ZIP Code 02881 Housing Market

📝 Local Market Notes

ZIP code 02881 in Washington County, Rhode Island, has exhibited a pronounced upward price trajectory over the past five years. The FHFA House Price Index rose from 205.88 in 2020 to 220.82 in 2021, then jumped to 294.45 in 2022 before a modest dip to 289.53 in 2023, and reached 363.77 in 2025. This pattern reflects a rapid acceleration after 2021, with the index gaining roughly 76 percent between 2020 and 2025. The ZIP’s year‑over‑year change of +6.27 percent aligns closely with the county’s +6.27 percent increase but exceeds the statewide gain of +4.59 percent. The alignment with county‑level growth suggests that 02881 is moving in tandem with the broader Washington County market, while its outperformance relative to the state indicates stronger local demand or tighter supply conditions within the county. Based on the county’s ACS 5‑year estimates—median home value of $510,800, median gross rent of $1,327, median household income of $106,638, and an owner‑occupancy rate of 77.5 percent—ZIP 02881 characterizes an affluent, owner‑dominated sub‑market. The HPI of 363.8 (well above the county average of ~340) further positions this area toward the higher‑end of the local housing spectrum, indicating a luxury‑oriented segment rather than an entry‑level or renter‑heavy niche. For prospective buyers or residents, the data imply that purchasing in ZIP 02881 entails entering a high‑value, owner‑occupied environment where prices have risen faster than the state average but in step with county trends. Affordability constraints are evident given the elevated median home value relative to income, and the market remains competitive with limited rental inventory. No forward‑looking statements are made; the assessment rests solely on observed metrics.

Based on FHFA House Price Index data.