Single Family Homes - East Side of Providence and Oak Hill 2000 - 2008
Median Sales Prices - in thousands
Wall2WallRealEstate.com Median Sales Prices $(ooo) | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | % chg vs. Last Yr | % chg vs. High | | All East Side | $287 | $353 | $375 | $389 | $475 | $510 | $520 | $468 | $486 | +3.8% | -6.6% | | | College Hill | $511 | $488 | $597 | $618 | $688 | $680 | $661 | $660 | $825 | +25.0% | 0.0% | | | Blackstone | $319 | $386 | $398 | $430 | $489 | $580 | $606 | $516 | $538 | +4.2% | -11.3% | | | Wayland | $331 | $410 | $477 | $464 | $525 | $569 | $570 | $560 | $570 | +1.8% | 0.0% | | | Foxpoint | $195 | $455 | $289 | $352 | $413 | $620 | $535 | $588 | $381 | -35.1% | -38.5% | | | Summit | $151 | $179 | $259 | $274 | $298 | $333 | $322 | $352 | $310 | -11.8% | -12.0% | | | Mt. Hope | $146 | $190 | $200 | $129 | $257 | $292 | $310 | $317 | $351 | +10.7% | 0.0% | | | | | | | | | | | | | | | | | Oak Hill | $175 | $174 | $275 | $246 | $291 | $355 | $341 | $339 | $288 | -15.2% | -18.9% | |
The Single Family Housing Market on the East Side of Providence experienced less severe declines than other areas of the State. In fact, for 2008, the Median Price of a Single Family Home was $486,000, up +3.8% over 2007. From the peak of the East Side Market which was 2006, the single family housing market is down just -6.6%, far less than other areas of the state.
The East Side market is comprised of 6 distinct neighborhoods, College Hill, Blackstone, Wayland, Foxpoint, Summit, and Mt. Hope. The College Hill neighborhood showed a gain of 25% over last year with a median house price of $825,000, the highest in the neighborhood's history. This area is the East Side's local Historic district and has gained in popularity with its proximity to Downtown and the larger overall trend of returning to Urban Living. The Blackstone Neighborhood, which comprises the area from Olney St. north to Pawtucket and east to the Seekonk River is the largest neighborhood on the East Side. Some of the most expensive homes on the East Side are located along Blackstone Boulevard and the Grotto section, but this area also includes more affordable areas off of Hope Street. Overall, the median price in this area increased +4.2% in 2008 but is off -11.5% from its peak in 2005. The Fox Point neigborhood experienced a large decline in 2008 where the median price of a single family home decreased 35% to $381,000, over 38% off its peak. The Fox Point area includes both the Historic District west of Brook Street and the less expensive areas east of Governor Street. The area west of Governor street and foreclosures account for the decline in the median prices in this neighborhood. The areas west of Brook Street followed the sales trends of the College Hill neighborhood which it borders. Oak Hill Pawtucket, which is directly over the line from the East Side in Pawtucket, saw a 15.2% decline in its median sales price for a single family home to $288,000. This area has also seen a number of short sales and foreclosures which have affected the pricing there. 2008 Median Sales Prices by Neighborhood | Neighborhood | Median Sales Price | Percent Change vs. 2007 | | All East Side | $486,000 | +3.8% | | | | | | College Hill | $825,000 | +25.0% | | Blackstone | $538,000 | +4.2% | | Wayland | $570,000 | +1.8% | | Foxpoint | $381,000 | -35.1% | | Summit | $310,000 | -11.8% | | Mt. Hope | $351,000 | +10.7% |
Condominmum Sales - East Side of Providence and Oak Hill 2000 - 2008
Median Sales Prices - in thousands
Wall2WallRealEstate.com Median Sales Prices $(ooo) | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | % chg vs. Last Yr | % chg vs. High | | All East Side | $130 | $156 | $212 | $230 | $275 | $272 | $267 | $266 | $259 | -2.4% | -5.8% | | | College Hill | $184 | $233 | $263 | $272 | $325 | $315 | $331 | $335 | $322 | -3.9% | -3.9% | | | Blackstone | $181 | 250 | $205 | $268 | 279 | $310 | $333 | $244 | $260 | +6.6% | -22.0% | | | Wayland | $119 | $86 | $234 | $198 | $283 | $330 | $277 | $305 | $182 | -40.5% | -44.9% | | | Foxpoint | $125 | $148 | $187 | $200 | $280 | $270 | $300 | $290 | $345 | +19.2% | 0.0% | | | Summit | $69 | $70 | $100 | $125 | $280 | $215 | $215 | $266 | $200 | -24.7% | -28.6% | | | Mt. Hope | $105 | $148 | $185 | $239 | $199 | $255 | $222 | $228 | $220 | -3.3% | -13.8% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The Condominium Housing Market on the East Side of Providence experienced less severe declines than other areas of the State for Condo's overall. In fact, for 2008, the Median Price of a Condominium Home was $259,000, down slightly -2.4% over 2007. From the peak of the East Side Condo Market which was 2004, the Condo housing market is down just -5.8%, far less than other areas of the state. Reflective of this less than statewide decrease is the fact that East Side residential housing remains unaffordable for the average income earner. Condominiums are a necessary product in this market as it give first time home buyers an affordable price point for home ownership on the East Side.
The East Side market is comprised of 6 distinct neighborhoods, College Hill, Blackstone, Wayland, Foxpoint, Summit, and Mt. Hope. The College Hill neighborhood showed a decrease of 3.9% over last year with a median condo price of $332,000, the second highest on the East Side. This area is the East Side's local Historic district and has gained in popularity with its proximity to Downtown and the larger overall trend of returning to Urban Living although median condo prices decrease in this neighborhood. The Blackstone Neighborhood, which comprises the area from Olney St. north to Pawtucket and east to the Seekonk River is the largest neighborhood on the East Side. Some of the most expensive homes on the East Side are located along Blackstone Boulevard and the Grotto section, but this area also includes more affordable areas off of Hope Street. Overall, the median price for condos in this area increased +6.6% in 2008 but is off -22.0% from its peak in 2006. The Fox Point neigborhood experienced a large increase in 2008 where the median price of a condominium home increase 19.2% to $345,00, its peak in the last 8 years. In fact, the price of a condo in Fox Point is just slightly off the median price of a single family home in 2008 of $381,000. This is influenced by the fact that there were several single family foreclosures in the Fox Point area in 2008 which took the median sales price down. The Fox Point area includes both the Historic District west of Brook Street and the less expensive areas east of Governor Street. The area west of Governor street and foreclosures account for the decline in the median prices in this neighborhood. The areas west of Brook Street followed the sales trends of the College Hill neighborhood which it borders. |