Elyria appreciation rates and housing market information

Elyria housing market information

With 55,882 people, 23,841 houses or apartments, and a median cost of homes of $125,404, house prices in Elyria are solidly below the national average.

single-family detached homes are the single most common housing type in Elyria, accounting for 62.24% of the city's housing units. Other types of housing that are prevalent in Elyria include large apartment complexes or high rise apartments (18.84%), duplexes, homes converted to apartments, or other small apartment buildings (9.38%), mobile homes or trailers (7.27%), and a few row houses and other attached homes (2.27%).

The most prevalent building size and type in Elyria are three and four bedroom single-family detached homes. The city has a mixture of owners and renters, with 60.77% owning, and 33.26% 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. Elyria's housing was primarily built during this period, from the '40s through the '60s. A full 43.40% of the city's housing hails from this era. Other housing ages represented in Elyria include homes built between 1970-1994 (31.38%), and housing constructed from 1939 and earlier (20.30%). There's also some housing in Elyria built between 1995 and later (4.92%).

Elyria home appreciation rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Elyria, where house values have increased just 39.56%, which is an average annual increase of 3.95%. NeighborhoodScout's data show that in the latest quarter, Elyria house values appreciated 2.77%, which is an annualized rate of 11.08%. This rate is lower than the appreciation rate found in 10% of the cities and towns in America.

NeighborhoodScout's data show that during the latest twelve months, Elyria home appreciation rates, at 0.31%, have been at or slightly above the national average. In the latest quarter, Elyria's appreciation rate has been 2.77%, which annualizes to a rate of 11.08%.

Importantly, this makes Elyria 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 Elyria's latest annual appreciation rate is higher than 38% 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 Elyria differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Elyria - 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 Elyria real estate investment or home purchase decisions.