Studies: Providence one of worst housing markets in U.S., but one of best places in R.I. to sell a home

PROVIDENCE HAS the ninth least healthy housing market in the country, according to WalletHub. / COURTESY WALLETHUB
PROVIDENCE HAS the ninth least healthy housing market in the country, according to WalletHub. / COURTESY WALLETHUB

PROVIDENCE – Providence may be one of the worst housing markets in the country, but it’s also one of the best communities in Rhode Island to sell a home, according to separate studies.

Providence has the ninth least healthy housing market in the country, ranking No. 292, according to WalletHub, a personal finance website that looked at 300 cities to gauge the healthiest housing markets.
Frisco, Texas, has the healthiest housing market in the country, according to WalletHub. In fact, Texas dominates the list of the top 10 healthiest housing markets, holding six places. The bottom spot was held by Flint, Mich.
WalletHub studied median home-price appreciation, percentage of homes selling for a gain, number of days on the market, foreclosure rate, number of homes held by banks, vacancy rate and building permit activity, among other factors, such as jobless rate, to come up with its findings.
When separated into categories of city size, Providence as a mid-size city ranked 93rd, or second from the bottom, out of 94 other mid-size cities. In that category, Plano, Texas, ranked first, while Newark, N.J. ranked last.
A separate study by SmartAsset, a financial technology company, said Providence is the third best place to sell a home in Rhode Island based on the number of days homes spend on the market. In Providence, homes average nearly 55 days on the market. Woonsocket is the best place for ease of sale, as homes there average 34 days on the market. Pawtucket, coming in third, has homes average nearly 39 days on the market, SmartAsset said.

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