Lakewood, OH
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Lakewood Neighborhoods Since 2000




Lakewood, OH Real Estate Data


Lakewood Housing Market Information

With a population of 50,656, 24,573 total housing units (homes and apartments), and a median house value of $160,102, Lakewood real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Lakewood, accounting for 36.29% of the city's housing units. Other types of housing that are prevalent in Lakewood include large apartment complexes or high rise apartments ( 34.81%), duplexes, homes converted to apartments or other small apartment buildings ( 23.84%), and a few row houses and other attached homes ( 4.86%).

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

The housing in Lakewood was primarily built before 1939 ( 64.88%), making the housing stock in Lakewood some of the oldest overall in America, although there is a range of ages of homes in Lakewood. The next most important housing age is between 1940-1969 ( 25.35%), followed by between 1970-1999 ( 9.27%).

Vacant housing appears to be an issue in Lakewood. Fully 10.73% of the housing stock is classified as vacant. Left unchecked, vacant Lakewood homes and apartments can be a drag on the real estate market, holding Lakewood 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.

Lakewood Home Appreciation Rates

Real estate appreciation rates in Lakewood's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 0.18% during the period.

NeighborhoodScout's data show that during the latest twelve months, Lakewood's appreciation rate, at 4.99%, has been at or slightly above the national average. In the latest quarter, Lakewood's appreciation rate has been 3.30%, which annualizes to a rate of 13.87%.

Importantly, this makes Lakewood 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 Lakewood's latest annual appreciation rate is lower than 50% 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 Lakewood differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lakewood - 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 Lakewood real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$160,102

Lakewood, OH HOME PRICES

Value Range
> $1,201,000 0.4
$900,001 - $1,201,000 0.6
$600,001 - $900,000 0.7
$480,001 - $600,000 0.8
$360,001 - $480,000 1.7
$240,001 - $360,000 8.8
$120,001 - $240,000 59.9
$60,001 - $120,000 21.0
$0 - $60,000 6.1

High for OH
Average for Nation

Value Relative to Nation Value Relative to State
46.6709609416174 34.3832020997375

Number Of Homes And Apartments:
24,573

Rent & Ownership

 

Average Market Rent:
$876 / per month

Homeownership Rate

Homeownership
Owners 43.93
Renters 56.07
Vacant 10.73

Housing Market Details

 

Age of Homes

AGE OF Lakewood HOMES
2000 or Newer 0.5
1970 - 1999 9.3
1940 - 1969 25.4
1939 or Older 64.9

Types of Homes

TYPE OF Lakewood HOMES
Single-Family 36.3
Townhomes 4.9
Small Apt. Buildings 23.8
Apt. Complexes 34.8
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Lakewood HOMES
No Bedroom 4.46
1 Bedroom 22.83
2 Bedrooms 32.55
3 Bedrooms 26.32
4 Bedrooms 10.75
5 or more bedrooms 3.09

Lakewood Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
15.77% 0.87% 6 2
* 10 is highest