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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Cranston, RI Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Cranston, RI Housing Market Trends

With 82,421 people, 32,434 houses or apartments, and a median cost of homes of $413,352, Cranston real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Cranston, accounting for 61.55% of the city's housing units. Other types of housing that are prevalent in Cranston include duplexes, homes converted to apartments or other small apartment buildings ( 19.97%), large apartment complexes or high rise apartments ( 15.22%), and a few row houses and other attached homes ( 3.05%).

The most prevalent building size and type in Cranston are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 62.77% owning and 37.23% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Cranston's housing was primarily built during this period, from the '40s through the '60s. A full 37.45% of the city's housing hails from this era. Other housing ages represented in Cranston include homes built before 1939 ( 29.14%) and housing constructed between 1970-1999 ( 26.12%). There's also some housing in Cranston built between 2000 and later ( 7.30%).

Cranston Home Appreciation Rates

In the last 10 years, Cranston has experienced some of the highest home appreciation rates of any community in the nation. Cranston real estate appreciated 110.69% over the last ten years, which is an average annual home appreciation rate of 7.74%, putting Cranston in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Cranston definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Cranston that despite a nationwide downturn in the housing market, Cranston real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Cranston appreciation rates continue to be some of the highest in America, at 7.71%, which is higher than appreciation rates in 81.82% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Cranston. Cranston appreciation rates in the latest quarter were at 2.08%, which equates to an annual appreciation rate of 8.59%.

Relative to Rhode Island, our data show that Cranston's latest annual appreciation rate is higher than 70% of the other cities and towns in Rhode Island.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Cranston differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Cranston - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Cranston real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$413,352

Cranston, RI Home Prices
> $1,349,000
$1,012,001 - $1,349,000
$674,001 - $1,012,000
$540,001 - $674,000
$405,001 - $540,000
$270,001 - $405,000
$135,001 - $270,000
$68,001 - $135,000
$0 - $68,000
1.2%
1.2%
1.9%
1.9%
7.1%
7.1%
14.1%
14.1%
32.5%
32.5%
33.8%
33.8%
6.8%
6.8%
0.4%
0.4%
2.1%
2.1%
0% 100.0%
% of Homes
Low

for Rhode island

High

for nation

Number of Homes And Apartments:

32,434

Cranston Appreciation Rates

Rent & Ownership

Average Market Rent:

$2,648 / per month

Homeownership Rate

Owners
Renters
62.8%
62.8%
37.2%
37.2%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
4.8%
4.8%
95.2%
95.2%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
7.3%
7.3%
26.1%
26.1%
37.4%
37.4%
29.1%
29.1%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
61.5%
61.5%
3.0%
3.0%
20.0%
20.0%
15.2%
15.2%
0.2%
0.2%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
1.0%
1.0%
14.3%
14.3%
29.2%
29.2%
42.2%
42.2%
10.6%
10.6%
2.7%
2.7%
0% 100.0%
% of Homes