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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
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'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.
|$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|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Ravenna HOMES|
|2000 or Newer||4.4|
|1970 - 1999||26.4|
|1940 - 1969||29.1|
|1939 or Older||40.1|
|TYPE OF Ravenna HOMES|
|Small Apt. Buildings||14.6|
|SIZE OF Ravenna HOMES|
|5 or more bedrooms||1.24|