"Affordability issues continued to push more buyers toward smaller, lower-cost metros throughout 2025, redefining further where Americans search for homes. The Realtor.com® November 2025 Housing Trends Report examined this shift in detail, noting that elevated rates and persistent price levels have encouraged movers to look beyond traditional hubs and into so-called "refuge markets". Providence, RI is one of the clearest examples of how that trend is reshaping regional demand, as the smaller metro as seen significant migration recently."
"The area recorded a median list price of $550,000 in November, with price per square foot up 3.4% year-over-year. Providence also stands out among refuge markets for its strong long-term performance, posting an 11.1% PPSF gain since 2022. Compared with the national median list price of $415,000, Providence sits higher, but it remains significantly more attainable than neighboring coastal hubs. Inventory in the metro grew 10.8% year-over-year, giving buyers increased selection at a time when many Northeastern markets remain unusually tight."
Affordability pressures and elevated interest rates pushed buyers toward smaller, lower-cost metros throughout 2025, expanding demand for refuge markets. The Providence-Warwick metro acted as a strategic alternative to pricier coastal hubs, recording a $550,000 median list price in November and a 3.4% year-over-year increase in price per square foot. Providence posted an 11.1% PPSF gain since 2022 and saw inventory rise 10.8% year-over-year, increasing selection. Homes spent one fewer day on market, and only 13.2% of active listings had price reductions, while commuter access to Boston via under-one-hour train supports regional appeal.
Read at SFGATE
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