Cranston, RI—02921
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Cranston, RI
As of Oct '25, the median home price in Cranston, RI is $625,000, with a year-over-year change of 5.1%. This indicates that home prices in Cranston, 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 | $625,000 | 5.1% |
| Single Family | $654,000 | 4.8% |
| Condos | $423,000 | 2.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $433,000 | 4.3% |
3 Bed | $631,000 | 4.8% |
4 Bed | $810,000 | 4.9% |
| 5 Bed | $884,000 | 6.2% |
% of Housing Stock
Rental Trends — Cranston, RI
As of July '25, Rentcast reports the average rent in Cranston, RI is $2,870, with a year-over-year rent change of 25.9%. Per bedroom, the median rent as of July '25 in Cranston, RI is 1-bedrooms: $1,900, 2-bedrooms: $2,120, 3-bedrooms: $4,000, 4-bedrooms: $4,950. The most common rental property sizes in Cranston, RI are 2-bedroom and 1-bedroom, accounting for 40.2% and 35.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,120 | $2,870 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,900 | $1,900 |
| 2 Bed Rent | $2,120 | $2,120 |
| 3 Bed Rent | $4,000 | $4,000 |
| 4 Bed Rent | $4,950 | $4,950 |
% of Rental Stock
Property Listings — Cranston, RI
As of Oct '25, Realtor.com reports that the median days on market for a home in Cranston, RI is 51. This is a increase of 51.0% 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 6.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $930,000 | 30.0% |
Listing Count | 36 | -20.0% |
| Listings as % of Homes | 1.4% | -20.0% |
Days on Market | 51 | 51.0% |
Demographics — Cranston, RI
As of the latest ACS Survey released in 2023, Cranston, RI has a population of 12,700, which has increased by 2.1% over the past 5 years. Cranston, RI is a moderately popular place for families, as children make up 18.6% of the population. The area has a highly educated workforce, with 46.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 12,700 | 2.1% |
% Under 18 | 18.6% | -11.8% |
% Seniors | 19.2% | 17.8% |
% WFH | 10.4% | 131.1% |
% w/ College Degree | 46.8% | -7.1% |
As of the latest ACS Survey released in 2023, Cranston, RI is a predominantly white area, with 83.1% of the population identifying as white. The white population has shrunk by 0.5% in the last 5 years. The second most common race or ethnicity in Cranston, RI is asian, making up 9.3% of the population. Foreign-born residents account for 13.7% of the population in Cranston, RI, and this percentage has increased by 16.1% 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 | 83.1% | -0.5% |
% Black | 1.4% | -65.0% |
% Hispanic | 3.8% | 72.7% |
% Asian | 9.3% | 45.3% |
% Foreign Born | 13.7% | 16.1% |
Mortgage and Risk — Cranston, RI
According to HUD data as of 2023, there were 364 mortgage originations in Cranston, RI, of which 92.0% of loans were conventional mortgages. The average loan-to-value was 45.0%, with 10.0% above 90% LTV (elevated). This implies medium mortgage risk in Cranston, RI. Investor activity is low, as 1.0% of loans were by investors. 11.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 364 |
% Conventional Loans | 92.0% |
% Government Loans | 8.0% |
% Investor Loans | 1.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 11.0% |
Loan Activity
Rentals and Section 8 — Cranston, RI
As of 2024, the percent of homes in Cranston, RI under the Section 8 program is 31.8%. 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 Cranston, 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 | 233 |
Total Units Section 8 | 233 |
% Rentals under Section 8 | 31.8% |
% Occupied Section 8 | 94.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$110 | $1,900 | $1,790 |
| 2 Bedroom | $40 | $2,120 | $2,160 |
| 3 Bedroom | -$1,390 | $4,000 | $2,610 |
| 4 Bedroom | -$1,710 | $4,950 | $3,240 |
Affordability — Cranston, RI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.9 |
| Median Home Price | $625,000 |
| Median Household Income | $136,000 |