Current home values in Rhode Island
Home values have been rising throughout Rhode Island and are up 6.8% from a year ago.
Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $647,439, Realtor says.
Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.
Here's how that works in Rhode Island: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.
A 30-year mortgage for a $647,439 home at 3.33% would give a typical Rhode Island homebuyer a monthly payment of $2,277, assuming a 20% down payment.
Compare current mortgage rates from top national lenders. Get the best rate for your purchase or mortgage refinance.
Compare RatesHow the Rhode Island housing market stacks up
Rhode Island couples can sit by a harbor and watch the boats in their downtown city
The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.
While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Rhode Island, they're predicted to rise 4.2%.
Homes right now are going on the market in Rhode Island at a median price of $232 per square foot, versus $134 per square foot nationwide.
Are you looking to buy? Take a look at today's best mortgage rates where you live.
Rhode Island home prices over the last 10 years
| Year | Avg. Price |
|---|---|
| 2020* | $307,236 |
| 2019 | $287,725 |
| 2018 | $279,358 |
| 2017 | $259,175 |
| 2016 | $239,958 |
| 2015 | $226,483 |
| 2014 | $220,858 |
| 2013 | $213,492 |
| 2012 | $208,125 |
| 2011 | $215,358 |
| 2010 | $229,592 |
| 2009 | $232,483 |
*2020 price average through March 31, 2020.
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Explore better ratesHow much for an average-sized home?
Here's what a 2,500-square-foot home in Rhode Island is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.
| Year | Avg. Price |
|---|---|
| 2020* | $580,312 |
| 2019 | $497,500 |
| 2018 | $485,000 |
| 2017 | $455,000 |
| 2016 | $412,500 |
| 2015 | $390,000 |
| 2014 | $377,500 |
| 2013 | $362,500 |
| 2012 | $355,000 |
| 2011 | $362,500 |
| 2010 | $395,000 |
| 2009 | $395,000 |
*2020 price average through March 31, 2020.
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