Richmond Heights, OH
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Richmond Heights, OH Real Estate Data


Richmond Heights Housing Market Information

With a population of 10,469, 4,848 total housing units (homes and apartments), and a median house value of $166,255, 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 57.61% of the city's housing units. Other types of housing that are prevalent in Richmond Heights include large apartment complexes or high rise apartments ( 35.36%), row houses and other attached homes ( 7.03%).

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 62.87% owning and 37.13% 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 51.41% of the city's housing hails from this era. Other housing ages represented in Richmond Heights include homes built between 1970-1999 ( 35.07%) and housing constructed between 2000 and later ( 9.43%). There's also some housing in Richmond Heights built before 1939 ( 4.09%).

Vacant housing appears to be an issue in Richmond Heights. Fully 12.63% 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 -1.59%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Richmond Heights's appreciation rate, at 4.61%, has been at or slightly above the national average. In the latest quarter, Richmond Heights's appreciation rate has been 3.30%, which annualizes to a rate of 13.87%.

Importantly, this makes Richmond Heights one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

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

Average Home Values

 

Median Home Value:
$166,255

Richmond Heights, OH HOME PRICES

Value Range
> $1,100,000 0.0
$825,001 - $1,100,000 0.0
$550,001 - $825,000 0.5
$440,001 - $550,000 0.0
$330,001 - $440,000 1.3
$220,001 - $330,000 13.3
$110,001 - $220,000 70.9
$55,001 - $110,000 8.1
$0 - $55,000 5.8

High for OH
Average for Nation

Value Relative to Nation Value Relative to State
44.2027288165369 30.1837270341207

Number Of Homes And Apartments:
4,848

Rent & Ownership

 

Average Market Rent:
$1,044 / per month

Homeownership Rate

Homeownership
Owners 62.87
Renters 37.13
Vacant 12.63

Housing Market Details

 

Age of Homes

AGE OF Richmond Heights HOMES
2000 or Newer 9.4
1970 - 1999 35.1
1940 - 1969 51.4
1939 or Older 4.1

Types of Homes

TYPE OF Richmond Heights HOMES
Single-Family 57.6
Townhomes 7.0
Small Apt. Buildings 0.0
Apt. Complexes 35.4
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Richmond Heights HOMES
No Bedroom 2.58
1 Bedroom 16.17
2 Bedrooms 19.73
3 Bedrooms 41.94
4 Bedrooms 18.51
5 or more bedrooms 1.08

Richmond Heights 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
-3.11% -0.19% 2 1
* 10 is highest