Providence’s Real Estate Market Grows: Property Values Up 33% Last 12 Months

The article provides a comprehensive analysis of the real estate market in Providence and nearby cities, highlighting the upward trend in property values and resilience of the market despite fluctuating sales.

authorWritten by Manuel MartinezApr 1, 2024

Providence’s real estate market is growing, with the average value of properties on an upward trajectory and per square foot values witnessing a similar surge. Providence’s real estate is a tale of growth and potential. This article aims to dissect these trends systematically, providing you with an in-depth understanding of what’s happening on the ground.

Providence, RI: A Flourishing Real Estate Market

Providence RI Market Report April 2024 - House Prices
Providence RI Market Report April 2024 – House Prices

Providence, the capital city of Rhode Island, displays a robust real estate market, showing significant growth in the average property values within a year-long span. Starting from an average value of $374,900 in March 2023, property values soared by an impressive 33% to reach an average of $500,499 in February 2024. The per square foot value, an important indicator of real estate vitality, also rose from $219 to $252 during this period.

These numbers suggest an increasing demand for properties in Providence, reflecting a strong market with potential for further growth. An interesting aspect to consider is the average sale price per square foot, which witnessed a trend generally ascending from $268 in March 2023 to $264 in February 2024. This indicates that while the overall value of properties is increasing, buyers are still getting relatively more reasonable per square foot pricing when it comes to closed deals, showcasing some fluctuation but exemplifying market resilience.

Despite these upward trends, the number of properties sold didn’t follow the same pattern. Instead, they remained stable, suggesting that while the value of real estate is increasing, the market turnover in terms of the number of properties sold is not experiencing a boom, maintaining a balance between supply and demand.

Comparing Providence to Nearby Cities

Providence’s real estate surge is not a phenomenon occurring in isolation; it’s part of a broader trend within the region.

Nearby cities have also experienced variegated patterns in their real estate markets:

  • East Providence: While the average property value showed a minor decline from $415,000 in March 2023 to $370,000 in February 2024, the per square foot value increased, indicating a market that rewards smaller, potentially higher-quality spaces.
  • North Providence: Here, we see a slight decline in the average value of properties, from $359,900 to $324,900. Contrary to the trends in Providence, this may point to a cooling market or perhaps a more significant availability of affordable housing options.
  • Rumford: As the standout with the highest average property values among nearby cities, Rumford hit a peak in February 2024 at $589,900. With only one property representing this data point, it may be an outlier or indicative of a potential niche market of high-value estates.
  • Pawtucket & Cranston: These cities showcased a slight increase in average values from March 2023 to February 2024, another testament to the generally bullish trend of the Providence metro area’s real estate market.
  • Snapshot of Providence’s Market in February 2024

As of February 2024, here is a snapshot of the state of play in the local real estate space:

Average house values and homes for sale

Providence RI Market Report April 2024 - Homes For Sale
Providence RI Market Report April 2024 – Homes For Sale

The city’s average value sits comfortably at $500,499, with tangible growth in value over the explored timeline. A total count of 50 properties indicates a market with a moderate number of listings.

Average house prices

With an average sale price of $378,700 and a vibrant sold property count of 840, this paints a picture of a healthy turnover in the city’s real estate landscape.

Comparatively, East Providence, North Providence, Rumford, Pawtucket, and Cranston have all shown themselves to be dynamic counterparts to Providence. Despite the variations, each city reflects part of a complex and interconnected market.

Analyzing the nearby cities’ metrics for February 2024 yields intriguing insights:

  • East Providence: Though the average value dipped slightly to $370,000, a solid sale price average of $356,363 with 131 properties sold points to an active market.
  • North Providence: Here, the average value stands at $324,900. However, the higher average sold per square foot value of $271 and a significant count of 255 properties sold confirm that smaller, higher-value properties might be driving sales.
  • Rumford: The luxury market in Rumford is suggested by the lofty average value of $589,900 and the highest average per square foot value of $320 within the dataset, despite a lower property sold count of 60.
  • Pawtucket and Cranston: With average values of $324,900 and $379,950, respectively, and robust sold counts of 345 and 408 properties, these cities suggest an active market with an upward trend in property values.
  • In conclusion, whether you’re an investor, a homeowner, or a potential buyer, understanding these numbers is crucial for making informed decisions. The upward trend in Providence’s average property values signifies a burgeoning market – a trend we see echoed through varying degrees in the surrounding cities, demonstrating the area’s general real estate vitality and potential.

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