Providence, RI—02906
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 $774,000, with a year-over-year change of 3.8%. This indicates that home prices in Providence, RI are increasing. According to Zillow, the 1-year price projection is 2.4%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $774,000 | 3.8% |
| Single Family | $917,000 | 3.4% |
| Condos | $481,000 | 4.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $318,000 | 1.0% |
2 Bed | $530,000 | 5.2% |
3 Bed | $754,000 | 3.1% |
4 Bed | $997,000 | 3.1% |
| 5 Bed | $1,357,000 | 3.4% |
% of Housing Stock
Rental Trends — Providence, RI
As of July '25, Rentcast reports the average rent in Providence, RI is $2,550, with a year-over-year rent change of 0.0%. Per bedroom, the median rent as of July '25 in Providence, RI is studios: $1,530, 1-bedrooms: $1,940, 2-bedrooms: $2,500, 3-bedrooms: $2,920, 4-bedrooms: $3,380. The most common rental property sizes in Providence, RI are 2-bedroom and 1-bedroom, accounting for 41.9% and 25.5% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,400 | $2,550 |
| Studio Rent | $1,680 | $1,530 |
| 1 Bed Rent | $1,900 | $1,940 |
| 2 Bed Rent | $2,400 | $2,500 |
| 3 Bed Rent | $2,850 | $2,920 |
| 4 Bed Rent | $3,500 | $3,380 |
% 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 39. This is a increase of 2.0% 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 19.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $717,000 | -17.0% |
Listing Count | 83 | 30.0% |
| Listings as % of Homes | 0.3% | 30.0% |
Days on Market | 39 | 2.0% |
Demographics — Providence, RI
As of the latest ACS Survey released in 2023, Providence, RI has a population of 26,300, which has decreased by -6.6% over the past 5 years. Providence, RI is a less popular place for families, as children make up 12.8% of the population. The area has a highly educated workforce, with 79.8% of adult residents holding a bachelor’s degree or higher. There are many residents working remotely, with 25.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 26,300 | -6.6% |
% Under 18 | 12.8% | -4.5% |
% Seniors | 16.7% | 29.5% |
% WFH | 25.4% | 225.6% |
% w/ College Degree | 79.8% | 3.9% |
As of the latest ACS Survey released in 2023, Providence, RI is a predominantly white area, with 71.6% of the population identifying as white. The white population has grown by 0.7% in the last 5 years. The second most common race or ethnicity in Providence, RI is asian, making up 11.0% of the population. Foreign-born residents account for 16.5% of the population in Providence, RI, and this percentage has decreased by 6.8% 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 | 71.6% | 0.7% |
% Black | 3.0% | -46.4% |
% Hispanic | 7.8% | 30.0% |
% Asian | 11.0% | -11.3% |
% Foreign Born | 16.5% | -6.8% |
Mortgage and Risk — Providence, RI
According to HUD data as of 2023, there were 353 mortgage originations in Providence, RI, of which 95.0% of loans were conventional mortgages. The average loan-to-value was 54.0%, with 9.0% above 90% LTV (normal). This implies small mortgage risk in Providence, RI. Investor activity is low, as 4.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 353 |
% Conventional Loans | 95.0% |
% Government Loans | 5.0% |
% Investor Loans | 4.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Providence, RI
As of 2024, the percent of homes in Providence, RI under the Section 8 program is 4.4%. 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 Providence, 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 | 344 |
Total Units Section 8 | 285 |
% Rentals under Section 8 | 4.4% |
% Occupied Section 8 | 96.3% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$150 | $1,900 | $1,750 |
| 2 Bedroom | -$260 | $2,400 | $2,140 |
| 3 Bedroom | -$270 | $2,850 | $2,580 |
| 4 Bedroom | -$370 | $3,500 | $3,130 |
Affordability — Providence, RI
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.1 |
| Median Home Price | $774,000 |
| Median Household Income | $103,000 |