Akron, OH
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Akron, OH Real Estate Data


Akron Housing Market Information

With a population of 197,542, 83,021 total housing units (homes and apartments), and a median house value of $92,947, house prices in Akron 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 Akron, accounting for 66.84% of the city's housing units. Other types of housing that are prevalent in Akron include large apartment complexes or high rise apartments ( 17.68%), duplexes, homes converted to apartments or other small apartment buildings ( 12.09%), and a few row houses and other attached homes ( 3.00%).

The most prevalent building size and type in Akron are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 51.96% owning and 48.04% 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 40.51% of the city's housing hails from this era. Other housing ages represented in Akron include homes built before 1939 ( 35.17%) and housing constructed between 1970-1999 ( 19.90%). There's also some housing in Akron built between 2000 and later ( 4.42%).

Vacant housing appears to be an issue in Akron. Fully 14.55% of the housing stock is classified as vacant. Left unchecked, vacant Akron homes and apartments can be a drag on the real estate market, holding Akron 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.

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 -1.78%, which is lower than 80% of US communities.

Appreciation rates are so strong in Akron that despite a nationwide downturn in the housing market, Akron real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Akron appreciation rates continue to be some of the highest in America, at 8.30%, which is higher than appreciation rates in 92.99% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Akron. Akron appreciation rates in the latest quarter were at 1.68%, which equates to an annual appreciation rate of 6.91%.

Relative to Ohio, our data show that Akron's latest annual appreciation rate is higher than 90% 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 2000, to assist you in making the best Akron real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$92,947

Akron, OH HOME PRICES

Value Range
> $1,076,000 0.1
$807,001 - $1,076,000 0.1
$538,001 - $807,000 0.4
$430,001 - $538,000 0.5
$323,001 - $430,000 1.3
$215,001 - $323,000 3.5
$107,001 - $215,000 21.9
$54,001 - $107,000 51.6
$0 - $54,000 20.7

Very Low for OH
Very Low for Nation

Value Relative to Nation Value Relative to State
83.4924167008257 87.5328083989501

Number Of Homes And Apartments:
83,021

Rent & Ownership

 

Average Market Rent:
$814 / per month

Homeownership Rate

Homeownership
Owners 51.96
Renters 48.04
Vacant 14.55

Housing Market Details

 

Age of Homes

AGE OF Akron HOMES
2000 or Newer 4.4
1970 - 1999 19.9
1940 - 1969 40.5
1939 or Older 35.2

Types of Homes

TYPE OF Akron HOMES
Single-Family 66.8
Townhomes 3.0
Small Apt. Buildings 12.1
Apt. Complexes 17.7
Mobile Homes 0.4
Other 0.0

Home Size

SIZE OF Akron HOMES
No Bedroom 1.59
1 Bedroom 13.66
2 Bedrooms 29.75
3 Bedrooms 41.43
4 Bedrooms 10.97
5 or more bedrooms 2.61

Akron Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
-10.96% -0.68% 1 1
* 10 is highest