Providence Property Market and Real Estate Guide

(Providence, Rhode Island - RI, USA)

The capital of Rhode Island, Providence is the quintessential New England city. It is rich with 18th century architecture, a university club scene and increasingly diverse neighborhoods.

The Bohemian downtown district is transforming into a decidedly upscale place to live and play. Recently, Bostonians have been taking notice, with many of them renting lofts or purchasing condominiums near the Riverwalk. There is also a robust arts and theater crowd based out of Rhode Island.


Property values rebounded nicely after the recession, with an average 25 percent boost in the last year. The median price for a one-bedroom home in Providence is in the low six figure range, but it is easy to spend a lot more than this. Homes in College Hill and Blackstone regularly sell for just under seven figures.

Renting Serviced Apartments

Most of the serviced apartments in Providence are located in Warwick or East Providence. These are a popular choice for business travelers who are working through Boston. Providence is quieter and more compact than Boston, and commuting on I-95 Interstate can take as little as an hour.

Serviced apartments are most competitively priced when staying for a few weeks or longer. For periods shorter than this, they offer bigger rooms and better amenities than hotels in the same price range. Most serviced apartments in Providence don't require a lease, but those that do usually offer the best prices.

Buying Apartments and Houses

When buying a home or looking for a rental in this city, it is important to scrutinize the neighborhoods. East Providence is something like an affluent artists' colony, while South Providence has more vacation rentals. Downtown is hip and popular with out-of-towners.

Closing costs are relatively light for buyers. Expect to pay for the appraisal, flood certification, title work and a few miscellaneous inspections. These usually total less than 1.5 percent of the sale price, which is a little lower than the national average and well below international expectations.

Real Estate Agents

Be sure to secure a real estate agent who is willing spend time talking about the advantages and downsides of different neighborhoods. Ideally, a real estate agent or property lawyer will also offer advice on what degree of property tax to expect. Due to the recent renaissance in downtown neighborhoods, there are plenty of successful realtors on the scene.

Check out the following Providence realtors and real estate agents:

Rodman Real Estate
Address: 72 Pine Street, Providence, Rhode Island (RI), 02903, USA
Tel: +1 401 273 2270
Email: via website
Website: www.rodmanrealestate.com
This realtor focuses on creating value, so most of the properties in their portfolio are commercial or industrial.

Paolino Properties
Address: 76 Dorance Street, Providence, Rhode Island (RI), 02903, USA
Tel: +1 401 274 6611
Email: info@paolinoproperties.com
Website: www.paolinoproperties.com
A Rhode Island leader, Paolino offers property for sale and rent in the downtown area.

Mateus Realty
Address: 582 Warren Avenue, East Providence, Rhode Island (RI), 02914, USA
Tel: +1 401 434 8399
Email: sales@mateusrealty.net
Website: www.mateusrealty.net
Mateus Realty has three decades of experience in East Providence and is one of few realtors based on this side of Providence Harbor.