2016 HIGHLIGHTS
PROVIDENCE, RI
+8.18%
AVERAGE RESIDENTIAL SALES PRICE: $162,659
-6.34%
AVERAGE DAYS ON MARKET: 59
Continued Growth in 2017

Rhode Island will continue to see a housing market recovery in certain areas, like Providence, where brokers predict prices will experience a modest increase. Homes under $300K continue to sell quickly, especially in areas like East Greenwich, and that trend is not expected to change much in the coming year.

Fewer Average Days on Market

Brokers project average days on market will decrease slightly in hot markets like Providence, while they are expected to stay the same in neighborhoods like East Greenwich. Average days on market will remain lowest in prices under $500K, where demand is high among first-time buyers seeking single-family homes.

+7.81%
BRISTOL, RI
2016 NUMBER OF UNITS SOLD
[ 524 ]

Single-family & Condo Interest

Across the board, single-family homes dominate the housing market in Rhode Island. There is also heightened interest in condos, which sell quickly in desirable areas of Providence, and this trend will remain in the coming year.

First-time & Move-up Makeup

In Providence, first-time buyers are a driving force in the market, in particular, millennials makeup the greatest portion. Move-up buyers are also major market players, particularly in affluent areas such as East Greenwich.

Affordability Driving Sales

Buyers are attracted to quality homes under $500K across Rhode Island, especially in areas close to city centers. Providence, where number of units sold is up 14 percent year-over-year, is expected to continue to see rapid growth in this price range in 2017.

STATEWIDE TRENDS

Average residential sales prices have gradually increased across Rhode Island over the last four years, with the exception of Newport, which has seen some fluctuations. Average days on market have steadily declined. This illustrates consistent growth across the state, which is expected to continue into 2017.

FEATURED MARKETS

Click the states below to explore market trends

CONNECTICUT

MASSACHUSETTS

NEW HAMPSHIRE

RHODE ISLAND

VERMONT