Rocky River, OH Real Estate Market

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 Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Rocky River, OH Housing Market Trends

With 19,986 people, 9,057 houses or apartments, and a median cost of homes of $271,394, Rocky River real estate is some of the most expensive in Ohio, although Rocky River home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Rocky River, accounting for 58.62% of the city's housing units. Other types of housing that are prevalent in Rocky River include large apartment complexes or high rise apartments ( 30.76%), row houses and other attached homes ( 8.09%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 2.53%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Rocky River. Owner-occupied housing accounts for 71.04% of Rocky River's homes, and 52.46% 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. Rocky River's housing was primarily built during this period, from the '40s through the '60s. A full 52.51% of the city's housing hails from this era. Other housing ages represented in Rocky River include homes built between 1970-1999 ( 22.28%) and housing constructed before 1939 ( 20.53%). There's also some housing in Rocky River built between 2000 and later ( 4.68%).

Rocky River Home Appreciation Rates

Appreciation rates for homes in Rocky River have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 52.73%, which ranks in the top 30% nationwide. This equates to an annual average Rocky River house appreciation rate of 4.33%.

Appreciation rates are so strong in Rocky River that despite a nationwide downturn in the housing market, Rocky River real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Rocky River appreciation rates continue to be some of the highest in America, at 7.00%, which is higher than appreciation rates in 86.87% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Rocky River. Rocky River appreciation rates in the latest quarter were at 3.02%, which equates to an annual appreciation rate of 12.64%.

Importantly, this makes Rocky River 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 Rocky River's latest annual appreciation rate is higher than 80% of the other cities and towns in Ohio.

Average Home Values

 

Median Home Value:
$271,394

Rocky River, OH HOME PRICES

> $1,173,000
2.3%
2.3%
$880,001 - $1,173,000
1.6%
1.6%
$586,001 - $880,000
6.1%
6.1%
$470,001 - $586,000
8.3%
8.3%
$352,001 - $470,000
17.1%
17.1%
$235,001 - $352,000
31.5%
31.5%
$117,001 - $235,000
21.2%
21.2%
$59,001 - $117,000
8.4%
8.4%
$0 - $59,000
3.5%
3.5%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for OH

Value Relative To Nation

Number Of Homes And Apartments:
9,057

Rocky River Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
59.09% 2.24%
9
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,174 / per month

Homeownership Rate

Owners
71.0%
71.0%
Renters
29.0%
29.0%
Vacant
7.5%
7.5%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
4.7%
4.7%
1970 - 1999
22.3%
22.3%
1940 - 1969
52.5%
52.5%
1939 or Older
20.5%
20.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
58.6%
58.6%
Townhomes
8.1%
8.1%
Small Apt. Buildings
2.5%
2.5%
Apt. Complexes
30.8%
30.8%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.4%
2.4%
1 Bedroom
10.8%
10.8%
2 Bedrooms
28.0%
28.0%
3 Bedrooms
29.6%
29.6%
4 Bedrooms
22.9%
22.9%
5 or more bedrooms
6.4%
6.4%
0.0% 100.0%
% OF HOMES