of homes of $280,870, West Warwick real estate values are some of the lowest in Rhode Island, although compared to real estate around the nation, West Warwick homes are still considered rather expensive.

Single-family detached homes are the single most common housing type in West Warwick, accounting for 42.66% of the town's housing units. Other types of housing that are prevalent in West Warwick include large apartment complexes or high rise apartments ( 28.55%), duplexes, homes converted to apartments or other small apartment buildings ( 22.38%), and a few row houses and other attached homes ( 6.41%).

People in West Warwick primarily live in small (one, two or no bedroom) single-family detached homes. West Warwick has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in West Warwick 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 West Warwick built before 1939 ( 29.14%). A lesser amount of the housing stock also hails from between 1940-1969 ( 27.17%). There's also some housing in West Warwick built between 2000 and later ( 6.29%).

West Warwick Home Appreciation Rates

Appreciation rates for homes in West Warwick have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 56.32%, which ranks in the top 30% nationwide. This equates to an annual average West Warwick house appreciation rate of 4.57%.

Appreciation rates are so strong in West Warwick that despite a nationwide downturn in the housing market, West Warwick real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, West Warwick appreciation rates continue to be some of the highest in America, at 13.32%, which is higher than appreciation rates in 90.58% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in West Warwick. West Warwick appreciation rates in the latest quarter were at 4.12%, which equates to an annual appreciation rate of 17.54%.

Importantly, this makes West Warwick one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.

Relative to Rhode Island, our data show that West Warwick'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 town. Individual neighborhoods within West Warwick differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in West 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 West Warwick real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$280,870

West Warwick, RI HOME PRICES

> $1,318,000
0.3%
0.3%
$989,001 - $1,318,000
0.4%
0.4%
$659,001 - $989,000
0.8%
0.8%
$527,001 - $659,000
1.1%
1.1%
$395,001 - $527,000
10.1%
10.1%
$263,001 - $395,000
39.4%
39.4%
$132,001 - $263,000
44.3%
44.3%
$66,001 - $132,000
1.2%
1.2%
$0 - $66,000
2.3%
2.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very Low for RI

Value Relative To Nation

Number Of Homes And Apartments:
12,973

West Warwick Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
118.08% 3.69%
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,556 / per month

Homeownership Rate

Owners
53.6%
53.6%
Renters
46.4%
46.4%
Vacant
7.6%
7.6%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
6.3%
6.3%
1970 - 1999
37.4%
37.4%
1940 - 1969
27.2%
27.2%
1939 or Older
29.1%
29.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
42.7%
42.7%
Townhomes
6.4%
6.4%
Small Apt. Buildings
22.4%
22.4%
Apt. Complexes
28.6%
28.6%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.9%
3.9%
1 Bedroom
17.0%
17.0%
2 Bedrooms
37.1%
37.1%
3 Bedrooms
33.2%
33.2%
4 Bedrooms
6.7%
6.7%
5 or more bedrooms
2.1%
2.1%
0.0% 100.0%
% OF HOMES