Lakewood, OH Real Estate Market

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 Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Lakewood, OH Housing Market Trends

With a population of 49,678, 24,713 total housing units (homes and apartments), and a median house value of $205,867, 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 36.62% of the city's housing units. Other types of housing that are prevalent in Lakewood include large apartment complexes or high rise apartments ( 35.18%), duplexes, homes converted to apartments or other small apartment buildings ( 22.17%), and a few row houses and other attached homes ( 5.96%).

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 ( 60.86%), 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 ( 28.25%), followed by between 1970-1999 ( 10.06%).

Lakewood Home Appreciation Rates

In the last 10 years, Lakewood has experienced some of the highest home appreciation rates of any community in the nation. Lakewood real estate appreciated 69.91% over the last ten years, which is an average annual home appreciation rate of 5.44%, putting Lakewood in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Lakewood definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

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 7.09%, which is higher than appreciation rates in 88.01% 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 3.11%, which equates to an annual appreciation rate of 13.01%.

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 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:
$205,867

Lakewood, OH HOME PRICES

> $1,303,000
1.2%
1.2%
$977,001 - $1,303,000
1.2%
1.2%
$651,001 - $977,000
1.6%
1.6%
$521,001 - $651,000
1.8%
1.8%
$391,001 - $521,000
5.3%
5.3%
$260,001 - $391,000
16.4%
16.4%
$130,001 - $260,000
55.6%
55.6%
$65,001 - $130,000
13.7%
13.7%
$0 - $65,000
3.3%
3.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

High for OH

Value Relative To Nation

Number Of Homes And Apartments:
24,713

Lakewood Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
67.63% 2.49%
10
5
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,055 / per month

Homeownership Rate

Owners
42.9%
42.9%
Renters
57.1%
57.1%
Vacant
9.4%
9.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
0.8%
0.8%
1970 - 1999
10.1%
10.1%
1940 - 1969
28.2%
28.2%
1939 or Older
60.9%
60.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
36.6%
36.6%
Townhomes
6.0%
6.0%
Small Apt. Buildings
22.2%
22.2%
Apt. Complexes
35.2%
35.2%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.7%
3.7%
1 Bedroom
24.3%
24.3%
2 Bedrooms
30.8%
30.8%
3 Bedrooms
26.0%
26.0%
4 Bedrooms
11.4%
11.4%
5 or more bedrooms
3.8%
3.8%
0.0% 100.0%
% OF HOMES