Smithfield, RI—02828
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Smithfield, RI
Home Price Trends — Smithfield, RI
As of Oct '25, the median home price in Smithfield, RI is $504,000, with a year-over-year change of 3.0%. This indicates that home prices in Smithfield, RI are increasing. According to Zillow, the 1-year price projection is 2.5%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $504,000 | 3.0% |
| Single Family | $524,000 | 2.9% |
| Condos | $348,000 | 5.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $232,000 | 0.9% |
2 Bed | $380,000 | 4.1% |
3 Bed | $517,000 | 2.8% |
4 Bed | $611,000 | 2.7% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Smithfield, RI
As of July '25, Rentcast reports the average rent in Smithfield, RI is $2,320, with a year-over-year rent change of -8.7%. Per bedroom, the median rent as of July '25 in Smithfield, RI is 1-bedrooms: $725, 2-bedrooms: $2,210, 3-bedrooms: $2,980. The most common rental property sizes in Smithfield, RI are 1-bedroom and studio, accounting for 47.2% and 28.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,400 | $2,320 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $725 | $725 |
| 2 Bed Rent | $1,950 | $2,210 |
| 3 Bed Rent | $3,000 | $2,980 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Smithfield, RI
As of Oct '25, Realtor.com reports that the median days on market for a home in Smithfield, RI is 31. This is a decrease of -27.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 10.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $494,000 | -16.0% |
Listing Count | 21 | 33.0% |
| Listings as % of Homes | 0.5% | 33.0% |
Days on Market | 31 | -27.0% |
Demographics — Smithfield, RI
As of the latest ACS Survey released in 2023, Smithfield, RI has a population of 7,060, which has decreased by -10.2% over the past 5 years. Smithfield, RI is a moderately popular place for families, as children make up 15.9% of the population. The area has a moderately educated workforce, with 41.5% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 7,060 | -10.2% |
% Under 18 | 15.9% | -7.6% |
% Seniors | 30.4% | 24.6% |
% WFH | 10.8% | 350.0% |
% w/ College Degree | 41.5% | 27.7% |
As of the latest ACS Survey released in 2023, Smithfield, RI is a predominantly white area, with 89.5% of the population identifying as white. The white population has shrunk by 4.0% in the last 5 years. The second most common race or ethnicity in Smithfield, RI is hispanic, making up 5.2% of the population. Foreign-born residents account for 3.3% of the population in Smithfield, RI, and this percentage has decreased by 15.4% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 89.5% | -4.0% |
% Black | 2.1% | 2,000.0% |
% Hispanic | 5.2% | 36.8% |
% Asian | 0.8% | -38.5% |
% Foreign Born | 3.3% | -15.4% |
Mortgage and Risk — Smithfield, RI
According to HUD data as of 2023, there were 116 mortgage originations in Smithfield, RI, of which 91.0% of loans were conventional mortgages. The average loan-to-value was 49.0%, with 12.0% above 90% LTV (elevated). This implies medium mortgage risk in Smithfield, RI. Investor activity is low, as 0.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 116 |
% Conventional Loans | 91.0% |
% Government Loans | 9.0% |
% Investor Loans | 0.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Smithfield, RI
Smithfield, RI lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 102 |
Total Units Section 8 | 6 |
% Rentals under Section 8 | 1.5% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $585 | $725 | $1,310 |
| 2 Bedroom | -$350 | $1,950 | $1,600 |
| 3 Bedroom | -$1,070 | $3,000 | $1,930 |
| 4 Bedroom | N/A | N/A | $2,340 |
Affordability — Smithfield, RI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.5 |
| Median Home Price | $504,000 |
| Median Household Income | $94,700 |