Shaker Heights, 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

Shaker Heights, OH Housing Market Trends

With a population of 27,027, 11,200 total housing units (homes and apartments), and a median house value of $294,881, 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 54.72% of the city's housing units. Other types of housing that are prevalent in Shaker Heights include large apartment complexes or high rise apartments ( 29.02%), duplexes, homes converted to apartments or other small apartment buildings ( 11.93%), and a few row houses and other attached homes ( 4.12%).

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 62.71% owning and 37.29% 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 47.45% of the city's housing hails from this era. Other housing ages represented in Shaker Heights include homes built before 1939 ( 42.69%) and housing constructed between 1970-1999 ( 6.56%). There's also some housing in Shaker Heights built between 2000 and later ( 3.30%).

Vacant housing appears to be an issue in Shaker Heights. Fully 10.11% 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

Real estate appreciation rates in Shaker Heights's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 2.20% during the period.

Appreciation rates are so strong in Shaker Heights that despite a nationwide downturn in the housing market, Shaker Heights real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Shaker Heights appreciation rates continue to be some of the highest in America, at 7.01%, which is higher than appreciation rates in 87.14% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Shaker Heights. Shaker Heights appreciation rates in the latest quarter were at 3.03%, which equates to an annual appreciation rate of 12.68%.

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 higher than 80% 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:
$294,881

Shaker Heights, OH HOME PRICES

> $1,188,000
0.9%
0.9%
$891,001 - $1,188,000
2.0%
2.0%
$594,001 - $891,000
7.1%
7.1%
$475,001 - $594,000
6.9%
6.9%
$356,001 - $475,000
12.9%
12.9%
$238,001 - $356,000
22.4%
22.4%
$119,001 - $238,000
31.3%
31.3%
$59,001 - $119,000
10.9%
10.9%
$0 - $59,000
5.5%
5.5%
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:
11,200

Shaker Heights 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
22.05% 0.95%
2
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,387 / per month

Homeownership Rate

Owners
62.7%
62.7%
Renters
37.3%
37.3%
Vacant
10.1%
10.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
3.3%
3.3%
1970 - 1999
6.6%
6.6%
1940 - 1969
47.5%
47.5%
1939 or Older
42.7%
42.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
54.7%
54.7%
Townhomes
4.1%
4.1%
Small Apt. Buildings
11.9%
11.9%
Apt. Complexes
29.0%
29.0%
Mobile Homes
0.2%
0.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.7%
1.7%
1 Bedroom
9.0%
9.0%
2 Bedrooms
26.7%
26.7%
3 Bedrooms
22.7%
22.7%
4 Bedrooms
24.9%
24.9%
5 or more bedrooms
15.0%
15.0%
0.0% 100.0%
% OF HOMES