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 about Scout's Real Estate Data
With 367,991 people, 168,196 houses or apartments, and a median cost of homes of $98,206, 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 47.35% of the city's housing units. Other types of housing that are prevalent in Cleveland include large apartment complexes or high rise apartments ( 23.95%), duplexes, homes converted to apartments or other small apartment buildings ( 22.28%), and a few row houses and other attached homes ( 5.64%).
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 ( 50.05%), 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 ( 31.68%), followed by between 1970-1999 ( 11.76%). There's also some housing in Cleveland built between 2000 and later ( 6.51%).
Vacant housing appears to be an issue in Cleveland. Fully 16.97% 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.
Appreciation rates for homes in Cleveland have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 75.58%, which ranks in the top 50% nationwide. This equates to an annual average Cleveland house appreciation rate of 5.79%.
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 9.01%, 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 -0.36%, which equates to an annual appreciation rate of -1.41%.
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.
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