Middletown, 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

Middletown, RI Housing Market Trends

With 15,888 people, 6,924 houses or apartments, and a median cost of homes of $474,046, real estate costs in Middletown are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Rhode Island communities.

Single-family detached homes are the single most common housing type in Middletown, accounting for 59.85% of the town's housing units. Other types of housing that are prevalent in Middletown include duplexes, homes converted to apartments or other small apartment buildings ( 14.71%), large apartment complexes or high rise apartments ( 13.91%), and a few row houses and other attached homes ( 8.53%).

The most prevalent building size and type in Middletown are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 53.41% owning and 46.59% 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. Middletown's housing was primarily built during this period, from the '40s through the '60s. A full 43.78% of the town's housing hails from this era. Other housing ages represented in Middletown include homes built between 1970-1999 ( 36.23%) and housing constructed before 1939 ( 11.93%). There's also some housing in Middletown built between 2000 and later ( 8.05%).

Vacant housing appears to be an issue in Middletown. Fully 13.02% of the housing stock is classified as vacant. Left unchecked, vacant Middletown homes and apartments can be a drag on the real estate market, holding Middletown real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Middletown Home Appreciation Rates

Appreciation rates for homes in Middletown have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 52.85%, which ranks in the top 40% nationwide. This equates to an annual average Middletown house appreciation rate of 4.33%.

Appreciation rates are so strong in Middletown that despite a nationwide downturn in the housing market, Middletown real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Middletown appreciation rates continue to be some of the highest in America, at 10.69%, which is higher than appreciation rates in 73.23% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Middletown. Middletown appreciation rates in the latest quarter were at 4.04%, which equates to an annual appreciation rate of 17.16%.

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

Relative to Rhode Island, our data show that Middletown's latest annual appreciation rate is lower than 80% 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 town. Individual neighborhoods within Middletown differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Middletown - 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 Middletown real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$474,046

Middletown, RI HOME PRICES

> $1,283,000
2.1%
2.1%
$962,001 - $1,283,000
3.3%
3.3%
$641,001 - $962,000
20.7%
20.7%
$513,001 - $641,000
19.6%
19.6%
$385,001 - $513,000
29.5%
29.5%
$257,001 - $385,000
17.5%
17.5%
$128,001 - $257,000
3.7%
3.7%
$64,001 - $128,000
0.6%
0.6%
$0 - $64,000
2.8%
2.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

High for RI

Value Relative To Nation

Number Of Homes And Apartments:
6,924

Middletown 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
135.25% 4.06%
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,271 / per month

Homeownership Rate

Owners
53.4%
53.4%
Renters
46.6%
46.6%
Vacant
13.0%
13.0%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
8.1%
8.1%
1970 - 1999
36.2%
36.2%
1940 - 1969
43.8%
43.8%
1939 or Older
11.9%
11.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
59.8%
59.8%
Townhomes
8.5%
8.5%
Small Apt. Buildings
14.7%
14.7%
Apt. Complexes
13.9%
13.9%
Mobile Homes
2.7%
2.7%
Other
0.4%
0.4%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.8%
1.8%
1 Bedroom
12.9%
12.9%
2 Bedrooms
28.5%
28.5%
3 Bedrooms
39.0%
39.0%
4 Bedrooms
14.2%
14.2%
5 or more bedrooms
3.6%
3.6%
0.0% 100.0%
% OF HOMES