Lakewood, OH
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Lakewood Neighborhoods Since 2000




Lakewood, 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 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

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

Lakewood Housing Market Information

With 50,656 people, 24,534 houses or apartments, and a median cost of homes of $160,388, 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 35.61% of the city's housing units. Other types of housing that are prevalent in Lakewood include large apartment complexes or high rise apartments ( 34.51%), duplexes, homes converted to apartments or other small apartment buildings ( 25.03%), and a few row houses and other attached homes ( 4.77%).

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 ( 65.94%), 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 ( 25.14%), followed by between 1970-1999 ( 8.37%).

Vacant housing appears to be an issue in Lakewood. Fully 10.31% 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

Appreciation rates for homes in Lakewood have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 6.79%, which ranks in the top 40% nationwide. This equates to an annual average Lakewood house appreciation rate of 0.66%.

Appreciation rates are so strong in Lakewood that despite a nationwide downturn in the housing market, Lakewood real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lakewood appreciation rates continue to be some of the highest in America, at 8.76%, which is higher than appreciation rates in 89.89% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lakewood. Lakewood appreciation rates in the latest quarter were at -0.21%, which equates to an annual appreciation rate of -0.82%.

Relative to Ohio, our data show that Lakewood's latest annual appreciation rate is higher 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 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:
$160,388

Lakewood, OH HOME PRICES

Value Range
> $1,226,000 0.6
$919,001 - $1,226,000 0.6
$613,001 - $919,000 0.6
$490,001 - $613,000 1.1
$368,001 - $490,000 1.8
$245,001 - $368,000 8.7
$123,001 - $245,000 60.5
$61,001 - $123,000 20.0
$0 - $61,000 6.1

High for OH
Average for Nation

Value Relative to Nation Value Relative to State
45.5174030235556 30.8398950131234

Number Of Homes And Apartments:
24,534

Lakewood Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
21.61% 1.14% 8 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$885 / per month

Homeownership Rate

Homeownership
Owners 43.99
Renters 56.01
Vacant 10.31

Housing Market Details

 

Age of Homes

AGE OF Lakewood HOMES
2000 or Newer 0.5
1970 - 1999 8.4
1940 - 1969 25.1
1939 or Older 65.9

Types of Homes

TYPE OF Lakewood HOMES
Single-Family 35.6
Townhomes 4.8
Small Apt. Buildings 25.0
Apt. Complexes 34.5
Mobile Homes 0.1
Other 0.0

Home Size

SIZE OF Lakewood HOMES
No Bedroom 3.66
1 Bedroom 23.08
2 Bedrooms 33.42
3 Bedrooms 25.35
4 Bedrooms 11.05
5 or more bedrooms 3.43