Providence’s housing market is resisting the pandemic quite well


The 518 single-family home sales recorded in 2021 in Providence in July were more than half of what the city saw in 2020 (916), indicating that they will exceed last year’s annual tally, according to The Warren Group, a real estate agency analysis firm. But the most impressive performance came from condo sales in Providence: the 327 sales in the city for the first seven months of this year almost eclipsed the 375 views all last year and the 389 recorded in 2019.

“People recognize that Providence is a culturally vibrant city,” said Steven Miller, real estate agent at Coldwell Banker. “It really gives some people a lot of options in terms of, ‘Wow, I can get a lot of the same things I would have in Boston in a city that’s very even.’ It’s only one hour from Boston and three hours from New York. I mean, that’s why I moved here [from Manhattan] 15 years ago.”

According to the United Van Lines National Movers Study, the percentage of people moving to Rhode Island has increased each year, while the percentage of residents leaving has declined. The percentages were roughly equal in 2018, according to the study, but in 2019, 52.9% were moving in, while 47.1% had left. Last year these figures were 55.5% and 44.5% respectively.

Providence may be a smaller city than Boston, but it has similar attributes: top universities, a stop on the Amtrak Acela Northeast Corridor, and easy access to the rest of New England, just to name. only a few. But it comes at a fraction of the cost, even as the Rhode Island media portray the local housing market as getting more expensive day by day.

The median price of single-family homes in Boston in July was $ 785,000 – according to the Greater Boston Real Estate Board – compared to $ 270,000 in Providence, according to the Warren Group report. The median condo price in Providence was $ 277,000, compared to $ 640,000 in Boston.

The median monthly rent in Providence is $ 1,545 compared to $ 2,300 in Boston, according to real estate site Zumper. But it’s probably time to strike a deal in Rhode Island, as more and more people coming from places beyond Boston are realizing the higher accessibility of a city like Providence.

“Rents have also gone up as migration from Boston, Connecticut and New York City has fueled additional demand for renters,” said Aaron Jodka, national director of U.S. capital markets research at Colliers by email. . “The return of students to campus also gives an additional boost. “

Potential buyers in the market should always be aware that some parts of Providence are more attractive – and competitive – than others. Single and multi-family homes under $ 800,000 on the city’s East Side near Brown University and the Rhode Island School of Design are in high demand, while anything under $ 500,000 is attractive to West Side shoppers, Miller said.

A silver lining is that some of the necessities of scoring a winning bid for a home in Greater Boston, like offers on ask and waive mortgage and inspection contingencies, aren’t as common in Providence in recent months.

“It’s not as frantic as it used to be,” Miller said. “I see a lot of buyers being able to negotiate things with sellers like the price of the house, or they negotiate repairs before closing. This is happening a little more than it was earlier this year.

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