The story of this market
The typical home in ZIP 02907 sells for about $562,000, or $159 per square foot.
Prices are up +3.2% from a year ago, so sellers still have some momentum. Homes take about 45 days to sell. HUD's fair market rent for a two-bedroom is $1,730 a month.
ZIP 02907 — Providence
The housing market in 02907 is characterized by high rental demand and a limited inventory of for-sale properties, with prices remaining below the national median. The area's affordability relative to the broader metro region continues to drive interest, though the market is constrained by older housing stock and socioeconomic challenges. Figures for active listings and days on market are based on current portal data, while demographic and income data are sourced from the most recent ACS 5-year estimates.
This ZIP is well-suited for budget-conscious renters, students, and first-time homebuyers looking for urban proximity and access to public transit, though it may be less attractive to those seeking suburban quiet or top-tier school districts.
Median prices moved up 3.2% year over year.
Homes spend a median of 45 days on market with 3.5 months of supply — a fast-moving market.
15% of listings have cut prices · homes sell at 98.5% of asking — demand is running ahead of supply.
no recorded foreclosure-ledger notices (0.0 per 10,000 residents) · unemployment 8.6% · poverty 22.2% — a mixed stability profile.
Researched annual trajectory for this ZIP, from published historical series
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 8.7%/yr trend — a deterministic estimate, not a published forecast or guarantee.
Median annual property tax paid on this ZIP's residential parcels
Solid: researched ten-year history · dotted: 1 / 3 / 5-year projection extended from the historical 5.2%/yr trend — a deterministic estimate, not a published forecast or guarantee.
versus the prior ACS vintage
net influx — more people moved in than out
ZCTA 02907, Providence County RI
Crime rates in the Elmwood and surrounding 02907 areas are generally higher than the national average, with property crime being the most frequently reported issue in this urban environment.
The area is served by the Providence Public School District, which faces significant challenges in academic performance and resource allocation, though several charter school options operate within the ZIP.
The area is primarily an urban environment with low wildfire risk, but older housing stock requires vigilance regarding lead paint and aging infrastructure; flood risk is minimal outside of specific low-lying zones.
Economic momentum is driven by the proximity to downtown Providence and local university-related activity, though large-scale commercial development within the ZIP itself remains limited.
Composed from the ARED governance burden registry — tier-native tax structure (state + county + city + special districts), never averaged. State (Rhode Island) — Local Property Tax Assessment: Property is assessed at full and fair cash value. The tax is calculated by multiplying the assessed value by the local tax rate (mill rate). Municipalities may apply homestead exemptions or tax classifications (residential vs. commercial) as authorized by state law.
Residents benefit from strong access to downtown Providence via RIPTA bus lines and proximity to I-95, making it a viable location for commuters working in the city core.
The ZIP features several neighborhood parks and is within a short drive of the Roger Williams Park complex, which offers extensive green space, a zoo, and boating facilities.
The rental market is highly active due to the university-adjacent location, with consistent demand for multi-family units and a trend of rising rents.
The economy is anchored by healthcare, education, and government services in the broader Providence metro area, with a significant portion of the local workforce employed in service and retail sectors.
The area is well-served by the Rhode Island Public Transit Authority (RIPTA) and provides easy access to major highway corridors including I-95 and I-195.
Development is primarily focused on the adaptive reuse of older residential and commercial structures rather than large-scale new construction.
The Providence Tax Assessor's office manages property valuations, typically conducting revaluations on a triennial cycle.
Parcels are subject to municipal taxes and the Providence Public School District levies.
Property insurance premiums are influenced by the urban density and the age of the housing stock, with standard coverage available through major regional carriers.
Data retrieved from Census Reporter and US5.com; figures reflect ZCTA-level reporting.
Public schools whose reported address is in this area (NCES). Not attendance boundaries — schools that serve residents may sit outside it. Check the district's address locator for assignment. Source: NCES EDGE public school locations 2023-24.
- Supercharged Entertainment4.518.4 mi
- Urban Air Trampoline and Adventure Park4.519.8 mi
- United Skates of America4.35.3 mi
- R1 Indoor Karting | Time Mission, Dart City, Mission Box & Axe Bar4.66.3 mi
- Dave & Buster's Providence4.22.3 mi
- The Xfinity Center4.217.3 mi
- Supercharged Entertainment4.518.4 mi
- Amica Mutual Pavilion4.42 mi
- Rhode Island Convention Center4.42 mi
- Topgolf Rhode Island4.33.4 mi
- Bally's Lincoln3.96.5 mi
- Roger Williams Park Zoo4.60.7 mi
- RISD Museum4.72.3 mi
- Colt State Park4.810.5 mi
- Lincoln Woods State Park4.67 mi
- RISD Museum4.72.3 mi
- Lizzie Borden House (A Bed and Breakfast & Museum)4.815.5 mi
- Providence Children's Museum4.61.7 mi
- Newport Car Museum4.917.4 mi
- Blithewold Manor, Gardens & Arboretum4.712.8 mi
- Colt State Park4.810.5 mi
- Lincoln Woods State Park4.67 mi
- Roger Williams Park4.71 mi
- Goddard Memorial State Park4.69.5 mi
- Rocky Point State Park4.77.9 mi
- The Cove | Restaurant & Marina4.315 mi
- Herreshoff Marine Museum4.712.1 mi
- Harbor Lights Dining Events Golf Marina4.47.8 mi
- East Providence Yacht Club4.32.6 mi
- Rhode Island Yacht Club4.62.9 mi
- Topgolf Rhode Island4.33.4 mi
- Kirkbrae Country Club4.610.5 mi
- Triggs Memorial Golf Course4.23.1 mi
- Swansea Country Club4.48.4 mi
- Harbor Lights Dining Events Golf Marina4.47.8 mi
- Providence Place4.42.4 mi
- Warwick Mall4.35.5 mi
- Garden City Center4.62.9 mi
- Emerald Square Mall411.2 mi
Theme parks, venues, golf, airports, museums, water and shopping across the area ranked by popularity within the radius shown.
A major regional attraction featuring a zoo, botanical center, and extensive walking trails.
Known for its historic Victorian architecture and dense urban character.
Key-figure check: median price diverges 37.9% from the nearest retained anchor (published ten-year series (2025)) — beyond the 12.5% tolerance; an automated validation case is open and the value publishes pending its verdict. Research outlier held out — this pass returned a median of $349,200 (37.9% off the retained reading), contradicting every independent anchor; the prior reading stands pending corroboration.