Cleveland OH
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Cleveland, 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 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

Cleveland Housing Market Information

With a population of 383,793, 169,365 total housing units (homes and apartments), and a median house value of $75,969, house prices in Cleveland 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 Cleveland, accounting for 46.71% of the city's housing units. Other types of housing that are prevalent in Cleveland include duplexes, homes converted to apartments or other small apartment buildings ( 25.41%), large apartment complexes or high rise apartments ( 21.10%), and a few row houses and other attached homes ( 6.10%).

People in Cleveland primarily live in small (one, two or no bedroom) single-family detached homes. Cleveland has a mixture of owner-occupied and renter-occupied housing.

The housing in Cleveland was primarily built before 1939 ( 53.18%), making the housing stock in Cleveland some of the oldest overall in America, although there is a range of ages of homes in Cleveland. The next most important housing age is between 1940-1969 ( 31.23%), followed by between 1970-1999 ( 10.65%). There's also some housing in Cleveland built between 2000 and later ( 4.94%).

Vacant housing appears to be an issue in Cleveland. Fully 20.24% of the housing stock is classified as vacant. Left unchecked, vacant Cleveland homes and apartments can be a drag on the real estate market, holding 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.

Cleveland Home Appreciation Rates

Real estate appreciation rates in Cleveland's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 1.72% during the period.

Over the last year, Cleveland appreciation rates have trailed the rest of the nation. In the last twelve months, Cleveland's appreciation rate has been 4.08%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Cleveland were at 1.07%, which equates to an annual appreciation rate of 4.36%.

Relative to Ohio, our data show that Cleveland's latest annual appreciation rate is lower than 70% 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 Cleveland differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in 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 2000, to assist you in making the best Cleveland real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$75,969

Cleveland, OH HOME PRICES

Value Range
> $1,175,000 0.3
$881,001 - $1,175,000 0.1
$587,001 - $881,000 1.3
$470,001 - $587,000 0.9
$352,001 - $470,000 1.6
$235,001 - $352,000 3.3
$117,001 - $235,000 17.0
$59,001 - $117,000 42.2
$0 - $59,000 33.3

Very Low for OH
Very Low for Nation

Value Relative to Nation Value Relative to State
95.5591240875912 98.0971128608924

Number Of Homes And Apartments:
169,365

Cleveland Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2019 Q4 - 2020 Q1
Last 12 Months:
2019 Q1 - 2020 Q1
Last 2 Years:
2018 Q1 - 2020 Q1
Last 5 Years:
2015 Q1 - 2020 Q1
Last 10 Years:
2010 Q1 - 2020 Q1
Since 2000:
2000 Q1 - 2020 Q1
12.38% 0.58%
2
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$938 / per month

Homeownership Rate

Homeownership
Owners 39.92
Renters 60.08
Vacant 20.24

Housing Market Details

 

Age of Homes

AGE OF Cleveland HOMES
2000 or Newer 4.9
1970 - 1999 10.7
1940 - 1969 31.2
1939 or Older 53.2

Types of Homes

TYPE OF Cleveland HOMES
Single-Family 46.7
Townhomes 6.1
Small Apt. Buildings 25.4
Apt. Complexes 21.1
Mobile Homes 0.6
Other 0.0

Home Size

SIZE OF Cleveland HOMES
No Bedroom 3.06
1 Bedroom 16.10
2 Bedrooms 34.99
3 Bedrooms 31.88
4 Bedrooms 10.88
5 or more bedrooms 3.08