Woonsocket, RI
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Woonsocket Neighborhoods Since 2000




Woonsocket, 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

Woonsocket Housing Market Information

With 41,475 people, 17,324 houses or apartments, and a median cost of homes of $173,898, Woonsocket real estate values are some of the lowest in Rhode Island, although compared to real estate around the nation, Woonsocket homes are still considered rather expensive.

Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Woonsocket, accounting for 38.91% of the city's housing units. Other types of housing that are prevalent in Woonsocket include large apartment complexes or high rise apartments ( 32.95%), single-family detached homes ( 26.15%), and a few row houses and other attached homes ( 1.94%). Cities that are predominantly high-density buildings are relatively uncommon in the US. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown.

People in Woonsocket primarily live in small (one, two or no bedroom) units, chiefly found in duplexes, homes converted to apartments or other small apartment buildings. Woonsocket has a mixture of owner-occupied and renter-occupied housing.

The housing in Woonsocket was primarily built before 1939 ( 59.39%), making the housing stock in Woonsocket some of the oldest overall in America, although there is a range of ages of homes in Woonsocket. The next most important housing age is between 1940-1969 ( 22.04%), followed by between 1970-1999 ( 15.20%). There's also some housing in Woonsocket built between 2000 and later ( 3.37%).

Vacant housing appears to be an issue in Woonsocket. Fully 11.04% of the housing stock is classified as vacant. Left unchecked, vacant Woonsocket homes and apartments can be a drag on the real estate market, holding Woonsocket real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Woonsocket Home Appreciation Rates

Homes have actually lost value in Woonsocket over the last then years, as home values have seen a decline of 31.44% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Woonsocket home appreciation rates at 0.64%, which equates to an annual appreciation rate of 2.59%.

Appreciation rates are so strong in Woonsocket that despite a nationwide downturn in the housing market, Woonsocket real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Woonsocket appreciation rates continue to be some of the highest in America, at 6.24%, which is higher than appreciation rates in 76.08% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Woonsocket. Woonsocket 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 Woonsocket's latest annual appreciation rate is higher than 60% 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 Woonsocket differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Woonsocket - 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 Woonsocket real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$173,898

Woonsocket, RI HOME PRICES

Value Range
> $1,120,000 0.2
$840,001 - $1,120,000 0.0
$560,001 - $840,000 0.0
$448,001 - $560,000 0.4
$336,001 - $448,000 3.7
$224,001 - $336,000 16.5
$112,001 - $224,000 65.0
$56,001 - $112,000 11.2
$0 - $56,000 2.9

Very Low for RI
Average for Nation

Value Relative to Nation Value Relative to State
40.2847767490918 97.4358974358974

Number Of Homes And Apartments:
17,324

Woonsocket 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
28.86% 1.48% 3
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,149 / per month

Homeownership Rate

Homeownership
Owners 37.57
Renters 62.43
Vacant 11.04

Housing Market Details

 

Age of Homes

AGE OF Woonsocket HOMES
2000 or Newer 3.4
1970 - 1999 15.2
1940 - 1969 22.0
1939 or Older 59.4

Types of Homes

TYPE OF Woonsocket HOMES
Single-Family 26.1
Townhomes 1.9
Small Apt. Buildings 38.9
Apt. Complexes 32.9
Mobile Homes 0.0
Other 0.1

Home Size

SIZE OF Woonsocket HOMES
No Bedroom 3.92
1 Bedroom 19.45
2 Bedrooms 34.58
3 Bedrooms 33.11
4 Bedrooms 6.88
5 or more bedrooms 2.07