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Providence real estate market overview
- Average Monthly Rent: $2,483
- Home Price/Value Percentage Change: 4.50%
- Median Home Value: $343,564
- Best Time To Sell a Home: June
- Affordability Index: Moderate
- Days To Sell a House: 55
- Job Market: Weak
- Public School Ranking: 16
Location and weather
Providence is located in Providence County, and is the capital of Rhode Island. It was one of the first cities established in the US and is one of the most populous cities in Rhode Island. It resides at the mouth of the Providence River, near the Narragansett Bay. Providence is home to many hospitals and opportunities for higher education. It maintains a community that values art and a high quality of living. This city was named one of the top 25 best places to live on the East Coast, due to its low unemployment rate and affordable cost of living.
Considering it's the oldest city in Rhode Island, the homes here look similar to other New England cities, but at a lower cost. Providence is known for having a thriving night life, mouth-watering food options, and annual festivals. It is also home to Federal Hill, which is one of its most popular tourist attractions. Also known as Little Italy, this area is full of coffee shops, food markets, shopping boutiques and Italian restaurants.
In Providence, it's partly cloudy year-round. The summers are warm, while the winters are cold and wet. Summer temperatures have highs in the 80's and lows in the 50's, while winters have highs in the 40's and lows in the 20's.
Population, job market and cost of living
The population in this city is 194,081 with a growth rate of 0.67%.
The job growth here has decreased by -8.8% over the last year and in ten years, is predicted to have increased by 28.63%. Several of the top industries in this city are agriculture, fishing, manufacturing, tourism and the service industry. A few large companies to work for include Textron, Citizens Financial Group, Nortek, United Natural Foods, Nortek and the State of Rhode Island.
The cost of living in Providence is higher than the national average, making it a more expensive place to live. Although, it is less than the state's average, which makes it a more affordable city in Rhode Island. Considering the increasing job growth and affordable cost of living, this city in Rhode Island proves to be the ideal home for young professionals and families alike. If you find yourself home hunting in Rhode Island, be sure to check out the New England-styled streets of Providence.
Providence real estate market details
- Elmhurst
- Wanskuck
- Federal Hill
- Mount Pleasant
- Downtown
The average monthly rent in Providence is $2,483 for an average apartment size of 843 sq. feet.
There has been a 4.5% increase in median home value over the last year. As of 2023, the median home value is $343,564.
On average, homes in Providence sell after 55 days on the market.
The best time to sell a home for the highest valued sale is during June. For the quickest sale, homeowners should sell in May.
The affordability index in Providence is 108. This number indicates moderate affordability in this city.
The top ranked public schools are East Greenwich High School, Community School, Barrington High School, Nayatt School and Fort Barton School. This information is based on data measuring academic performance and equity.