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Everything You Need to Know About Real Estate in Woonsocket, RI Right Now!

What do you think of when someone mentions Woonsocket, Rhode Island? If you’re like most people, you probably think of a sleepy, old industrial town where nothing much is happening. If that’s what you think, you’d be wrong! 

Thanks to recent developments and revitalization, today’s Woonsocket is a vibrant, urban community that offers a blend of city life and cozy small-town comfort. It is an eclectic mix of the old and the new, providing an excellent environment in which to live and work. And, being only a hop, skip, and a jump away from Providence, Worcester, and Boston, there’s plenty nearby to see and do. 

To bring you up to speed, we’re going to take a look at Woonsocket’s past and present and tell you everything you need to know about real estate in Woonsocket, RI right now. 

Yesterday’s Woonsocket  

Woonsocket Falls Village was founded in the 1820s. Its fortunes expanded as the Industrial Revolution developed in nearby Pawtucket. With the Blackstone River providing water power, the region became a prime location for textile mills.  

The town of Woonsocket was established in 1867, when three villages in the city of Cumberland – Woonsocket Falls, Social, and Jenckesville – officially became the town of Woonsocket. In 1871, three additional industrial villages from Smithfield were added to the town. Woonsocket was incorporated as a city in 1888. 

The growth of industries and associated jobs attracted numerous immigrants, predominantly French-Canadians. By 1913, a survey by the American Association of Foreign Language Newspapers found the city had to have the 6th-largest population of French or French-Canadian foreign nationals in America.  

In the decades that followed, this population grew, and by the time the local textile industry shuttered during the Great Depression, ethnic French Canadians comprised 75 percent of the population. As recently as 1980, 70% of Woonsocket’s population was of French-Canadian descent. The New England French language their ancestors spoke gradually vanished from public discourse. 

Throughout the 20th century, the city’s fortunes ebbed and flowed with national trends. During the Great Depression, the textile economy of Woonsocket came to an effective standstill; however, it was revived during World War II. The city became a major center of fabric manufacturing for the war effort, including the production of military uniforms. 

In the postwar years, the Woonsocket economy diversified as manufacturing declined, and other commercial sectors, such as retail, technology, and financial services took hold. In the early 1980s, Woonsocket was struggling with high unemployment rates.  

Today’s Woonsocket  

According to the 2020 census, Woonsocket’s population is 43,240 making it Rhode Island’s sixth largest city. The city is home to the corporate headquarters of CVS Health, the Landmark Medical Center, and the American-French Genealogical Society

Woonsocket is the home of many regional attractions, such as The Museum of Work & Culture, which displays artifacts and memorabilia from the City’s unique past, including its prominent role in the American Industrial Revolution. Its permanent exhibit, Treasury of Life, showcases the history of French-Canadian immigrants settling with their families in Woonsocket.   

Residents and visitors can also explore the new Veterans Memorial Museum at 78 Earle Street, which pays homage to Woonsocket’s brave men and women who have served our country. 

The Stadium Theatre Performing Arts Center has been restored to its original splendor as a classic 1920s Vaudeville Theatre, offering a variety of entertainment, including musicals, comedy shows, murder mysteries, and dramatic performances. Performances by the Stadium Theatre’s in-house repertory company, Encore, include over 50 Broadway-style reviews and significant full-scale musicals. 

If you prefer outdoor activities, there’s the scenic bike path along the beautiful Blackstone River, as well as several athletic and recreational facilities. River Island Arts Park on the Blackstone River hosts free concerts, Movies in the Park, and Arts & Cultural Festivals throughout the year. In the summer residents and visitors can cool off at the new splash park at World War II Memorial Park

The annual Autumnfest celebration on Columbus Day weekend is a three-day festival of food, arts and crafts, amusement rides, live entertainment, and a spectacular fireworks display. The weekend culminates in a 10-division parade on Columbus Day, which attracts participants and bands from all over the Northeast. 

The Woonsocket Harris Public Library opened in 1868 and was the first public library in Rhode Island. Today the library offers a wide range of programs such as children’s knitting classes, computer classes, and Zumba classes, as well as story time, book clubs, and writing classes. 

Now that you know a bit about what makes Woonsocket a great place to live today let’s look at what you need to know about real estate in Woonsocket, RI. 

The Housing Market and Real Estate in Woonsocket, RI 

The Woonsocket housing market is very competitive but at the same time still has affordable homes. In July 2022, Woonsocket homes were selling for a median price of $312,000, up 7.4% compared to last year.  

On average, homes in Woonsocket receive seven offers and sell after 12 days on the market compared to 15 days last year. The trend for median days on the market for real estate in Woonsocket, RI, has gone down since last month and slightly down since last year. In July 2022, there were 40 homes sold, down from 54 last year. 

As of August 1, 2022, there were 132 homes on the market for sale, ranging from $49,900 to $699,000. Woonsocket has nine neighborhoods. The most expensive neighborhood is Oak Grove, with a median listing price of $569,900. While downtown Woonsocket – with a median list price of $225,000 – is the most affordable neighborhood. 

As you can see, real estate in Woonsocket, RI, is diverse and offers homes to fit any budget. With a relatively low median price, it’s an ideal place for first-time home buyers to consider. Whether you’re looking for a one-bedroom condo, a four-bedroom house for a large family, or anything in between, you can find it in Woonsocket. 

About Us  

The Spectrum Real Estate Consultants Team is the top producing team of Realtors at Keller Williams Realty Leading Edge completing over 900+ successful transactions since 2015. Our mission is to provide our clients with world-class service while simplifying the Real Estate transaction through experience, technology, and effective communication. 

Our team members are licensed and serve their local communities. Like our valued clients, we own, renovate and manage properties throughout these markets, allowing us to truly understand real estate ownership’s process, challenges, and benefits. Our knowledge and professional experience allow us to identify opportunities and prevent unnecessary setbacks, in the end saving you time, money, and frustration.  

If you’re ready to invest in real estate in Woonsocket, RI, you can trust our team of professionals who know the area, the market trends, and the real estate landscape. If you want to take a look at current listings of homes for sale in Woonsocket, Rhode Island, click here or download our mobile app for instant, anytime access. And, if you’re ready to move forward with buying or selling a house, let’s connect today and get you started on your journey! 

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