Warwick, RI—02889
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Warwick, RI
As of Oct '25, the median home price in Warwick, RI is $394,000, with a year-over-year change of 3.4%. This indicates that home prices in Warwick, RI are increasing. According to Zillow, the 1-year price projection is 2.7%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $394,000 | 3.4% |
| Single Family | $396,000 | 3.1% |
| Condos | $308,000 | 3.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $272,000 | 3.0% |
2 Bed | $344,000 | 2.7% |
3 Bed | $406,000 | 3.3% |
4 Bed | $452,000 | 3.7% |
| 5 Bed | $535,000 | 2.7% |
% of Housing Stock
Rental Trends — Warwick, RI
As of July '25, Rentcast reports the average rent in Warwick, RI is $2,340, with a year-over-year rent change of 6.8%. Per bedroom, the median rent as of July '25 in Warwick, RI is studios: $1,710, 1-bedrooms: $1,850, 2-bedrooms: $2,080, 3-bedrooms: $3,900, 4-bedrooms: $3,400. The most common rental property sizes in Warwick, RI are 2-bedroom and 1-bedroom, accounting for 33.4% and 31.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,900 | $2,340 |
| Studio Rent | $1,700 | $1,710 |
| 1 Bed Rent | $1,860 | $1,850 |
| 2 Bed Rent | $2,100 | $2,080 |
| 3 Bed Rent | $3,200 | $3,900 |
| 4 Bed Rent | $3,400 | $3,400 |
% of Rental Stock
Property Listings — Warwick, RI
As of Oct '25, Realtor.com reports that the median days on market for a home in Warwick, RI is 34. This is a increase of 5.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 18.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $442,000 | 2.0% |
Listing Count | 91 | 16.0% |
| Listings as % of Homes | 0.6% | 16.0% |
Days on Market | 34 | 5.0% |
Demographics — Warwick, RI
As of the latest ACS Survey released in 2023, Warwick, RI has a population of 27,500, which has remained stable by 0.7% over the past 5 years. Warwick, RI is a moderately popular place for families, as children make up 16.7% of the population. The area has a moderately educated workforce, with 26.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 27,500 | 0.7% |
% Under 18 | 16.7% | -6.7% |
% Seniors | 20.7% | 16.9% |
% WFH | 10.7% | 245.2% |
% w/ College Degree | 26.4% | -2.9% |
As of the latest ACS Survey released in 2023, Warwick, RI is a predominantly white area, with 85.1% of the population identifying as white. The white population has shrunk by 3.4% in the last 5 years. The second most common race or ethnicity in Warwick, RI is hispanic, making up 7.4% of the population. Foreign-born residents account for 5.6% of the population in Warwick, RI, and this percentage has decreased by 3.4% 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 | 85.1% | -3.4% |
% Black | 2.2% | 57.1% |
% Hispanic | 7.4% | 42.3% |
% Asian | 1.9% | -26.9% |
% Foreign Born | 5.6% | -3.4% |
Mortgage and Risk — Warwick, RI
According to HUD data as of 2023, there were 685 mortgage originations in Warwick, RI, of which 80.0% of loans were conventional mortgages. The average loan-to-value was 55.0%, with 25.0% above 90% LTV (very high). This implies large mortgage risk in Warwick, RI. Investor activity is low, as 1.0% of loans were by investors. 14.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 685 |
% Conventional Loans | 80.0% |
% Government Loans | 20.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 14.0% |
Loan Activity
Rentals and Section 8 — Warwick, RI
As of 2024, the percent of homes in Warwick, RI under the Section 8 program is 5.6%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. In Warwick, RI, none of the tracked home sizes currently have HUD payment amounts above market rent, suggesting limited Section 8 opportunity.
Section 8 Market Size
Total Units under HUD | 387 |
Total Units Section 8 | 132 |
% Rentals under Section 8 | 5.6% |
% Occupied Section 8 | 57.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$450 | $1,860 | $1,410 |
| 2 Bedroom | -$370 | $2,100 | $1,730 |
| 3 Bedroom | -$1,120 | $3,200 | $2,080 |
| 4 Bedroom | -$870 | $3,400 | $2,530 |
Affordability — Warwick, RI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.9 |
| Median Home Price | $394,000 |
| Median Household Income | $85,600 |