Home Values in Cranston, Rhode Island — 2026 Market Report
Updated March 2026 | Seller's Market | +4.3% YoY
The median home value in Cranston, Rhode Island is $335,000 as of March 2026, which is below the national median of $400,000. Home values in Cranston have increased by 4.3% over the past year and 23.4% over the last five years. With a population of 82,934 and a median household income of $60,250, the price-to-income ratio stands at 5.6x, making Cranston affordable for the average household.
Cranston Housing Market Conditions
| Metric | Cranston | National Avg |
|---|---|---|
| Median Home Value | $335,000 | $400,000 |
| YoY Appreciation | +4.3% | +3.8% |
| 5-Year Appreciation | +23.4% | +22.4% |
| Price per Sq Ft | $111 | $222 |
| Days on Market | 58 days | 45 days |
| Months of Supply | 2.6 | 3.5 |
| List-to-Sale Ratio | 101% | 98.5% |
| Monthly Homes Sold | 44 | — |
| Foreclosure Rate | 0.29% | 0.3% |
Home Value Trends in Cranston
A homeowner who purchased at the median price of $271,475 five years ago in Cranston would have gained approximately $63,525 in equity, representing a 23.4% return on investment. Over the past year alone, the typical homeowner gained $13,811 in home equity.
Affordability in Cranston, RI
With a median household income of $60,250 and a median home price of $335,000, the price-to-income ratio in Cranston is 5.6x. A ratio below 3x is generally considered affordable, while above 5x indicates significant affordability challenges. The average monthly rent of $2,445 compared to estimated monthly ownership costs of $2,047 gives a rent-vs-buy ratio of 0.84. In Cranston, buying is currently competitive with renting when factoring in equity accumulation.
Property Taxes in Cranston
The effective property tax rate in Rhode Island is 1.63%. On a home valued at $335,000, the estimated annual property tax bill is $5,461, or approximately $455/month. Property taxes are an important factor in the total cost of homeownership and can significantly impact affordability. The cost of living index in Cranston is 103.5 (100 = national average), indicating living costs are near the national average.
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Open Mortgage CalculatorFrequently Asked Questions
What is the median home value in Cranston, RI?
The median home value in Cranston, Rhode Island is $335,000 as of March 2026. Home values have changed +4.3% over the past year, with a 5-year appreciation of 23.4%.
Is Cranston a buyer's or seller's market?
Cranston is currently a seller's market with 2.6 months of housing supply. Homes spend an average of 58 days on market, and the list-to-sale price ratio is 101%. Low inventory gives sellers an advantage.
Are home values going up in Cranston?
Yes, home values in Cranston have increased by 4.3% over the past year. The 5-year appreciation rate is 23.4%, meaning a home worth $271,475 five years ago is now worth $335,000.
Is it better to rent or buy in Cranston?
The average monthly rent in Cranston is $2,445, while estimated monthly homeownership costs are approximately $2,047. The price-to-rent ratio is 11.4. Based on current conditions, buying may be more cost-effective than renting in this market.
Home Values in Other Rhode Island Cities
Related Resources
Disclaimer: Home value data for Cranston, Rhode Island is based on publicly available market data and estimates. Actual home values may vary based on property condition, location within the city, and current market conditions. Data is updated regularly but may not reflect the most recent transactions. Last updated: March 2026.