Akron appreciation rates and housing market information

Akron housing market information

With a population of 217,088, 97,265 total housing units (homes and apartments), and a median house value of $106,193, house prices in Akron are solidly below the national average.

single-family detached homes are the single most common housing type in Akron, accounting for 66.61% of the city's housing units. Other types of housing that are prevalent in Akron include large apartment complexes or high rise apartments (17.76%), duplexes, homes converted to apartments, or other small apartment buildings (12.60%), and a few row houses and other attached homes (2.73%).

The most prevalent building size and type in Akron are three and four bedroom single-family detached homes. The city has a mixture of owners and renters, with 54.94% owning, and 37.68% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Akron's housing was primarily built during this period, from the '40s through the '60s. A full 45.99% of the city's housing hails from this era. Other housing ages represented in Akron include homes built between 1939 and earlier (34.71%), and housing constructed from 1970-1994 (16.34%). There's also some housing in Akron built between 1995 and later (2.96%).

Akron home appreciation rates

Akron's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Akron during the period has been just 4.28%, which is lower than % of US communities.

NeighborhoodScout's data show that during the latest twelve months, Akron home appreciation rates, at 0.86%, have been at or slightly above the national average. In the latest quarter, Akron's appreciation rate has been 2.95%, which annualizes to a rate of 11.80%.

Importantly, this makes Akron one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Ohio, our data show that Akron's latest annual appreciation rate is higher than 48% of the other cities and towns in Ohio.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Akron differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Akron - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Akron real estate investment or home purchase decisions.