West Warwick, RI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating West Warwick Neighborhoods Since 2000




West Warwick, 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

West Warwick Housing Market Information

With a population of 28,852, 12,579 total housing units (homes and apartments), and a median house value of $213,863, 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 42.34% of the town's housing units. Other types of housing that are prevalent in West Warwick include large apartment complexes or high rise apartments ( 27.21%), duplexes, homes converted to apartments or other small apartment buildings ( 23.76%), and a few row houses and other attached homes ( 6.70%).

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 ( 30.45%). A lesser amount of the housing stock also hails from between 1940-1969 ( 28.04%). There's also some housing in West Warwick built between 2000 and later ( 6.57%).

West Warwick Home Appreciation Rates

Homes have actually lost value in West Warwick over the last then years, as home values have seen a decline of 25.33% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows West Warwick home appreciation rates at 0.64%, which equates to an annual appreciation rate of 2.59%.

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 6.60%, which is higher than appreciation rates in 78.60% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in West Warwick. West Warwick appreciation rates in the latest quarter were at 0.64%, which equates to an annual appreciation rate of 2.59%.

Relative to Rhode Island, our data show that West Warwick's latest annual appreciation rate is higher than 70% 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:
$213,863

West Warwick, RI HOME PRICES

Value Range
> $1,118,000 0.1
$839,001 - $1,118,000 0.1
$559,001 - $839,000 0.2
$447,001 - $559,000 0.7
$336,001 - $447,000 7.8
$224,001 - $336,000 30.5
$112,001 - $224,000 51.8
$56,001 - $112,000 5.6
$0 - $56,000 3.1

Very Low for RI
High for Nation

Value Relative to Nation Value Relative to State
29.0167584671276 89.7435897435898

Number Of Homes And Apartments:
12,579

West Warwick 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
48.99% 2.34% 6
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,166 / per month

Homeownership Rate

Homeownership
Owners 53.00
Renters 47.00
Vacant 8.83

Housing Market Details

 

Age of Homes

AGE OF West Warwick HOMES
2000 or Newer 6.6
1970 - 1999 34.9
1940 - 1969 28.0
1939 or Older 30.4

Types of Homes

TYPE OF West Warwick HOMES
Single-Family 42.3
Townhomes 6.7
Small Apt. Buildings 23.8
Apt. Complexes 27.2
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF West Warwick HOMES
No Bedroom 2.54
1 Bedroom 17.97
2 Bedrooms 33.83
3 Bedrooms 35.19
4 Bedrooms 8.07
5 or more bedrooms 2.41