Berea, OH
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Berea, OH Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Berea Housing Market Information

With a population of 18,874, 7,344 total housing units (homes and apartments), and a median house value of $131,901, house prices in Berea are solidly below the national average.

Single-family detached homes are the single most common housing type in Berea, accounting for 70.53% of the city's housing units. Other types of housing that are prevalent in Berea include large apartment complexes or high rise apartments ( 17.96%), row houses and other attached homes ( 5.74%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.05%).

The most prevalent building size and type in Berea are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 61.54% owning and 38.46% 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. Berea's housing was primarily built during this period, from the '40s through the '60s. A full 53.73% of the city's housing hails from this era. Other housing ages represented in Berea include homes built between 1970-1999 ( 20.49%) and housing constructed before 1939 ( 14.73%). There's also some housing in Berea built between 2000 and later ( 11.06%).

Berea Home Appreciation Rates

Berea's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Berea during the period has been just -1.35%, which is lower than 80% of US communities.

Over the last year, Berea appreciation rates have trailed the rest of the nation. In the last twelve months, Berea's appreciation rate has been 2.23%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Berea were at -0.21%, which equates to an annual appreciation rate of -0.82%.

Relative to Ohio, our data show that Berea's latest annual appreciation rate is lower than 60% 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 Berea differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Berea - 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 Berea real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$131,901

Berea, OH HOME PRICES

Value Range
> $1,087,000 0.4
$815,001 - $1,087,000 0.0
$543,001 - $815,000 0.1
$435,001 - $543,000 0.9
$326,001 - $435,000 1.6
$217,001 - $326,000 8.4
$109,001 - $217,000 68.1
$54,001 - $109,000 17.4
$0 - $54,000 3.1

Average for OH
Average for Nation

Value Relative to Nation Value Relative to State
58.8597210828548 52.49343832021

Number Of Homes And Apartments:
7,344

Berea Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
-5.14% -0.31% 2 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$927 / per month

Homeownership Rate

Homeownership
Owners 61.54
Renters 38.46
Vacant 9.48

Housing Market Details

 

Age of Homes

AGE OF Berea HOMES
2000 or Newer 11.1
1970 - 1999 20.5
1940 - 1969 53.7
1939 or Older 14.7

Types of Homes

TYPE OF Berea HOMES
Single-Family 70.5
Townhomes 5.7
Small Apt. Buildings 5.1
Apt. Complexes 18.0
Mobile Homes 0.0
Other 0.7

Home Size

SIZE OF Berea HOMES
No Bedroom 0.74
1 Bedroom 12.91
2 Bedrooms 18.58
3 Bedrooms 46.46
4 Bedrooms 18.91
5 or more bedrooms 2.42