Search luxury homes for sale in Providence, with real estate experts Mansions & Manors.
The housing market in Providence, RI, as of October 2023, is marked by a significant growth trend. Home prices have increased by 20.6% compared to the previous year, with the median sale price standing at $455K. The market pace is brisk, with homes typically selling after 14 days on the market, which is faster compared to 30 days last year. A total of 96 homes were sold in October 2023, indicating a healthy level of market activity.
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Here are some of the hottest questions our buyers and sellers are asking.
The housing market in Providence, RI, as of October 2023, is marked by a significant growth trend. Home prices have increased by 20.6% compared to the previous year, with the median sale price standing at $455K. The market pace is brisk, with homes typically selling after 14 days on the market, which is faster compared to 30 days last year. A total of 96 homes were sold in October 2023, indicating a healthy level of market activity.
Providence's housing market is currently very competitive. Properties are selling quickly, often within 14 days of listing. Many homes receive multiple offers, some of which include waived contingencies. On average, homes are selling for about 3% above the list price. 'Hot homes', or highly sought-after properties, can sell for around 7% above list price and may go pending in as little as 7 days.
Providence, RI, known as the Renaissance City, is an appealing choice for living on the East Coast. It stands out for its affordability, with a cost of living approximately 8% lower than the Rhode Island average. However, potential residents should consider certain factors before moving. These include a higher-than-average crime rate, which may be a concern for some. The region experiences harsh winters, which might not be ideal for everyone. Additionally, Rhode Island has a high sales tax rate and Providence is known for heavy traffic congestion. Weighing these factors is crucial when deciding whether Providence is the right place for you.
