Year in Review - Single Family Housing on the East Side of Providence

So how did we do last year?  

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

For an 8 year analysis of Median Sales Price Trends for the East Side of Providence,  see http://www.wall2wallrealestate.com/Sales_Trends_East_Side_and_Oak_Hill_2000-2008/page_2178545.html.

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