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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 83,016 people, 36,143 houses or apartments, and a median cost of homes of $417,423, Warwick real estate values are some of the lowest in Rhode Island, although compared to real estate around the nation, Warwick homes are still considered rather expensive.
Single-family detached homes are the single most common housing type in Warwick, accounting for 70.29% of the city's housing units. Other types of housing that are prevalent in Warwick include large apartment complexes or high rise apartments ( 17.83%), duplexes, homes converted to apartments or other small apartment buildings ( 7.40%), and a few row houses and other attached homes ( 3.82%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Warwick. Owner-occupied housing accounts for 71.87% of Warwick's homes, and 52.91% have either three or four bedrooms, which is average sized relative to America.
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. Warwick's housing was primarily built during this period, from the '40s through the '60s. A full 42.93% of the city's housing hails from this era. Other housing ages represented in Warwick include homes built between 1970-1999 ( 30.78%) and housing constructed before 1939 ( 20.91%). There's also some housing in Warwick built between 2000 and later ( 5.38%).
Appreciation rates for homes in Warwick have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 113.41%, which ranks in the top 30% nationwide. This equates to an annual average Warwick house appreciation rate of 7.88%.
Appreciation rates are so strong in Warwick that despite a nationwide downturn in the housing market, Warwick real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Warwick appreciation rates continue to be some of the highest in America, at 8.04%, which is higher than appreciation rates in 70.59% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Warwick. Warwick appreciation rates in the latest quarter were at 2.99%, which equates to an annual appreciation rate of 12.50%.
Importantly, this makes Warwick 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 Warwick's latest annual appreciation rate is lower 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 Warwick differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Warwick - 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 Warwick real estate investment or home purchase decisions.
$417,423
for Rhode island
for nation
36,143
$2,613 / per month