PROVIDENCE – Home values in greater Providence rose by 6.6 percent in 2016, according to a national analysis by Zillow.com, which evaluated the market value of residential stock in the largest metro regions.
That puts the appreciation in the metropolitan real estate market just below the national average, which is 7.2 percent.
The fastest-appreciating cities in the U.S. last year had double-digit percentage growth, and were concentrated in the South, as well as in selected sites in the Pacific Northwest and Midwest.
The top five cities were as follows: Nashville, Tenn., appreciation of 12.4 percent; Portland, Ore., appreciation of 12.1 percent; Tampa, Fla., appreciation of 11.9 percent; Dallas-Fort Worth, appreciation of 11.2 percent; and Orlando, Fla., appreciation of 10.8 percent.
Elsewhere in New England, Boston’s metro region had 6.3 percent appreciation in value, according to Zillow, which analyzed data for the 40 largest metro areas.
In calculating appreciation, the real estate company tracks data on single-family homes, condo units and other residential properties, and includes homes that are not listed for sale.
Along with many other regions, the Providence area had a declining inventory in homes listed for sale, Zillow reported. It found the year-over-year drop to be 13.7 percent for Providence, among the largest percentage decreases in the country.
