Providence Housing Market Report December 2024•Providence County, Rhode Island

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Housing Prices in Providence, RI

How much do homes in Providence, RI cost?

Housing Market Conditions

Is Providence, RI a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

Providence is a Seller's Market

Difference Since December 2023

Since last year, Providence has remained a Seller's Market.

Insight

Providence is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$490,441$278/SqFt
+$65,034
+15.3%

Based on all homes sold in the last 12 months

Insight

Homes in Providence have sold for 15.3% more than they did a year ago.

Summary: The median home sold price in Providence was $490,441 in December 2024, up 15.3% from last year, and the median price per square foot was $278.

Median Sold Price By City

Median Sold Price By City
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
Providence
+15.3%
Johnston
+13.0%
Cranston
+9.4%
Rumford
+3.4%
North Providence
0.0%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsDec 2023Dec 2024Change YoY
1$305K$327K
+7.2%
2$360K$360K
0.0%
3$361K$402.3K
+11.4%
4$400K$475K
+18.8%
5$530K$625.2K
+18.0%

Summary: Providence housing price by bedroom type for December 2024, compared to the previous year. The home price for 1 bedroom homes increased by +7.2%. The home price for 2 bedroom homes did not change. The home price for 3 bedroom homes increased by +11.4%. The home price for 4 bedroom homes increased by +18.8%. The home price for 5 bedroom homes increased by +18.0%.

Housing supply in Providence, RI

How many homes are available in Providence, RI?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
335Last MonthDec 2024
3892 months agoNov 2024
-13.9 %
Change MoMNov – Dec

Summary: The Providence real estate market had 335 homes for sale in Dec 2024, a 13.9 % decrease compared to Nov 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
123Last MonthDec 2024
962 months agoNov 2024
+28.1 %
Change MoMNov – Dec

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsNov 2024Dec 2024Change MoM
12020
0.0%
25352
-1.9%
310587
-17.1%
46254
-12.9%
5149122
-18.1%

Summary: Providence housing inventory by bedroom type for December 2024, compared to the previous month. The inventory for 1 bedroom homes remained the same. The inventory for 2 bedroom homes decreased by -1.9%. The inventory for 3 bedroom homes decreased by -17.1%. The inventory for 4 bedroom homes decreased by -12.9%. The inventory for 5 bedroom homes decreased by -18.1%.

Asking Price vs. Sold Price

How much do homes in Providence, RI cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price66 Homes

At Asking Price19 Homes

Under Asking Price38 Homes

Insight

If you're buying a home in Providence, you could pay more than the asking price. 53.7% of homes here sold above asking price last month.

Summary: A total of 123 homes were sold or pending in Providence in December 2024, up by 28.1% month-over-month. Of the 123 sold homes, 31% were sold under asking, 15% were sold at asking, and and 54% were sold over asking.

Days on Market for Providence, RI

How long does it take to sell a home in Providence, RI?

Breakdown of Home Sale Times

Under 30 Days72 Homes

30 – 90 Days47 Homes

Over 90 Days4 Homes

Insight

Many homes in Providence are selling fast, if you're buying plan to act quickly.

Summary: During December 2024, 123 homes were sold in Providence; 59% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
This Year1 year agoChange YoY
29 DaysThis YearDec 2024
24 Days1 year agoDec 2023
+21.4 %
Change YoYDec 2023 – Dec 2024

Summary: Homes in Providence had an average listing age of 29 days in Dec 2024, up by 21.4% compared to the previous year.

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Newest Listings in Providence, RI

What homes are available in Providence, RI?

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Nearby markets

Popular Cities with Homes for Sale in Rhode Island

MLS Disclaimers and Copyright

Based on information from Rhode Island State Wide MLS, and MLS Property Information Network Inc. for the period 01/01/2023 - 01/01/2025

Disclaimer: The data relating to real estate for sale on this web site comes in part from the IDX Program of the State-Wide Multiple Listing Service, Inc. Real estate listings held by brokerage firms other than this broker are marked with the MLS logo and detailed information about them includes the name of the listing brokers. The purchase price of housing stock as shown on this website may vary depending on factors such as fees, commissions, price negotiations, home inspection results, market conditions, etc. This website in no way warrants or represents that submitting an offer to purchase a property for the list price will result in a sale at that price. Please consult with your REALTOR® to discuss how these variations may affect your real estate transaction. IDX information is provided exclusively for consumers’ personal, non-commercial use and that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information Deemed Reliable, but is neither guaranteed nor independently verified. Interested parties must make their own inquiries. Copyright © 2025 State-Wide MLS, Inc. All rights reserved.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/17/2025, 11:20:53 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
IDX Disclaimer: The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein. We may make use of information provided by users of this website - see our Terms of Use for more details on our privacy policy.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/17/2025, 11:20:50 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.