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Zip Code 02909

Providence, RI • Providence County

Real Estate Market Analysis

Q3 2025 Report
$359,973 (Zillow, Mar 2025) to $450,000 (Rocket, Jun 2025)
Median Home Value
~38,000 (2024 estimate)
Population
$41,000–$45,000
Median Income
Below state average (RI Dept. of Ed. 2024)
School District Rating

Market Statistics

Property Values

$359,973 (Zillow, Mar 2025) to $450,000 (Rocket, Jun 2025)
Median Home Value
Approx. $1,800–$2,100/month (estimate based on Providence averages)
Median Rent
$231 (Rocket, Jun 2025)
Price per Sq Ft

Market Performance

Home AppreciationUp 6.5% YoY (Zillow), up 3% YoY (Rocket)
Market Velocity98 homes for sale in June 2025, up 18.1% MoM; inventory rising
Foreclosure RateLow to moderate (in line with Providence averages; no spike reported)

Area Information

Area SizeUrban, densely populated
CountyProvidence
Primary CityProvidence

Housing Profile

Housing Statistics

Total Housing UnitsApprox. 13,000 (estimate based on census data for 02909)
Owner Occupied~30% (majority rental)
Rental Properties~70%
Vacant UnitsApprox. 8% (urban average)
New ConstructionLimited, mostly renovations and infill; few large new developments

Housing Types

Multifamily (triple-deckers, duplexes)Single-family homesCondosApartments

Demographics

~38,000 (2024 estimate)
Population
31
Median Age
$41,000–$45,000
Median Income
~94% (unemployment ~6%)
Employment Rate
High school diploma or higher: ~75%; Bachelor’s or higher: ~18%
Education Levels
Predominantly families with children, young professionals, and immigrant households
Family Composition

Education Quality

School District Performance

Below state average (RI Dept. of Ed. 2024)
District Rating
School DistrictProvidence Public School District
Test ScoresBelow state average; some improvement in elementary schools
Graduation Rates~75% (district-wide)

Schools in Area

  • William D’Abate Elementary
  • West Broadway Middle
  • Classical High School (magnet)
  • Central High School

Economic Factors

Employment & Business

Job GrowthModest, steady in healthcare and education
Unemployment Rate~6% (slightly above RI average)
Business EnvironmentUrban, diverse small business base, some revitalization
Commercial ActivityActive along major corridors (Broad St, Westminster St)

Major Employers

  • Lifespan Health
  • Brown University
  • Providence Public Schools
  • Retail and service businesses

Infrastructure & Quality of Life

Infrastructure

Transportation Access

  • • RIPTA bus lines
  • • Proximity to I-95
  • • Bike lanes expanding

Utilities & Services

  • • City water/sewer
  • • National Grid (electric/gas)

Quality of Life

Safety & Environment

Above state average; property crime moderate, violent crime higher than suburbs

Urban, some air/noise pollution; green space improving

Healthcare Access

  • • Rhode Island Hospital
  • • Neighborhood Health Centers

Development Trends

Planned Developments

  • Small-scale mixed-use projects
  • Affordable housing renovations

Infrastructure Projects

  • • Road resurfacing
  • • Sidewalk upgrades

Investment Outlook

Growth Outlook

Steady, driven by affordability and proximity to downtown

Investment Opportunities

  • • Multifamily conversions
  • • Value-add renovations
  • • Affordable housing tax credits

Marketing Intelligence

Target Demographics

  • First-time buyers
  • Investors
  • Young families
  • Immigrant communities

Competitive Advantages

  • Lower entry price than East Side or 02906
  • Strong rental demand
  • Urban amenities

Pricing Strategies

Competitive pricing below city median; value-add for renovated properties

Common Objections & Response Strategies

Objection: Concerns about crime rates

Response Strategy:

Highlight community policing, neighborhood watch, and improving trends

Objection: School quality concerns

Response Strategy:

Point to magnet/charter options and recent improvements

Objection: Older housing stock

Response Strategy:

Emphasize renovation potential and historic charm

Objection: Urban congestion/parking

Response Strategy:

Promote walkability, transit, and off-street parking options

Professional Recommendations

1

Target investors and first-time buyers with value messaging

2

Leverage rental comps and cash flow data in marketing

3

Network with local community organizations for referrals

4

Stay updated on city grants and affordable housing incentives

5

Highlight walkability, transit, and urban amenities in listings

Competitive Analysis

Comparable Markets

  • 02908 (Elmhurst)
  • 02907 (South Providence)
  • 02906 (East Side)

Market Positioning

Affordable urban core with strong rental demand

Competitive Advantages

  • Lower prices than 02906/02908
  • Higher rental yields than 02906

Price Comparison

02909 median home value ~$360K vs. 02906 ~$600K+

Investment Metrics

5.5%–7% (multifamily typical)
Cap Rates
6%–8% gross
Rental Yields
~15–17
Price-to-Rent
Strong for well-managed multifamily; moderate for single-family
Cash Flow
2%–4% annually (modest, steady)
Appreciation

Buyer Journey Insights

First-Time Buyers

Attracted by affordability, may need education on urban living and renovation

Move-Up Buyers

Less common; may seek larger homes in nearby zips

Downsizers

Rare, but some interest in condos/apartments

Investors

Strong interest in multifamily and value-add; focus on cash flow

Relocators

Drawn by proximity to downtown, transit, and diverse community

This zip code analysis was generated using comprehensive market data and AI intelligence.

Market conditions change rapidly - consult with local real estate professionals for the most current information.