Mentor appreciation rates and housing market information

Mentor housing market information

With a population of 50,278, 19,301 total housing units (homes and apartments), and a median house value of $194,660, Mentor real estate prices are well above average cost compared to national prices.

single-family detached homes are the single most common housing type in Mentor, accounting for 79.16% of the city's housing units. Other types of housing that are prevalent in Mentor include large apartment complexes or high rise apartments (7.97%), row houses and other attached homes (7.80%), duplexes, homes converted to apartments, or other small apartment buildings (3.24%), and a few mobile homes or trailers (1.84%).

Owner-occupied, three and four bedroom single-family detached homes are the most prevalent type of housing you will see in Mentor. Owner-occupied housing accounts for 85.16% of Mentor's homes, and 76.98% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Mentor built from 1970-1994, so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Mentor built from 1940-1969 (40.63%). A lesser amount of the housing stock also hails from 1939 and earlier (5.88%), and some were built from 1995 and later (5.88%).

Mentor home appreciation rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in Mentor, where house values have increased just 31.96%, which is an average annual increase of 3.19%. NeighborhoodScout's data show that in the latest quarter, Mentor house values appreciated 2.58%, which is an annualized rate of 10.32%. This rate is lower than the appreciation rate found in 10% of the cities and towns in America.

Over the last year, Mentor appreciation rates have trailed the rest of the nation. In the last twelve months, Mentor's appreciation rate has been -0.44%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Mentor were at 2.58%, which equates to an annual appreciation rate of 10.32%.

Importantly, this makes Mentor 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 Mentor's latest annual appreciation rate is higher than 24% 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 Mentor differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Mentor - 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 Mentor real estate investment or home purchase decisions.