Is Cranston, RI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Cranston has remained a Seller's Market.
Key Takeaway
Cranston is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Cranston, RI
How much do homes in Cranston, RI cost?
Median Sold Price
$410,000
$250/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Cranston have sold for 8.3% more than they did a year ago.
Summary: The median home sold price in Cranston was $410,000 in May 2024, up 8.3% from last year, and the median price per square foot was $250.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $186K | $182K | -2.2% |
| 2 Bedrooms | $310K | $340K | +9.7% |
| 3 Bedrooms | $379.6K | $414K | +9.1% |
| 4 Bedrooms | $410K | $443K | +8.0% |
| 5+ Bedrooms | $461K | $530K | +15.0% |
Summary: Cranston housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2.2%, 2 bedroom homes increased by 9.7%, 3 bedroom homes increased by 9.1%, 4 bedroom homes increased by 8%, and 5+ bedroom homes increased by 15%.
Median Sold Price Compared To Nearby Cities
| Providence | $392.7K | $451.5K | +14.9% |
| Warwick | $346.9K | $385K | +11.0% |
| West Warwick | $332K | $362K | +9.0% |
| Cranston | $378.5K | $410K | +8.3% |
| Johnston | $380K | $402.5K | +5.9% |
Housing Supply in Cranston, RI
How many homes are available in Cranston, RI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 209 | 213 | +1.9% |
Summary: The Cranston real estate market had 213 homes for sale in May 2024, a 1.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 6 | +50.0% |
| 2 Bedrooms | 40 | 46 | +15.0% |
| 3 Bedrooms | 109 | 106 | -2.8% |
| 4 Bedrooms | 38 | 41 | +7.9% |
| 5+ Bedrooms | 18 | 14 | -22.2% |
Summary: The Cranston housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 15%, 3 bedroom homes decreased by 2.8%, 4 bedroom homes increased by 7.9%, and 5+ bedroom homes decreased by 22.2%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 65 | 63 | -3.1% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
43 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cranston, you could pay more than the asking price. 68.3% of homes here sold above asking price last month.
Summary: A total of 63 homes were sold or pending in Cranston in May 2024, down by 3.1% month-over-month. Of the 63 sold homes, 21% were sold under asking, 11% were sold at asking, and 68% were sold over asking.
Days on Market for Cranston, RI
How long does it take to sell a home in Cranston, RI?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 21 Days | 20 Days | -2.6% |
Summary: Homes in Cranston had an average of 20 days on market in May 2024, down by 2.6% compared to last year.
Breakdown of Home Sale Times
48 Homes Were Sold
Under 30 Days
14 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Cranston are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 63 homes were sold in Cranston; 76% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
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