Is Providence, RI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Providence has remained a Seller's Market.
Key Takeaway
Providence is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Providence, RI
How much do homes in Providence, RI cost?
Median Sold Price
$443,222
$263/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Providence have sold for 12.7% more than they did a year ago.
Summary: The median home sold price in Providence was $443,222 in April 2024, up 12.7% from last year, and the median price per square foot was $263.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $275K | $315K | +14.5% |
| 2 Bedrooms | $327.5K | $365K | +11.5% |
| 3 Bedrooms | $325K | $375K | +15.4% |
| 4 Bedrooms | $385.1K | $420K | +9.1% |
| 5+ Bedrooms | $473.1K | $560K | +18.4% |
Summary: Providence housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.5%, 2 bedroom homes increased by 11.5%, 3 bedroom homes increased by 15.4%, 4 bedroom homes increased by 9.1%, and 5+ bedroom homes increased by 18.4%.
Median Sold Price Compared To Nearby Cities
| Providence | $393.2K | $443.2K | +12.7% |
| North Providence | $335K | $375K | +11.9% |
| Cranston | $375K | $409.4K | +9.2% |
| Johnston | $379.9K | $400K | +5.3% |
| Rumford | $433.5K | $447K | +3.1% |
Housing Supply in Providence, RI
How many homes are available in Providence, RI?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 370 | 406 | +9.7% |
Summary: The Providence real estate market had 406 homes for sale in April 2024, a 9.7% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 23 | 33 | +43.5% |
| 2 Bedrooms | 50 | 60 | +20.0% |
| 3 Bedrooms | 86 | 95 | +10.5% |
| 4 Bedrooms | 73 | 74 | +1.4% |
| 5+ Bedrooms | 138 | 144 | +4.3% |
Summary: The Providence housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 43.5%, 2 bedroom homes increased by 20%, 3 bedroom homes increased by 10.5%, 4 bedroom homes increased by 1.4%, and 5+ bedroom homes increased by 4.3%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 92 | 109 | +18.5% |
Asking Price vs. Sold Price
31 Homes Were Sold
Under Asking
21 Homes Were Sold
At Asking
57 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Providence, you could pay more than the asking price. 52.3% of homes here sold above asking price last month.
Summary: A total of 109 homes were sold or pending in Providence in April 2024, up by 18.5% month-over-month. Of the 109 sold homes, 28% were sold under asking, 19% were sold at asking, and 52% were sold over asking.
Days on Market for Providence, RI
How long does it take to sell a home in Providence, RI?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 29 Days | 30 Days | +4.3% |
Summary: Homes in Providence had an average of 30 days on market in Apr 2024, up by 4.3% compared to last year.
Breakdown of Home Sale Times
74 Homes Were Sold
Under 30 Days
27 Homes Were Sold
In 30 - 90 Days
8 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Providence are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 109 homes were sold in Providence; 68% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
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