ZIP Code 02822 Housing Market

📝 Local Market Notes

ZIP code 02822 exhibits a robust upward price trajectory, with its Home Price Index (HPI) rising from 217.37 in 2021 to 320.09 in 2025. This four-year expansion represents a cumulative increase of approximately 47.3%, indicating sustained demand within this Washington County segment. The acceleration in recent years, particularly the jump from 265.86 in 2023 to 300.24 in 2024, suggests that local pricing dynamics are outpacing earlier growth rates. The market’s current momentum slightly exceeds broader regional trends. ZIP 02822 recorded a year-over-year increase of 6.61%, surpassing the Washington County average of 6.27% and the Rhode Island state average of 4.59%. This divergence signals that 02822 is functioning as a premium sub-market relative to the surrounding geography. While nearby ZIPs such as 02881 and 02813 show higher absolute HPI levels, 02822’s outperformance against the state baseline confirms its status as a high-demand area within the county. Contextualizing this against parent county data, where the median home value stands at $510,800 and owner occupancy reaches 77.5%, 02822 appears positioned as an upper-middle to luxury segment. The median household income of $106,638 supports the purchasing power necessary for these price points. Prospective buyers should note that the current 30-year mortgage rate of 7.40% significantly impacts monthly carrying costs, making the high entry price a critical consideration. Residents and investors in 02822 are operating in a market characterized by strong equity appreciation and limited inventory flexibility, distinct from the more moderate growth observed in the wider state. The data reflects a stable, high-value housing environment with consistent year-over-year gains.

Based on FHFA House Price Index data.