East Cleveland appreciation rates and housing market information

East Cleveland housing market information

With a population of 27,217, 13,491 total housing units (homes and apartments), and a median house value of $90,827, house prices in East Cleveland are some of the most affordable in Ohio as well as the nation.

large apartment complexes or high rise apartments are the single most common housing type in East Cleveland, accounting for 35.43% of the city's housing units. Other types of housing that are prevalent in East Cleveland include single-family detached homes (28.09%), duplexes, homes converted to apartments, or other small apartment buildings (21.84%), and a few row houses and other attached homes (14.42%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

People in East Cleveland primarily live in small (one, two, or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. East Cleveland has a mixture of owner-occupied and renter-occupied housing.

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. East Cleveland's housing was primarily built during this period, from the '40s through the '60s. A full 47.83% of the city's housing hails from this era. Other housing ages represented in East Cleveland include homes built between 1939 and earlier (42.54%), and housing constructed from 1970-1994 (9.30%). There's also some housing in East Cleveland built between 1995 and later (.33%).

Vacant housing appears to be an issue in East Cleveland. Fully 16.91% of the housing stock is classified as vacant. Left unchecked, vacant East Cleveland homes and apartments can be a drag on the real estate market, holding East 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.

East Cleveland home appreciation rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in East Cleveland, where house values have increased just 30.86%, which is an average annual increase of 3.08%. NeighborhoodScout's data show that in the latest quarter, East Cleveland house values appreciated 2.55%, which is an annualized rate of 10.20%. This rate is lower than the appreciation rate found in 10% of the cities and towns in America.

Over the last year, East Cleveland appreciation rates have trailed the rest of the nation. In the last twelve months, East Cleveland's appreciation rate has been -0.55%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in East Cleveland were at 2.55%, which equates to an annual appreciation rate of 10.20%.

Importantly, this makes East 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 East Cleveland's latest annual appreciation rate is higher than 22% 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 East Cleveland differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in East 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 East Cleveland real estate investment or home purchase decisions.