Now, Median Price of a Home on East Side of Providence Is Over $900K

Now, Median Price of a Home on East Side of Providence Is Over $900K

Prices of homes on the East Side of Providence continue to rocket upwards. New data provided to GoLocal by the reality group Mott & Chace Sotheby’s International shows that through November of 2024, home prices in the 02906 zip code have jumped nearly 11% year-over-year.

 

Now, the median price is $905,000 — in 2023, it was $816,750.

 

Further, the data shows a significant gap in price between the East Side and the rest of Providence.  

 

Overall, across the city of Providence, including all neighborhoods, the median price of a single-family home is $435,000—that is an increase from $380,000 in 2023, a 14% increase in a year.

 

Scungio discussed two factors impacting the city. 

 

Tax Increases Coming

"When we saw the most recent reevaluation happen a few years ago where we saw the largest price increase in taxes was not in 02906. it was not on the East Side.  It was in the West End; it was in South Providence and the North end of the city, and those people really saw a significant change in their taxes," said Ben Scungio in an appearance on GoLocal LIVE.

 

The Mall and Repurposing

Scungio also spoke about commercial real estate in the city. 

"Malls are going the way of the dinosaurs. it is what it is as Amazon and e-commerce have taken over that business and people just don't go to malls. And retailers can't survive in malls, and it has to be repurposed," added Scungio. " The state and the city have kind of dropped the ball with repurposing buildings."

 

WATCH THE FULL INTERVIEW ABOVE