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.

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How the Rhode Island housing market stacks up

Couple overlooking water and boats
Backstage Bettie / Shutterstock
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.

Compare current mortgage rates from top national lenders. Get the best rate for your purchase or mortgage refinance.

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How 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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