Ravenna, OH
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Highest Appreciating Ravenna Neighborhoods Since 2000




Ravenna, 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

Ravenna Housing Market Information

With a population of 11,619, 5,044 total housing units (homes and apartments), and a median house value of $112,249, house prices in Ravenna are solidly below the national average.

Single-family detached homes are the single most common housing type in Ravenna, accounting for 58.31% of the city's housing units. Other types of housing that are prevalent in Ravenna include large apartment complexes or high rise apartments ( 21.31%), duplexes, homes converted to apartments or other small apartment buildings ( 14.60%), and a few row houses and other attached homes ( 5.63%).

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

The housing in Ravenna was primarily built before 1939 ( 40.05%), making the housing stock in Ravenna some of the oldest overall in America, although there is a range of ages of homes in Ravenna. The next most important housing age is between 1940-1969 ( 29.14%), followed by between 1970-1999 ( 26.43%). There's also some housing in Ravenna built between 2000 and later ( 4.38%).

Vacant housing appears to be an issue in Ravenna. Fully 10.96% of the housing stock is classified as vacant. Left unchecked, vacant Ravenna homes and apartments can be a drag on the real estate market, holding Ravenna 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.

Ravenna Home Appreciation Rates

Ravenna's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Ravenna during the period has been just -1.46%, which is lower than 80% of US communities.

Over the last year, Ravenna appreciation rates have trailed the rest of the nation. In the last twelve months, Ravenna's appreciation rate has been 3.13%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Ravenna were at 0.81%, which equates to an annual appreciation rate of 3.28%.

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

Average Home Values

 

Median Home Value:
$112,249

Ravenna, OH HOME PRICES

Value Range
> $1,064,000 0.0
$798,001 - $1,064,000 0.0
$533,001 - $798,000 0.7
$426,001 - $533,000 0.0
$319,001 - $426,000 0.0
$213,001 - $319,000 3.4
$107,001 - $213,000 47.6
$53,001 - $107,000 38.9
$0 - $53,000 9.3

Low for OH
Low for Nation

Value Relative to Nation Value Relative to State
69.9812492675495 69.6850393700787

Number Of Homes And Apartments:
5,044

Ravenna 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
-3.60% -0.21% 2 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$775 / per month

Homeownership Rate

Homeownership
Owners 47.97
Renters 52.03
Vacant 10.96

Housing Market Details

 

Age of Homes

AGE OF Ravenna HOMES
2000 or Newer 4.4
1970 - 1999 26.4
1940 - 1969 29.1
1939 or Older 40.1

Types of Homes

TYPE OF Ravenna HOMES
Single-Family 58.3
Townhomes 5.6
Small Apt. Buildings 14.6
Apt. Complexes 21.3
Mobile Homes 0.2
Other 0.0

Home Size

SIZE OF Ravenna HOMES
No Bedroom 3.34
1 Bedroom 15.59
2 Bedrooms 30.49
3 Bedrooms 36.89
4 Bedrooms 12.46
5 or more bedrooms 1.24