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 Q2 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2016 (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 385,809, 167,067 total housing units (homes and apartments), and a median house value of $72,854, 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 46.50% 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 ( 26.52%), large apartment complexes or high rise apartments ( 20.13%), and a few row houses and other attached homes ( 6.26%).

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 ( 53.56%), 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 ( 31.80%), followed by between 1970-1999 ( 10.28%). There's also some housing in Cleveland built between 2000 and later ( 4.36%).

Vacant housing appears to be an issue in Cleveland. Fully 20.97% 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

Cleveland's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Cleveland during the period has been just -0.61%, which is lower than 80% of US communities.

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 -0.49%, 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 2.12%, which equates to an annual appreciation rate of 8.76%.

Relative to Ohio, our data show that Cleveland's latest annual appreciation rate is lower 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 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:
$72,854

Cleveland, OH HOME PRICES

Value Range
> $1,159,000 0.2
$869,001 - $1,159,000 0.3
$580,001 - $869,000 0.5
$464,001 - $580,000 0.9
$348,001 - $464,000 1.6
$232,001 - $348,000 3.3
$116,001 - $232,000 16.0
$58,001 - $116,000 44.2
$0 - $58,000 33.1

Very Low for OH
Very Low for Nation

Value Relative to Nation Value Relative to State
95.4978102189781 97.50656167979

Number Of Homes And Apartments:
167,067

Cleveland Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2018 Q1 - 2018 Q2
Last 12 Months:
2017 Q2 - 2018 Q2
Last 2 Years:
2016 Q2 - 2018 Q2
Last 5 Years:
2013 Q2 - 2018 Q2
Last 10 Years:
2008 Q2 - 2018 Q2
Since 2000:
2000 Q1 - 2018 Q2
1.04% 0.06%
2
1
* 10 is highest


Rent & Ownership

 

Average Market Rent:
$871 / per month

Homeownership Rate

Homeownership
Owners 40.48
Renters 59.52
Vacant 20.97

Housing Market Details

 

Age of Homes

AGE OF Cleveland HOMES
2000 or Newer 4.4
1970 - 1999 10.3
1940 - 1969 31.8
1939 or Older 53.6

Types of Homes

TYPE OF Cleveland HOMES
Single-Family 46.5
Townhomes 6.3
Small Apt. Buildings 26.5
Apt. Complexes 20.1
Mobile Homes 0.6
Other 0.0

Home Size

SIZE OF Cleveland HOMES
No Bedroom 3.16
1 Bedroom 15.17
2 Bedrooms 35.37
3 Bedrooms 32.15
4 Bedrooms 11.06
5 or more bedrooms 3.08