PROVIDENCE – Rhode Island’s capital city had the seventh-hottest real estate market in the nation and third-best among midsize cities in 2022, according to an analysis released by Construction Coverage.
The San Diego-based company created a composite score across five metrics: one-year change in median sale price, share of homes that sold above asking, median number of days on the market, average sale-to-list percentage, and share of listings with price drops to determine the locations that had the hottest real estate markets.
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Cities analyzed were listed together and grouped according to population: small, 100,000–149,999; midsize, 150,000–349,999; and large, 350,000 or more.
Data showed Providence, including Warwick and Cranston, had a median sale price of $379,048, a one-year change in median sale price increase of 11.4%, a share of homes that sold above asking at 58.7%, a median number of days on the market of 22.7, an average sale-to-list percentage of 102.3% and a share of listings with price drops of 17.2%.
Nationally, the median price across the entire U.S. was $409,056, with a one-year change in median sale price increase of 1.3%, a share of homes that sold above asking at 44.2%, a median number of days on the market of 25.8, an average sale-to-list percentage of 100.9%, and a share of listings with price drops of 14.3%.
Manchester, N.H., led both the nation and the 137 small cities with a median sale price of $365,232, a one-year change in median sale price increase of 16.1%, a share of homes that sold above asking at 65.6%, a median number of days on the market of 15.4, an average sale-to-list percentage of 103.4%, and a share of listings with price drops of 19.5%.
Worcester, Mass., had the hottest real estate market among the 113 midsize cities analyzed. Worcester had a median sale price of $389,180, a one-year change in median sale price increase of 17.6%, a share of homes that sold above asking at 69%, a median number of days on the market of 19.4, an average sale-to-list percentage of 104%, and a share of listings with price drops of 20%.
New Bedford was listed as the 10th-hottest city among the 137 small cities analyzed. New Bedford had a median sale price of $364,317, a one-year change in median sale price increase of 8.4%, a share of homes that sold above asking at 66.2%, a median number of days on the market of 23.4, an average sale-to-list percentage of 102.3%, and a share of listings with price drops of 23.2%.
Oakland, Calif., was the hottest large city among the 48 analyzed. That city had a median sale price of $906,959, a one-year change in median sale price decrease of 0.9%, a share of homes that sold above asking at 72.1%, a median number of days on the market of 18.9, an average sale-to-list percentage of 113.1%, and a share of listings with price drops of 22.6%.
Boston was listed as the 34th-hottest city among the large cities, with a median sale price of $767,894, a one-year change in median sale price decrease of 4.4%, a share of homes that sold above asking at 37.1%, a median number of days on the market of 26.4, an average sale-to-list percentage of 100.2%, and a share of listings with price drops of 21.4%.
The full Construction Coverage report can be found here.
