Is Providence, 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, 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
$451,500
$269/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Providence have sold for 14.9% more than they did a year ago.
Summary: The median home sold price in Providence was $451,500 in May 2024, up 14.9% from last year, and the median price per square foot was $269.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $278K | $320K | +15.1% |
| 2 Bedrooms | $322K | $369K | +14.6% |
| 3 Bedrooms | $326.6K | $380K | +16.3% |
| 4 Bedrooms | $385.6K | $425K | +10.2% |
| 5+ Bedrooms | $475K | $568.8K | +19.8% |
Summary: Providence housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 15.1%, 2 bedroom homes increased by 14.6%, 3 bedroom homes increased by 16.3%, 4 bedroom homes increased by 10.2%, and 5+ bedroom homes increased by 19.8%.
Median Sold Price Compared To Nearby Cities
| Providence | $392.7K | $451.5K | +14.9% |
| North Providence | $335K | $373.1K | +11.4% |
| Cranston | $378.5K | $410K | +8.3% |
| Johnston | $380K | $402.5K | +5.9% |
| Rumford | $437.5K | $445K | +1.7% |
Housing Supply in Providence, RI
How many homes are available in Providence, RI?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 418 | 423 | +1.2% |
Summary: The Providence real estate market had 423 homes for sale in May 2024, a 1.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 31 | 27 | -12.9% |
| 2 Bedrooms | 57 | 63 | +10.5% |
| 3 Bedrooms | 102 | 101 | -1.0% |
| 4 Bedrooms | 83 | 91 | +9.6% |
| 5+ Bedrooms | 145 | 141 | -2.8% |
Summary: The Providence housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 12.9%, 2 bedroom homes increased by 10.5%, 3 bedroom homes decreased by 1%, 4 bedroom homes increased by 9.6%, and 5+ bedroom homes decreased by 2.8%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 116 | 117 | +0.9% |
Asking Price vs. Sold Price
22 Homes Were Sold
Under Asking
26 Homes Were Sold
At Asking
69 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Providence, you could pay more than the asking price. 59% of homes here sold above asking price last month.
Summary: A total of 117 homes were sold or pending in Providence in May 2024, up by 0.9% month-over-month. Of the 117 sold homes, 19% were sold under asking, 22% were sold at asking, and 59% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 21 Days | 26 Days | +20.7% |
Summary: Homes in Providence had an average of 26 days on market in May 2024, up by 20.7% compared to last year.
Breakdown of Home Sale Times
84 Homes Were Sold
Under 30 Days
27 Homes Were Sold
In 30 - 90 Days
6 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 May 2024, 117 homes were sold in Providence; 72% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
