Cranston, RI Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Cranston, RI Housing Market Trends

With 81,456 people, 30,481 houses or apartments, and a median cost of homes of $299,647, Cranston real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Cranston, accounting for 62.18% of the city's housing units. Other types of housing that are prevalent in Cranston include duplexes, homes converted to apartments or other small apartment buildings ( 19.85%), large apartment complexes or high rise apartments ( 14.88%), and a few row houses and other attached homes ( 2.87%).

The most prevalent building size and type in Cranston are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 64.32% owning and 35.68% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Cranston's housing was primarily built during this period, from the '40s through the '60s. A full 36.72% of the city's housing hails from this era. Other housing ages represented in Cranston include homes built between 1970-1999 ( 29.48%) and housing constructed before 1939 ( 28.73%). There's also some housing in Cranston built between 2000 and later ( 5.08%).

Cranston Home Appreciation Rates

Appreciation rates for homes in Cranston have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 52.76%, which ranks in the top 40% nationwide. This equates to an annual average Cranston house appreciation rate of 4.33%.

Appreciation rates are so strong in Cranston that despite a nationwide downturn in the housing market, Cranston real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Cranston appreciation rates continue to be some of the highest in America, at 12.33%, which is higher than appreciation rates in 85.79% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Cranston. Cranston appreciation rates in the latest quarter were at 4.08%, which equates to an annual appreciation rate of 17.34%.

Importantly, this makes Cranston one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Rhode Island, our data show that Cranston's latest annual appreciation rate is higher than 60% of the other cities and towns in Rhode Island.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Cranston differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Cranston - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Cranston real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$299,647

Cranston, RI HOME PRICES

> $1,306,000
0.3%
0.3%
$980,001 - $1,306,000
0.7%
0.7%
$653,001 - $980,000
3.1%
3.1%
$523,001 - $653,000
5.1%
5.1%
$392,001 - $523,000
15.3%
15.3%
$261,001 - $392,000
41.0%
41.0%
$130,001 - $261,000
30.5%
30.5%
$66,001 - $130,000
1.0%
1.0%
$0 - $66,000
3.0%
3.0%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Low for RI

Value Relative To Nation

Number Of Homes And Apartments:
30,481

Cranston Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
111.21% 3.54%
8
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,839 / per month

Homeownership Rate

Owners
64.3%
64.3%
Renters
35.7%
35.7%
Vacant
7.5%
7.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
5.1%
5.1%
1970 - 1999
29.5%
29.5%
1940 - 1969
36.7%
36.7%
1939 or Older
28.7%
28.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
62.2%
62.2%
Townhomes
2.9%
2.9%
Small Apt. Buildings
19.8%
19.8%
Apt. Complexes
14.9%
14.9%
Mobile Homes
0.2%
0.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.5%
1.5%
1 Bedroom
11.9%
11.9%
2 Bedrooms
30.6%
30.6%
3 Bedrooms
42.6%
42.6%
4 Bedrooms
10.8%
10.8%
5 or more bedrooms
2.6%
2.6%
0.0% 100.0%
% OF HOMES