Shaker Heights, OH
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Shaker Heights, OH Real Estate Data


Shaker Heights Housing Market Information

With a population of 27,646, 11,447 total housing units (homes and apartments), and a median house value of $264,646, Shaker Heights real estate is some of the most expensive in Ohio, although Shaker Heights home values aren't among America's most expensive.

Single-family detached homes are the single most common housing type in Shaker Heights, accounting for 57.05% of the city's housing units. Other types of housing that are prevalent in Shaker Heights include large apartment complexes or high rise apartments ( 27.67%), duplexes, homes converted to apartments or other small apartment buildings ( 11.74%), and a few row houses and other attached homes ( 3.17%).

The most prevalent building size and type in Shaker Heights are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 62.36% owning and 37.64% 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. Shaker Heights's housing was primarily built during this period, from the '40s through the '60s. A full 47.49% of the city's housing hails from this era. Other housing ages represented in Shaker Heights include homes built before 1939 ( 43.57%) and housing constructed between 1970-1999 ( 7.10%). There's also some housing in Shaker Heights built between 2000 and later ( 1.84%).

Vacant housing appears to be an issue in Shaker Heights. Fully 11.14% of the housing stock is classified as vacant. Left unchecked, vacant Shaker Heights homes and apartments can be a drag on the real estate market, holding Shaker 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.

Shaker Heights Home Appreciation Rates

Shaker Heights's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Shaker Heights during the period has been just -0.67%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Shaker Heights's appreciation rate, at 5.08%, has been at or slightly above the national average. In the latest quarter, Shaker Heights's appreciation rate has been 3.30%, which annualizes to a rate of 13.87%.

Importantly, this makes Shaker 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 Shaker Heights's latest annual appreciation rate is lower 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 Shaker Heights differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Shaker Heights - 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 Shaker Heights real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$264,646

Shaker Heights, OH HOME PRICES

Value Range
> $1,102,000 1.1
$827,001 - $1,102,000 2.1
$551,001 - $827,000 7.0
$441,001 - $551,000 8.0
$331,001 - $441,000 9.1
$220,001 - $331,000 25.0
$110,001 - $220,000 33.6
$55,001 - $110,000 11.1
$0 - $55,000 3.0

Very High for OH
High for Nation

Value Relative to Nation Value Relative to State
21.0341394858582 6.8241469816273

Number Of Homes And Apartments:
11,447

Rent & Ownership

 

Average Market Rent:
$1,332 / per month

Homeownership Rate

Homeownership
Owners 62.36
Renters 37.64
Vacant 11.14

Housing Market Details

 

Age of Homes

AGE OF Shaker Heights HOMES
2000 or Newer 1.8
1970 - 1999 7.1
1940 - 1969 47.5
1939 or Older 43.6

Types of Homes

TYPE OF Shaker Heights HOMES
Single-Family 57.0
Townhomes 3.2
Small Apt. Buildings 11.7
Apt. Complexes 27.7
Mobile Homes 0.4
Other 0.0

Home Size

SIZE OF Shaker Heights HOMES
No Bedroom 1.24
1 Bedroom 6.54
2 Bedrooms 28.75
3 Bedrooms 22.42
4 Bedrooms 24.75
5 or more bedrooms 16.30

Shaker 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
5.65% 0.32% 3 1
* 10 is highest