Parma, OH
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Parma, 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

Parma Housing Market Information

With 79,937 people, 33,393 houses or apartments, and a median cost of homes of $115,553, house prices in Parma are solidly below the national average.

Single-family detached homes are the single most common housing type in Parma, accounting for 76.34% of the city's housing units. Other types of housing that are prevalent in Parma include large apartment complexes or high rise apartments ( 16.25%), duplexes, homes converted to apartments or other small apartment buildings ( 4.24%), and a few row houses and other attached homes ( 2.94%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Parma. Owner-occupied housing accounts for 72.24% of Parma's homes, and 70.12% have either three or four bedrooms, which is average sized relative to America.

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. Parma's housing was primarily built during this period, from the '40s through the '60s. A full 68.64% of the city's housing hails from this era. Other housing ages represented in Parma include homes built between 1970-1999 ( 19.30%) and housing constructed before 1939 ( 10.41%). There's also some housing in Parma built between 2000 and later ( 1.65%).

Parma Home Appreciation Rates

Parma's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Parma during the period has been just -2.06%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Parma's appreciation rate, at 5.03%, has been at or slightly above the national average. In the latest quarter, Parma's appreciation rate has been -0.21%, which annualizes to a rate of -0.82%.

Relative to Ohio, our data show that Parma's latest annual appreciation rate is higher than 70% 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 Parma differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Parma - 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 Parma real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$115,553

Parma, OH HOME PRICES

Value Range
> $1,091,000 0.2
$818,001 - $1,091,000 0.0
$545,001 - $818,000 0.0
$437,001 - $545,000 0.1
$327,001 - $437,000 0.6
$218,001 - $327,000 2.6
$109,001 - $218,000 55.8
$54,001 - $109,000 36.9
$0 - $54,000 3.7

Low for OH
Low for Nation

Value Relative to Nation Value Relative to State
67.9069494902145 67.5853018372703

Number Of Homes And Apartments:
33,393

Parma 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
-12.30% -0.76% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$948 / per month

Homeownership Rate

Homeownership
Owners 72.24
Renters 27.76
Vacant 7.37

Housing Market Details

 

Age of Homes

AGE OF Parma HOMES
2000 or Newer 1.6
1970 - 1999 19.3
1940 - 1969 68.6
1939 or Older 10.4

Types of Homes

TYPE OF Parma HOMES
Single-Family 76.3
Townhomes 2.9
Small Apt. Buildings 4.2
Apt. Complexes 16.2
Mobile Homes 0.2
Other 0.1

Home Size

SIZE OF Parma HOMES
No Bedroom 0.74
1 Bedroom 7.83
2 Bedrooms 20.23
3 Bedrooms 57.55
4 Bedrooms 12.57
5 or more bedrooms 1.07