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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 388,072 people, 167,100 houses or apartments, and a median cost of homes of $72,206, 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 46.52% 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 ( 26.10%), large apartment complexes or high rise apartments ( 20.28%), and a few row houses and other attached homes ( 6.53%).
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 ( 53.68%), 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 ( 32.09%), followed by between 1970-1999 ( 9.83%). There's also some housing in Cleveland built between 2000 and later ( 4.40%).
Vacant housing appears to be an issue in Cleveland. Fully 21.24% 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'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 -1.41%, which is lower than 80% of US communities.
NeighborhoodScout's data show that during the latest twelve months, Cleveland's appreciation rate, at 3.94%, has been at or slightly above the national average. In the latest quarter, Cleveland's appreciation rate has been 3.84%, which annualizes to a rate of 16.29%.
Importantly, this makes Cleveland 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 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.
|$832,001 - $1,109,000||0.4|
|$555,001 - $832,000||0.4|
|$444,001 - $555,000||0.8|
|$333,001 - $444,000||1.6|
|$222,001 - $333,000||3.2|
|$111,001 - $222,000||16.4|
|$55,001 - $111,000||46.3|
|$0 - $55,000||31.0|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2017 Q1 - 2017 Q2
Last 12 Months:
2016 Q2 - 2017 Q2
Last 2 Years:
2015 Q2 - 2017 Q2
Last 5 Years:
2012 Q2 - 2017 Q2
Last 10 Years:
2007 Q2 - 2017 Q2
2000 Q1 - 2017 Q2
|* 10 is highest|
|AGE OF Cleveland HOMES|
|2000 or Newer||4.4|
|1970 - 1999||9.8|
|1940 - 1969||32.1|
|1939 or Older||53.7|
|TYPE OF Cleveland HOMES|
|Small Apt. Buildings||26.1|
|SIZE OF Cleveland HOMES|
|5 or more bedrooms||3.19|