Is Providence, RI a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Providence is a seller's market

Buyer's
Market

Difference Since January 2022

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.

How much do homes in Providence, RI cost?

Median Sold Price

$385,043

$239/sqft

Based on all homes sold in the last 12 months.

Difference Since January 2022

+$45,061(+13.3%)

Key Takeaway

Homes in Providence have sold for 13.3% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSJan 2022Jan 2023%
1 $240K$261.5K
+9.0%
2 $289K$322.9K
+11.8%
3 $296.1K$316.8K
+7.0%
4 $325.3K$381.6K
+17.3%
5+ $394K$460.8K
+16.9%

Median Sold Price Compared To Nearby Cities

Rumford
+25.2%
Johnston
+13.8%
Providence
+13.3%
Cranston
+11.4%
North Providence
+10.0%

How many homes are available in Providence, RI?

Number of Homes For Sale

Dec 2022Jan 2023%
346304-12.1%

Homes For Sale By Bedroom Count

# BEDSDec 2022Jan 2023%
1 1415
+7.1%
2 4745
-4.3%
3 8667
-22.1%
4 6666
0.0%
5+ 133111
-16.5%

Number of Homes Sold

Dec 2022Jan 2023%
12484-32.3%

Asking Price vs. Sold Price

29 Homes Were Sold
Under Asking

18 Homes Were Sold
At Asking

37 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Providence, you could pay more than the asking price. 44% of homes here sold above asking price last month.

Average Sale Time

Jan 2022Jan 2023%
32 Days28 Days-10.6%

Breakdown of Home Sale Times

55 Homes Were Sold
Under 30 Days

25 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Providence are selling fast, if you're buying plan to act quickly.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About Providence, RI

Providence, RI has 304 homes for sale to choose from. The number of homes for sale in Providence, RI decreased by 12.1% between December 2022 and January 2023. While the average time on the market in January 2023 was 28 days, the median list price was $385,043. Between December 2022 and January 2023, listing prices of homes in this real estate market have seen the following changes: prices of 1 bedroom properties went up by 9%, 2 bedrooms properties became 11.8% more expensive, prices of 3 bedrooms properties increased by 7%, 4 bedrooms properties prices increased by 17.3%, 5 bedrooms properties prices increased by 16.9%. Volume of homes for sale changed: volume of 1 bedroom homes went up by 7.1%, 2 bedrooms homes inventory decreased by 4.3%, the quantity of 3 bedrooms homes went down by 22.1%, number of 4 bedrooms homes remained the same, the quantity of 5 bedrooms homes went down by 16.5%. In January 2023, from all listings sold in Providence, RI there were more than 37 sold above asking price, over 29 sold below and more than 18 were sold right at the asked price.

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