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 a population of 41,751, 16,663 total housing units (homes and apartments), and a median house value of $234,479, Woonsocket real estate values are some of the lowest in Rhode Island, although compared to real estate around the nation, Woonsocket homes are still considered rather expensive.
Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Woonsocket, accounting for 40.47% of the city's housing units. Other types of housing that are prevalent in Woonsocket include large apartment complexes or high rise apartments ( 32.06%), single-family detached homes ( 24.75%), and a few row houses and other attached homes ( 2.39%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.
People in Woonsocket primarily live in small (one, two or no bedroom) units, chiefly found in duplexes, homes converted to apartments or other small apartment buildings. Woonsocket has a mixture of owner-occupied and renter-occupied housing.
The housing in Woonsocket was primarily built before 1939 ( 47.18%), making the housing stock in Woonsocket some of the oldest overall in America, although there is a range of ages of homes in Woonsocket. The next most important housing age is between 1940-1969 ( 28.28%), followed by between 1970-1999 ( 20.17%). There's also some housing in Woonsocket built between 2000 and later ( 4.36%).
Vacant housing appears to be an issue in Woonsocket. Fully 10.88% of the housing stock is classified as vacant. Left unchecked, vacant Woonsocket homes and apartments can be a drag on the real estate market, holding Woonsocket 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.
Appreciation rates for homes in Woonsocket have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 57.29%, which ranks in the top 30% nationwide. This equates to an annual average Woonsocket house appreciation rate of 4.63%.
Appreciation rates are so strong in Woonsocket that despite a nationwide downturn in the housing market, Woonsocket real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Woonsocket appreciation rates continue to be some of the highest in America, at 14.07%, which is higher than appreciation rates in 93.33% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Woonsocket. Woonsocket appreciation rates in the latest quarter were at 4.15%, which equates to an annual appreciation rate of 17.67%.
Importantly, this makes Woonsocket 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 Woonsocket's latest annual appreciation rate is higher than 90% 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 Woonsocket differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Woonsocket - 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 Woonsocket real estate investment or home purchase decisions.