Rhode Island Housing Trend

In Warwick, houses are selling for an average of $225 thousand. They are sitting on the market for 30-60 and receiving 90-95% of their original asking price. Currently, there are more sellers in the market than buyers. In Coventry, the average home sale price is $130 thousand. Statewide home sale prices for summer of 2006 were $250 thousand. The average home sale price in Providence is $205 thousand, which is a 5% increase from summer of 2005.

New construction has leveled off, for both commercial and residential developments. The population continues to increase, purchasing older homes and remodeling or renting a space for less money.