Richmond Heights, OH
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Richmond Heights Neighborhoods Since 2000




Richmond Heights, 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

Richmond Heights Housing Market Information

With 10,469 people, 4,910 houses or apartments, and a median cost of homes of $156,612, Richmond 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 Richmond Heights, accounting for 57.56% of the city's housing units. Other types of housing that are prevalent in Richmond Heights include large apartment complexes or high rise apartments ( 35.62%), row houses and other attached homes ( 6.55%).

The most prevalent building size and type in Richmond Heights are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 61.67% owning and 38.33% renting.

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. Richmond Heights's housing was primarily built during this period, from the '40s through the '60s. A full 52.55% of the city's housing hails from this era. Other housing ages represented in Richmond Heights include homes built between 1970-1999 ( 32.71%) and housing constructed between 2000 and later ( 9.54%). There's also some housing in Richmond Heights built before 1939 ( 5.20%).

Vacant housing appears to be an issue in Richmond Heights. Fully 11.66% of the housing stock is classified as vacant. Left unchecked, vacant Richmond Heights homes and apartments can be a drag on the real estate market, holding Richmond Heights 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.

Richmond Heights Home Appreciation Rates

Richmond Heights's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Richmond Heights during the period has been just -1.86%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Richmond Heights's appreciation rate, at 3.63%, has been at or slightly above the national average. In the latest quarter, Richmond Heights's appreciation rate has been -0.21%, which annualizes to a rate of -0.82%.

Relative to Ohio, our data show that Richmond Heights's latest annual appreciation rate is higher than 60% of the other cities and towns in Ohio.

Average Home Values

 

Median Home Value:
$156,612

Richmond Heights, OH HOME PRICES

Value Range
> $1,076,000 0.0
$807,001 - $1,076,000 0.0
$538,001 - $807,000 0.7
$431,001 - $538,000 0.0
$323,001 - $431,000 1.3
$215,001 - $323,000 10.3
$108,001 - $215,000 70.2
$54,001 - $108,000 13.3
$0 - $54,000 4.2

High for OH
Average for Nation

Value Relative to Nation Value Relative to State
47.1405133013008 33.7270341207349

Number Of Homes And Apartments:
4,910

Richmond Heights 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
-5.87% -0.35% 1 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$977 / per month

Homeownership Rate

Homeownership
Owners 61.67
Renters 38.33
Vacant 11.66

Housing Market Details

 

Age of Homes

AGE OF Richmond Heights HOMES
2000 or Newer 9.5
1970 - 1999 32.7
1940 - 1969 52.6
1939 or Older 5.2

Types of Homes

TYPE OF Richmond Heights HOMES
Single-Family 57.6
Townhomes 6.5
Small Apt. Buildings 0.3
Apt. Complexes 35.6
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Richmond Heights HOMES
No Bedroom 2.84
1 Bedroom 14.92
2 Bedrooms 23.08
3 Bedrooms 41.45
4 Bedrooms 16.89
5 or more bedrooms 0.81