The Cranston real estate market saw a mixed performance in January 2025, with notable activity across different property types. Here’s a breakdown of key market trends:
Sales and Inventory
Total residential sales for January reached 29 units, reflecting a slight 3% decrease year-over-year.
Inventory levels increased by 96% compared to last year, with 55 active listings.
The months of supply increased to 1.90, suggesting a more balanced market compared to previous periods.
Home Prices
The benchmark price for total residential properties in Cranston rose to $624,200, up 4.4% year-over-year.
Detached homes saw a 7% price increase, reaching a benchmark of $764,200.
Semi-detached homes had a benchmark price of $526,500, marking a 9% year-over-year rise.
Row homes’ benchmark price increased by 5.3%, reaching $463,900.
Apartment-style properties recorded a 4% price increase, with a benchmark price of $360,700.
Market Activity & Demand
The sales-to-new-listings ratio stood at 53%, indicating that just over half of new listings were absorbed by buyers.
Detached homes saw 16 sales, a 11% drop from January 2024, with inventory rising 50%.
Row homes experienced 8 sales, increasing 33% year-over-year, with inventory up 133%.
Apartment sales fell by 33%, with only 4 units sold, but inventory increased significantly by 300%.
Days on Market
The average days on market for homes in Cranston was 31 days, slightly faster than previous months.
Homes continue to sell close to asking prices, with the sale-to-list price ratio at 99.4%, showing strong buyer demand.
1. Detached Homes
Sales: 16 units sold (↓ 11% from Jan 2024)
New Listings: 27 new listings (↑ 50% Y/Y)
Inventory: 27 active listings (↑ 50% Y/Y)
Benchmark Price: $764,200 (↑ 7% Y/Y)
Months of Supply: 1.69 months (↑ 153% Y/Y)
🔹 Market Insight: The detached home market remains strong, with prices increasing despite a drop in sales. The growing inventory and months of supply indicate a shift towards a more balanced market, but demand is still present.
2. Semi-Detached Homes
Sales: 1 unit sold (same as last year)
New Listings: 2 new listings (↑ 100% Y/Y)
Inventory: 2 active listings (↑ 100% Y/Y)
Benchmark Price: $526,500 (↑ 9% Y/Y)
Months of Supply: 1.00 months (unchanged Y/Y)
🔹 Market Insight: The semi-detached market saw minimal activity, with only one sale. However, prices rose significantly, suggesting demand for this property type remains stable despite limited sales volume.
3. Townhouses (Row Homes)
Sales: 8 units sold (↑ 33% Y/Y)
New Listings: 14 new listings (↑ 133% Y/Y)
Inventory: 13 active listings (↑ 133% Y/Y)
Benchmark Price: $463,900 (↑ 5.3% Y/Y)
Months of Supply: 1.63 months (↑ 117% Y/Y)
🔹 Market Insight: Townhouses experienced increased sales and rising prices, though inventory growth suggests buyers now have more choices. The market remains competitive but is showing signs of balance.
4. Apartments
Sales: 4 units sold (↓ 33% Y/Y)
New Listings: 12 new listings (↑ 300% Y/Y)
Inventory: 14 active listings (↑ 300% Y/Y)
Benchmark Price: $360,700 (↑ 4% Y/Y)
Months of Supply: 3.50 months (↑ 175% Y/Y)
🔹 Market Insight: The apartment market is cooling down, with a significant drop in sales and a surge in inventory. Prices continue to increase slightly, but buyers have more negotiating power due to rising supply levels.
Final Thoughts
Detached and semi-detached homes remain the strongest segments, with price growth and stable demand.
Townhouses are gaining traction, with rising sales and prices, though inventory growth is providing buyers with more options.
Apartments are seeing a shift towards a buyer’s market, with high inventory and slowing sales.
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