Study: Providence ranks No. 57 among midsize U.S. cities with least home inventory

PROVIDENCE WAS RANKED No. 57 among midsize cities in the U.S. with the least home inventory, according to a recent study by Inspection Support Network. / PBN FILE PHOTO

PROVIDENCE – The capital city was ranked No. 57 among midsize cities in the U.S. with the least home inventory, according to a recent study by Inspection Support Network. 

To determine the locations with the least home inventory, researchers used Redfin data from January-May 2022 to calculate the average months’ supply of homes – how long it would take the current supply of homes to sell at the current sales pace, with lower values being ranked higher. In the event of a tie, the location with the lower average days on market was ranked higher. Cites were grouped based on population size: small (100,000–149,999), midsize (150,000–349,999) and large (350,000 or more). 

Data showed it would take 1.20 months to sell the current inventory of homes in Providence, compared with 1.37 months nationally. The data also showed the average home in Providence spent 22.9 days on the market, compared with 20.6 days nationally. 

Lakewood, Colo., had the lowest average months’ supply of homes at 0.42, according to the study, with most listings averaging 4.7 days on the market. 

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Grand Rapids, Mich.; Tacoma, Wash.; Vancouver, Wash.; and Spokane, Wash., rounded out the top five. 

Jersey City, N.J., had the highest average months’ supply of homes of all the midsize cities researched at 3.20, with homes spending an average of 41.5 days on the market. 

Rhode Island was ranked No. 22 in the nation among 47 of the 50 states, as only locations with complete data were included in the study. Data showed it would take 1.33 months to sell the current inventory of homes in Rhode Island, with homes spending an average of 24.6 days on the market. 

Massachusetts was ranked No. 24. The Bay State had an average months’ supply of 1.35, with homes spending an average of 20.8 days on the market. 

Maine had the lowest home inventory among the New England states, with an average months’ supply of 1.31 and homes averaging 17.3 days on the market. 

New Hampshire was ranked No. 32, with an average months’ supply of 1.58 and an average of 27.5 days on market. Connecticut followed at No. 39, with an average months’ supply of 1.93 and an average of 42.4 days on market. Vermont rounded out the New England states at No. 43, with an average months’ supply of 2.26 and an average of 50.9 days on market.

The full report can be found here. 

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