Providence is the capital of Rhode Island, and the state’s most populous city with a population of 178,000. Geographically, the city of Providence is atypically compact and representative of construction prior to use of the automobile. It is one of the most densely populated cities in the country, and accordingly has the eight-highest percentage of pedestrian commuters in the U.S. The layout of streets is somewhat chaotic, with streets radiating out from high traffic hubs such as Market Square.
Providence’s economy is dominated by the health care, finance, education, and jewelry manufacturing industries. The city serves as headquarters to Fortune 500 companies Textron and Nortek, and the 15th largest bank in the country, Citizens Bank, also calls Providence home. Providence’s top three employers are Rhode Island Hospital, Brown University, and Bank of America.
The Providence real estate market was hit particularly hard by the recession. Property values soared from 2001 to 2005, with the median sales price increasing from $56,000 to a high of $270,000. The market then entered a period of sharp decline from 2006 to 2009, with median sales prices going back down to levels around $100,000. Since 2009, the Providence real estate market has demonstrated stability, as the median sales price has increased steadily within the $100,000 to $125,000 range.