Providence, RI: Real Estate Market & Trends 2016

The Providence real estate market continues to see blue skies in 2016. The first-half of the year was backed by strong home prices and attractive appreciation rates, paired with an improving economy and one of the most affordable housing market in the country. In addition, new housing construction remains hot. The number of new homes being built n Providence continues to outpace the national average, which could supply a stream of investor opportunities down the line. Together, the Providence real estate market is primed to see a big second-half of 2016.

Providence, RI Real Estate Market Statistics:

The Providence real estate market remains the dark horse of the industry in 2016. Appreciation rates continue to surpass the national average, while total equity gains remained on pace with the national average. The second quarter witnessed Providence real estate appreciate at a one-year rate of 6.4 percent, compared to the national average of 4.9 percent. While three-year rates rose to 13.6 percent for Providence real estate during Q2, ultimately it fell short of the 17.8 percent posted by the national average. However, Providence real estate investing remains on pace to see increased activity in the second-half of 2016. For those considering Providence real estate investments, the following highlights appreciation gains in previous years:

Homes purchased in the Providence, RI housing market one year ago have appreciated, on average, by $20,022. The national average was $14,963 over the same period.

Homes purchased in the Providence, RI housing market three years ago have appreciated, on average, by $44,005. The national average was $46,878 over the same period.

Homes purchased in the Providence, RI housing market five years ago have appreciated, on average, by $58,504. The national average was $82,353 over the same period.

Homes purchased in the Providence, RI housing market seven years ago have appreciated, on average, by $73,590. The national average was $77,054 over the same period.

Homes purchased in the Providence, RI housing market nine years ago have appreciated, on average, by $10,825. The national average was $31,126 over the same period.