3 Luxurious, Historically Significant Neighborhoods in Providence

As one of the oldest towns in the United States, Providence doesn’t fall short in antique charm and character. That being said, the city also offers a fresher, more effervescent atmosphere for millennial students and professionals searching for homes on the east coast. Maybe you’re looking for a taste of Providence’s world-renowned foodie scene, which is nothing short of impressive. In fact, Providence has the most restaurants per capita, partially due to a high number of culinary graduates from Johnson and Wales University. Whatever the motivation to move to Providence, the town caters toward a variety of tastes, including the lavish and refined communities with higher price tags.

For comparison, the average sales price in Providence between August 15^th and November 15^th was $155,000, down 20.5 percent – or $40,000 – from last quarter. However, sales prices have increased 15.7 percent over the last five years in Providence, which is positive for recent buyers in the city. The average listing price on Providence homes for sale on Trulia was $219,069 for the week of November 4^th.

To get a better idea of how the more expensive neighborhoods stack up to overall Providence real estate data, check out these popular settings in the city.

 

College Hill

Home to Brown University and the Rhode Island School of Design, College Hill is a bustling, energetic community offering more than prestigious higher education facilities – although the momentous architecture makes for great sightseeing. The average listing price on homes in College Hill is $659,770, which is clearly much higher than the city average. This figure represents a $7,832 or 1.2 percent week-over-week increase in the neighborhood. However, median sales prices have declined over the past year – 66.7 percent – from August to November 2015. Regardless, College Hill is still the most popular neighborhood in the city on Trulia, and the most expensive area next to Blackstone.

 

Blackstone

Although predominately residential, Blackstone is one of the East Side’s most popular zones, especially due to the renowned Blackstone Boulevard. The roadway was conceived in 1886 by Horace W.S. Cleveland and instantaneously became a hot spot for drives and walks. Once upon a time, Blackstone Boulevard hosted local horse races, as well. Today, Blackstone, which borders the Seekonk River, is an elegantly designed, suburban-style dwelling, although apartments and condominiums predominate the Wayland Square region to the south. Blackstone homes for sale are currently listed at an average price of $549,640 for the week ending November 4^th. This represents a 2.6 percent decline week-over-week, but the real estate in Blackstone has been increasing steadily long-term. Over the past year, sales prices in Blackstone have gone up 37.6 percent. Now is a great time to invest in Blackstone, especially if homes continue to appreciate in this current upward fashion.

 

Downtown Providence

As is common in any major city, the downtown area is a hub for young professionals and socialites, consequently inflating both the average sales and rent prices in the area. The median sales price in Downtown Providence over the past three months was $673,750, representing an increase of 172.2 percent compared to the previous quarter. Downtown Providence home sales have also increased in value 237 percent since just last year, and are overall 334.68 percent higher than the median sales price for the city as a whole. House hunters in Downtown Providence might be enticed by some of the unique offerings of city living, like WaterFire along Memorial Boulevard and the Providence and Woonasquatucket rivers. These floating bonfires are lit at sunset amongst live music and shopping stands from May through December on Saturdays. While admission is free, some activities and displays require a fee.

 

Providence is a diverse city, both in history and in current real estate trends. Locals and newcomers can branch off and choose from upscale to budget-friendly neighborhoods, but all have the opportunity to appreciate extraordinary cultural significance in a geographically small metropolis.

By Jennifer Riner of Trulia

Photo by Seth Jacobson Photography