Cleveland appreciation rates and housing market information

Cleveland housing market information

With 478,393 people, 215,844 houses or apartments, and a median cost of homes of $96,091, house prices in Cleveland are some of the most affordable in Ohio as well as the nation.

single-family detached homes are the single most common housing type in Cleveland, accounting for 44.27% of the city's housing units. Other types of housing that are prevalent in Cleveland include duplexes, homes converted to apartments, or other small apartment buildings (27.28%), large apartment complexes or high rise apartments (19.40%), row houses and other attached homes (8.53%), and a few mobile homes or trailers (0.50%).

People in Cleveland primarily live in small (one, two, or no bedroom) single-family detached homes. Cleveland has a mixture of owner-occupied and renter-occupied housing.

The housing in Cleveland was primarily built before 1939 (49.27%), making the housing stock in Cleveland some of the older overall in America, although there is a range of ages of homes in Cleveland. The next most important Cleveland housing age is 1940-1969 (41.04%), followed by 1970-1994 (8.08%). There's also some housing in Cleveland built between 1995 and later (1.61%).

Vacant housing appears to be an issue in Cleveland. Fully 11.68% of the housing stock is classified as vacant. Left unchecked, vacant Cleveland homes and apartments can be a drag on the real estate market, holding Cleveland real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Cleveland home appreciation rates

Cleveland's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Cleveland during the period has been just 4.61%, which is lower than % of US communities.

NeighborhoodScout's data show that during the latest twelve months, Cleveland home appreciation rates, at 0.97%, have been at or slightly above the national average. In the latest quarter, Cleveland's appreciation rate has been 2.93%, which annualizes to a rate of 11.72%.

Importantly, this makes Cleveland 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 Cleveland's latest annual appreciation rate is higher than 51% 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 Cleveland differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Cleveland - 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 Cleveland real estate investment or home purchase decisions.