The town of Coventry, named after Coventry, England, has a population of approximately 35,688 and is the largest municipality in Rhode Island. This quaint city offers outdoor recreation, beautiful nature preserves, delicious restaurants, and more. Are you interested in learning more about real estate in Coventry? Don’t miss out on our comprehensive guide!
Overview of Coventry’s Real Estate Market
If you’re considering buying a home in Coventry, you may be curious about the housing prices, market trends, and types of properties available. Check out all you need to know below:
· Housing Prices
Home prices vary in Coventry, depending on location, type, condition, and other factors, and range from $30,000 to $950,000. The median listing price is approximately $389,900, while the median sales price is $368,000.
· Market Trends
Real estate in Coventry can be competitive. Homes usually receive about seven offers and sell in around 33-39 days. However, “hot” homes can sell in as quickly as 11 days and for 5% above the list price.
· Types of Properties Available
Coventry boasts various property types throughout the city limits and on the outskirts of town. Most properties are single-family homes, ranging from 19th-century farmhouses to new constructions. You will also find a few condos, multi-family residences, and mobile homes here.
Popular Coventry Neighborhoods
Let’s dive right in – here are five of the most popular Coventry, RI, neighborhoods!
· Town Center
Town Center is – you guessed it – situated in the center of Coventry, and the neighborhood is suburban. Much of the real estate is small and medium-sized single-family houses, and the median home price is around $420,000.
· Spring Lake
The median price of real estate in Spring Lake is about $245,000, making this community a more affordable option for many families. This suburban neighborhood is comprised of small and medium-sized houses and mobile homes.
· Greene
Greene’s beautiful, rural neighborhood boasts farm-like homes and other single-family residences. The median real estate price is approximately $381,000, and many homes were built between 1940-1999.
· Anthony
Anthony is a more developed Coventry neighborhood. This suburban area has single-family homes of various styles and apartment complexes, and the median real estate price is around $298,000.
· Arkwright
Arkwright’s median home price is approximately $374,000. The neighborhood’s population is growing and features a few larger homes.
Tips for Buying or Renting Property In Coventry
Getting the right property to fit your family’s specific needs is essential. Follow these three tips to ensure you select the perfect place:
· Choose a Local Real Estate Agent
Hiring a local real estate agent is crucial when searching for a Coventry home. Their intimate area knowledge is invaluable while looking for your new property. Let their expertise, professionalism, and understanding go to work for you while you focus on your family’s needs!
· Research Local Schools
If you have students in your home, from preschool to college age, research surrounding schools before choosing a new house. Coventry has an above-average public school system and several outstanding private schools. Continuing education institutions and universities can be found in nearby towns.
· Consider Commute Times
Thinking about your daily commute is vital. If you already have a job in Coventry or know you will be attending college classes, consider how long it will take you to drive there and back each day. You should also consider how long driving to grocery stores, restaurants, and other local attractions will take.
Upsides and Downsides of Living in Coventry
Coventry, RI, is a beautiful town that is loved by many. But is it right for you? Let’s look at the pros and cons of living here.
· Pros of Living in Coventry
Coventry features many impressive cultural attractions. Residents and tourists enjoy visiting the Nathanael Greene Homestead, Paine House Museum, Maxwell Mays Wildlife Refuge, and ShelaLara Vineyards & Winery. Additionally, affordable housing options make Coventry an attractive town, as does the thriving business sector and diverse community.
· Cons of Living in Coventry
Because Coventry is the largest city in Rhode Island, traffic and noise can sometimes be a struggle for those living here. Also, Coventry has been growing by leaps and bounds, so there is less green space to enjoy in suburban areas.
Future Outlook for Real Estate in Coventry
We’ve looked at Coventry’s current real estate conditions, but what does the future hold? While no one can be 100% sure, here are a few predictions:
Coventry properties’ median price per sq. ft. is on an upward trend, making this spring and summer excellent times to buy a home – don’t wait for prices to keep rising to secure your next property.
Additionally, the real estate inventory may remain low, so it’s crucial not to miss out on the right homeownership opportunity when it arises.
Lastly, home values in Rhode Island have appreciated slightly above the national level over the last couple of years, and that trend is expected to continue.
Conclusion
In Coventry, whether in a suburban or rural area, real estate is diverse and offers various options. If you’re ready to search for your new Coventry home – or even if you have a few questions – I can help! With 24 years of experience and thorough knowledge of the local neighborhoods, I’m ready to guide you to your perfect home.
Want to learn more about the area and Kent County? Get The Inside Scoop On Kent County, RI, Real Estate here! Be sure to visit more blog posts covering everything from capital gains taxes to moving with pets.