Mayfield Heights, OH
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Mayfield Heights, OH Real Estate Data


Mayfield Heights Housing Market Information

With a population of 18,840, 9,318 total housing units (homes and apartments), and a median house value of $170,248, Mayfield Heights 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 Mayfield Heights, accounting for 46.91% of the city's housing units. Other types of housing that are prevalent in Mayfield Heights include large apartment complexes or high rise apartments ( 45.01%), row houses and other attached homes ( 5.44%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.64%).

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

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Mayfield Heights's housing was primarily built during this period, from the '40s through the '60s. A full 62.83% of the city's housing hails from this era. Other housing ages represented in Mayfield Heights include homes built between 1970-1999 ( 29.53%) and housing constructed before 1939 ( 4.72%). There's also some housing in Mayfield Heights built between 2000 and later ( 2.92%).

Mayfield Heights Home Appreciation Rates

Mayfield Heights's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Mayfield Heights during the period has been just -1.23%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Mayfield Heights's appreciation rate, at 5.51%, has been at or slightly above the national average. In the latest quarter, Mayfield Heights's appreciation rate has been 3.30%, which annualizes to a rate of 13.87%.

Importantly, this makes Mayfield Heights 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 Mayfield Heights's latest annual appreciation rate is higher than 60% 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 Mayfield Heights differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Mayfield Heights - 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 Mayfield Heights real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$170,248

Mayfield Heights, OH HOME PRICES

Value Range
> $1,094,000 0.0
$821,001 - $1,094,000 0.0
$547,001 - $821,000 0.4
$438,001 - $547,000 1.3
$328,001 - $438,000 3.5
$219,001 - $328,000 14.8
$109,001 - $219,000 63.9
$55,001 - $109,000 13.5
$0 - $55,000 2.5

High for OH
Average for Nation

Value Relative to Nation Value Relative to State
42.6655735784974 27.6902887139108

Number Of Homes And Apartments:
9,318

Rent & Ownership

 

Average Market Rent:
$1,025 / per month

Homeownership Rate

Homeownership
Owners 51.72
Renters 48.28
Vacant 8.64

Housing Market Details

 

Age of Homes

AGE OF Mayfield Heights HOMES
2000 or Newer 2.9
1970 - 1999 29.5
1940 - 1969 62.8
1939 or Older 4.7

Types of Homes

TYPE OF Mayfield Heights HOMES
Single-Family 46.9
Townhomes 5.4
Small Apt. Buildings 2.6
Apt. Complexes 45.0
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Mayfield Heights HOMES
No Bedroom 3.89
1 Bedroom 21.44
2 Bedrooms 29.22
3 Bedrooms 37.04
4 Bedrooms 7.51
5 or more bedrooms 0.89

Mayfield Heights 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
-0.59% -0.04% 2 1
* 10 is highest