Is Providence, RI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$433,787
$260/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Providence have sold for 11.1% more than they did a year ago.
Summary: The median home sold price in Providence was $433,787 in March 2024, up 11.1% from last year, and the median price per square foot was $260.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $273.5K | $304K | +11.2% |
| 2 Bedrooms | $323.9K | $365K | +12.7% |
| 3 Bedrooms | $323.2K | $369.9K | +14.4% |
| 4 Bedrooms | $385K | $415K | +7.8% |
| 5+ Bedrooms | $471.8K | $550K | +16.6% |
Summary: Providence housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.2%, 2 bedroom homes increased by 12.7%, 3 bedroom homes increased by 14.4%, 4 bedroom homes increased by 7.8%, and 5+ bedroom homes increased by 16.6%.
Median Sold Price Compared To Nearby Cities
| Providence | $390.6K | $433.7K | +11.1% |
| North Providence | $336.2K | $370K | +10.0% |
| Cranston | $374.9K | $405.8K | +8.2% |
| Johnston | $375K | $399.9K | +6.6% |
| Rumford | $433.5K | $447K | +3.1% |
Housing Supply in Providence, RI
How many homes are available in Providence, RI?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 331 | 352 | +6.3% |
Summary: The Providence real estate market had 352 homes for sale in March 2024, a 6.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 20 | 23 | +15.0% |
| 2 Bedrooms | 42 | 47 | +11.9% |
| 3 Bedrooms | 85 | 91 | +7.1% |
| 4 Bedrooms | 65 | 74 | +13.8% |
| 5+ Bedrooms | 119 | 117 | -1.7% |
Summary: The Providence housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 15%, 2 bedroom homes increased by 11.9%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 13.8%, and 5+ bedroom homes decreased by 1.7%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 71 | 90 | +26.8% |
Asking Price vs. Sold Price
22 Homes Were Sold
Under Asking
22 Homes Were Sold
At Asking
46 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Providence, you could pay more than the asking price. 51.1% of homes here sold above asking price last month.
Summary: A total of 90 homes were sold or pending in Providence in March 2024, up by 26.8% month-over-month. Of the 90 sold homes, 24% were sold under asking, 24% were sold at asking, and 51% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 35 Days | 34 Days | -4.4% |
Summary: Homes in Providence had an average of 34 days on market in Mar 2024, down by 4.4% compared to last year.
Breakdown of Home Sale Times
62 Homes Were Sold
Under 30 Days
23 Homes Were Sold
In 30 - 90 Days
5 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 March 2024, 90 homes were sold in Providence; 69% of homes were sold within 30 days, 26% of homes were sold within 30 to 90 days, and 6% of homes were sold over 90 days.
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