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Major Real Estate Markets in Rhode Island

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Making the decision of which area you want to live in can often be the most crucial and the most difficult. All areas of Rhode Island offer something unique that gives them identity and value. One community may be desirable because of its easy access to downtown employment while another may be desirable because of its recreational opportunities and the cost of living.

The following are some of the communities in Rhode Island, their attributes and median home prices:

• Providence - MSN named Providence has one of its top ten places in America to live. It has been called the “most improved city” in the nation. Providence has been named among the top 50 places in the country for business and careers. Providence has the highest number of skilled workers per square mile of any state and prime development site. Providence provides quite a diversity of home styles from Federal, Italian Renaissance, Queen Anne, Colonial, and Georgian Revival to the up to date homes with white picket fences and swimming pools. There are also cottages, bungalows, townhouses, and condominiums available in Providence. Many downtown factories are converting lofts into living spaces. Explore several neighborhoods to match your housing tastes with affordable prices. In some areas, high demand limits bargaining, and homes sell within days or even hours, close to asking prices. The median price of a home in Providence last year was $191,000.
• North Providence – North Providence is the closest city to Providence and many people desire to live there because of the jobs, nightlife, restaurants, and shopping available. In North Providence you have the advantage of living in a suburb outside of Providence and still having easy access to Providence. The median price of a home in North Providence last year was $246,050.
• Newport – Newport offers a diverse market ranging from condominiums in the Fifth Ward, cottages on Bellevue Avenue, multi-family homes off Broadway, to estates on Ocean Road. The real estate market has been quite strong in Newport in all types and prices of properties. Newport has a rich history that extends back more than three centuries. The total land area of Newport is only 11 square miles with 3.3 of that area being inland water area. However, Newport has fit a lot into that area, from the International Tennis Hall of Fame, Gilded Age Mansions, nightlife, jazz festivals, restaurants, shopping, and boating. The median price of a home last year in Newport was $425,000.
• Middletown – Located on historic Aquidneck Island, Middletown gets its name because it is between Newport and Portsmouth. Middletown is surrounded by the Narragansett Bay, Sakonnet River, and the Rhode Island Sound. If you are looking for an area for industrial development, Middletown has excellent land available, some of which overlooks the Atlantic Ocean. Middletown is a seaside community with the advantage of having easy access to the larger cities. Home to the Second and Third Beaches, Sachuest Point Wildlife Sanctuary, and the Norman Bird Sanctuary, this is a typical New England community full of boating, surfing, and fishing opportunities. Homes have been coming down in price but sell very quickly because it is a great opportunity to own a home by the water. The median price of a home in Middletown last yar was $342,500.
• Portsmouth – Portsmouth is the largest town on Aquidneck Island, just four miles north of Newport and 22 miles east of Providence. Portsmouth is a community of highly skilled and educated citizens. Probably because of its 56 miles of shoreline, Portsmouth has been called one of the most beautiful towns in New England. Portsmouth is home to many marinas, golf courses, and antique shops. The median price of a home in Portsmouth last year was $280,000.
• Warwick – Warwick is the second largest city in Rhode Island and is made up of over 30 villages. Warwick offers many recreational opportunities such as historic walking tours, parks, golf, annual festivals, salt water beaches, lighthouses, marinas, and the state’s two largest shopping malls. There are also many educational and cultural opportunities in Warwick. The median price of a home in Warwick last year was $234,000.

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