$7,719 Closing Credit*
$649,999
6 Beds
•2 Full Baths
Listing Office: Anchor Properties
Is Providence, RI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 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
$489,840
$280/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$64,840(+15.3%)
Key Takeaway
Homes in Providence have sold for 15.3% more than they did a year ago.
Summary: The median home sold price in Providence was $489,840 in November 2024, up 15.3% from last year, and the median price per square foot was $280.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $312.5K | $318K | +1.8% |
| 2 Bedrooms | $357.5K | $359K | 0.4% |
| 3 Bedrooms | $360K | $401K | +11.4% |
| 4 Bedrooms | $400K | $470K | +17.5% |
| 5+ Bedrooms | $525K | $612.4K | +16.6% |
Summary: Providence housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.8%, 2 bedroom homes increased by 0.4%, 3 bedroom homes increased by 11.4%, 4 bedroom homes increased by 17.5%, and 5+ bedroom homes increased by 16.6%.
Median Sold Price Compared To Nearby Cities
| Providence | $425K | $489.8K | +15.3% |
| Cranston | $399.9K | $440K | +10.0% |
| Johnston | $394.5K | $430K | +9.0% |
| North Providence | $360K | $365K | +1.4% |
| Rumford | $445K | $445K | 0.0% |
Housing Supply in Providence, RI
How many homes are available in Providence, RI?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 433 | 390 | -9.9% |
Summary: The Providence real estate market had 390 homes for sale in November 2024, a 9.9% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 26 | 25 | -3.8% |
| 2 Bedrooms | 50 | 55 | +10.0% |
| 3 Bedrooms | 116 | 106 | -8.6% |
| 4 Bedrooms | 82 | 61 | -25.6% |
| 5+ Bedrooms | 159 | 143 | -10.1% |
Summary: The Providence housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 3.8%, 2 bedroom homes increased by 10%, 3 bedroom homes decreased by 8.6%, 4 bedroom homes decreased by 25.6%, and 5+ bedroom homes decreased by 10.1%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 115 | 88 | -23.5% |
Asking Price vs. Sold Price
31 Homes Were Sold
Under Asking
16 Homes Were Sold
At Asking
41 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Providence, you could pay more than the asking price. 46.6% of homes here sold above asking price last month.
Summary: A total of 88 homes were sold or pending in Providence in November 2024, down by 23.5% month-over-month. Of the 88 sold homes, 35% were sold under asking, 18% were sold at asking, and 47% 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
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 24 Days | 24 Days | +3.4% |
Summary: Homes in Providence had an average of 24 days on market in Nov 2024, up by 3.4% compared to last year.
Breakdown of Home Sale Times
58 Homes Were Sold
Under 30 Days
27 Homes Were Sold
In 30 - 90 Days
3 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 November 2024, 88 homes were sold in Providence; 66% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
