Norwood, OH
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Norwood Neighborhoods Since 2000




Norwood, OH Real Estate Data


Norwood Housing Market Information

With 19,915 people, 8,681 houses or apartments, and a median cost of homes of $143,088, Norwood 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 Norwood, accounting for 49.68% of the city's housing units. Other types of housing that are prevalent in Norwood include duplexes, homes converted to apartments or other small apartment buildings ( 31.89%), large apartment complexes or high rise apartments ( 15.90%), and a few row houses and other attached homes ( 1.69%).

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

The housing in Norwood was primarily built before 1939 ( 70.06%), making the housing stock in Norwood some of the oldest overall in America, although there is a range of ages of homes in Norwood. The next most important housing age is between 1940-1969 ( 23.09%), followed by between 1970-1999 ( 6.65%).

Vacant housing appears to be an issue in Norwood. Fully 14.95% of the housing stock is classified as vacant. Left unchecked, vacant Norwood homes and apartments can be a drag on the real estate market, holding Norwood 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.

Norwood Home Appreciation Rates

Appreciation rates for homes in Norwood have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 4.17%, which ranks in the top 50% nationwide. This equates to an annual average Norwood house appreciation rate of 0.41%.

Appreciation rates are so strong in Norwood that despite a nationwide downturn in the housing market, Norwood real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Norwood appreciation rates continue to be some of the highest in America, at 6.15%, which is higher than appreciation rates in 76.13% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Norwood. Norwood appreciation rates in the latest quarter were at 2.34%, which equates to an annual appreciation rate of 9.71%.

Relative to Ohio, our data show that Norwood's latest annual appreciation rate is higher than 80% 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 Norwood differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Norwood - 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 Norwood real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$143,088

Norwood, OH HOME PRICES

Value Range
> $1,149,000 0.6
$862,001 - $1,149,000 0.0
$574,001 - $862,000 0.5
$460,001 - $574,000 0.0
$344,001 - $460,000 0.6
$230,001 - $344,000 10.2
$115,001 - $230,000 51.8
$57,001 - $115,000 32.9
$0 - $57,000 3.5

Average for OH
Average for Nation

Value Relative to Nation Value Relative to State
54.0961527200328 45.5380577427822

Number Of Homes And Apartments:
8,681

Rent & Ownership

 

Average Market Rent:
$788 / per month

Homeownership Rate

Homeownership
Owners 46.51
Renters 53.49
Vacant 14.95

Housing Market Details

 

Age of Homes

AGE OF Norwood HOMES
2000 or Newer 0.2
1970 - 1999 6.7
1940 - 1969 23.1
1939 or Older 70.1

Types of Homes

TYPE OF Norwood HOMES
Single-Family 49.7
Townhomes 1.7
Small Apt. Buildings 31.9
Apt. Complexes 15.9
Mobile Homes 0.8
Other 0.0

Home Size

SIZE OF Norwood HOMES
No Bedroom 3.21
1 Bedroom 28.43
2 Bedrooms 28.82
3 Bedrooms 22.26
4 Bedrooms 11.30
5 or more bedrooms 5.98

Norwood 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
27.45% 1.44% 9 3
* 10 is highest