Providence, RI—02905
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Providence, RI
As of Oct '25, the median home price in Providence, RI is $411,000, with a year-over-year change of 3.1%. This indicates that home prices in Providence, RI are increasing. According to Zillow, the 1-year price projection is 2.6%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $411,000 | 3.1% |
| Single Family | $413,000 | 2.7% |
| Condos | $350,000 | 5.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $369,000 | 2.2% |
3 Bed | $406,000 | 2.8% |
4 Bed | $422,000 | 2.2% |
| 5 Bed | $527,000 | 3.9% |
% of Housing Stock
Rental Trends — Providence, RI
As of July '25, Rentcast reports the average rent in Providence, RI is $1,890, with a year-over-year rent change of -18.9%. Per bedroom, the median rent as of July '25 in Providence, RI is 1-bedrooms: $1,520, 2-bedrooms: $1,810, 3-bedrooms: $2,300, 4-bedrooms: $2,950. The most common rental property sizes in Providence, RI are 2-bedroom and 1-bedroom, accounting for 45.0% and 29.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,800 | $1,890 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,500 | $1,520 |
| 2 Bed Rent | $1,600 | $1,810 |
| 3 Bed Rent | $2,350 | $2,300 |
| 4 Bed Rent | $2,700 | $2,950 |
% of Rental Stock
Property Listings — Providence, RI
As of Oct '25, Realtor.com reports that the median days on market for a home in Providence, RI is 26. This is a increase of 18.0% 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 12.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $427,000 | 2.0% |
Listing Count | 51 | 20.0% |
| Listings as % of Homes | 0.4% | 20.0% |
Days on Market | 26 | 18.0% |
Demographics — Providence, RI
As of the latest ACS Survey released in 2023, Providence, RI has a population of 24,800, which has decreased by -2.8% over the past 5 years. Providence, RI is a moderately popular place for families, as children make up 21.6% of the population. The area has a moderately educated workforce, with 29.3% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 24,800 | -2.8% |
% Under 18 | 21.6% | -7.7% |
% Seniors | 14.9% | 19.2% |
% WFH | 9.5% | 102.1% |
% w/ College Degree | 29.3% | 8.9% |
As of the latest ACS Survey released in 2023, Providence, RI is a predominantly hispanic area, with 40.6% of the population identifying as hispanic. The hispanic population has shrunk by 7.7% in the last 5 years. The second most common race or ethnicity in Providence, RI is white, making up 37.6% of the population. Foreign-born residents account for 29.7% of the population in Providence, RI, and this percentage has increased by 8.4% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 37.6% | 2.5% |
% Black | 17.8% | -0.6% |
% Hispanic | 40.6% | -7.7% |
% Asian | 2.7% | -27.0% |
% Foreign Born | 29.7% | 8.4% |
Mortgage and Risk — Providence, RI
According to HUD data as of 2023, there were 411 mortgage originations in Providence, RI, of which 73.0% of loans were conventional mortgages. The average loan-to-value was 59.0%, with 28.0% above 90% LTV (very high). This implies large mortgage risk in Providence, RI. Investor activity is low, as 3.0% of loans were by investors. 13.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 411 |
% Conventional Loans | 73.0% |
% Government Loans | 27.0% |
% Investor Loans | 3.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 13.0% |
Loan Activity
Rentals and Section 8 — Providence, RI
As of 2024, the percent of homes in Providence, RI under the Section 8 program is 22.3%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 2-bedroom units appear to be good home sizes to consider for Section 8 housing in Providence, RI, because HUD payments exceed market rent, while 1-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 1,216 |
Total Units Section 8 | 1,027 |
% Rentals under Section 8 | 22.3% |
% Occupied Section 8 | 92.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$180 | $1,500 | $1,320 |
| 2 Bedroom | $20 | $1,600 | $1,620 |
| 3 Bedroom | -$400 | $2,350 | $1,950 |
| 4 Bedroom | -$330 | $2,700 | $2,370 |
Affordability — Providence, RI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6 |
| Median Home Price | $411,000 |
| Median Household Income | $57,100 |