Marion, 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 Q1 2021. 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

Marion, OH Housing Market Trends

With 35,883 people, 13,062 houses or apartments, and a median cost of homes of $86,854, house prices in Marion 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 Marion, accounting for 72.26% of the city's housing units. Other types of housing that are prevalent in Marion include duplexes, homes converted to apartments or other small apartment buildings ( 12.46%), large apartment complexes or high rise apartments ( 12.02%), and a few row houses and other attached homes ( 2.09%).

The most prevalent building size and type in Marion are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 44.97% owning and 55.03% renting.

The housing in Marion was primarily built before 1939 ( 39.02%), making the housing stock in Marion some of the oldest overall in America, although there is a range of ages of homes in Marion. The next most important housing age is between 1940-1969 ( 34.35%), followed by between 1970-1999 ( 20.37%). There's also some housing in Marion built between 2000 and later ( 6.26%).

Vacant housing appears to be an issue in Marion. Fully 13.67% of the housing stock is classified as vacant. Left unchecked, vacant Marion homes and apartments can be a drag on the real estate market, holding Marion 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.

Marion Home Appreciation Rates

Real estate appreciation rates in Marion's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 2.69% during the period.

NeighborhoodScout's data show that during the latest twelve months, Marion's appreciation rate, at 6.93%, has been at or slightly above the national average. In the latest quarter, Marion's appreciation rate has been 2.19%, which annualizes to a rate of 9.05%.

Relative to Ohio, our data show that Marion'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 Marion differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Marion - 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 Marion real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$86,854

Marion, OH HOME PRICES

> $1,172,000
0.0%
0.0%
$879,001 - $1,172,000
0.0%
0.0%
$586,001 - $879,000
0.0%
0.0%
$469,001 - $586,000
0.3%
0.3%
$352,001 - $469,000
1.0%
1.0%
$234,001 - $352,000
3.1%
3.1%
$117,001 - $234,000
19.0%
19.0%
$59,001 - $117,000
53.1%
53.1%
$0 - $59,000
23.4%
23.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Very Low for OH

Value Relative To Nation

Number Of Homes And Apartments:
13,062

Marion Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
19.18% 0.83%
2
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$934 / per month

Homeownership Rate

Owners
45.0%
45.0%
Renters
55.0%
55.0%
Vacant
13.7%
13.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
6.3%
6.3%
1970 - 1999
20.4%
20.4%
1940 - 1969
34.4%
34.4%
1939 or Older
39.0%
39.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
72.3%
72.3%
Townhomes
2.1%
2.1%
Small Apt. Buildings
12.5%
12.5%
Apt. Complexes
12.0%
12.0%
Mobile Homes
1.2%
1.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.9%
2.9%
1 Bedroom
11.9%
11.9%
2 Bedrooms
25.0%
25.0%
3 Bedrooms
47.1%
47.1%
4 Bedrooms
11.8%
11.8%
5 or more bedrooms
1.3%
1.3%
0.0% 100.0%
% OF HOMES