$4,986 Closing Credit*
$419,900
1,845 SqFt
3 Beds
•1 Full Bath, 1 Partial
Listing Office: RI Real Estate Services
Is Providence, RI a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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
$484,800
$277/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$64,612(+15.4%)
Key Takeaway
Homes in Providence have sold for 15.4% more than they did a year ago.
Summary: The median home sold price in Providence was $484,800 in October 2024, up 15.4% from last year, and the median price per square foot was $277.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $307.5K | $316K | +2.8% |
| 2 Bedrooms | $356K | $360K | +1.1% |
| 3 Bedrooms | $350K | $401K | +14.6% |
| 4 Bedrooms | $395K | $460K | +16.5% |
| 5+ Bedrooms | $515K | $608.2K | +18.1% |
Summary: Providence housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.8%, 2 bedroom homes increased by 1.1%, 3 bedroom homes increased by 14.6%, 4 bedroom homes increased by 16.5%, and 5+ bedroom homes increased by 18.1%.
Median Sold Price Compared To Nearby Cities
| Providence | $420.1K | $484.8K | +15.4% |
| Johnston | $390K | $429.3K | +10.1% |
| Cranston | $395K | $434.2K | +9.9% |
| North Providence | $355K | $369.9K | +4.2% |
| Rumford | $449K | $445K | -0.9% |
Housing Supply in Providence, RI
How many homes are available in Providence, RI?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 421 | 433 | +2.9% |
Summary: The Providence real estate market had 433 homes for sale in October 2024, a 2.9% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 24 | 26 | +8.3% |
| 2 Bedrooms | 59 | 59 | 0.0% |
| 3 Bedrooms | 105 | 114 | +8.6% |
| 4 Bedrooms | 79 | 76 | -3.8% |
| 5+ Bedrooms | 154 | 158 | +2.6% |
Summary: The Providence housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 8.3%, 2 bedroom homes remained the same, 3 bedroom homes increased by 8.6%, 4 bedroom homes decreased by 3.8%, and 5+ bedroom homes increased by 2.6%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 124 | 107 | -13.7% |
Asking Price vs. Sold Price
39 Homes Were Sold
Under Asking
16 Homes Were Sold
At Asking
52 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Providence, you could pay more than the asking price. 48.6% of homes here sold above asking price last month.
Summary: A total of 107 homes were sold or pending in Providence in October 2024, down by 13.7% month-over-month. Of the 107 sold homes, 36% were sold under asking, 15% were sold at asking, and 49% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 22 Days | 31 Days | +39.3% |
Summary: Homes in Providence had an average of 31 days on market in Oct 2024, up by 39.3% compared to last year.
Breakdown of Home Sale Times
64 Homes Were Sold
Under 30 Days
36 Homes Were Sold
In 30 - 90 Days
7 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 October 2024, 107 homes were sold in Providence; 60% of homes were sold within 30 days, 34% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
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