Solon, OH
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Solon, 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

Solon Housing Market Information

With 23,043 people, 8,261 houses or apartments, and a median cost of homes of $332,699, Solon house prices are not only among the most expensive in Ohio, Solon real estate also is some of the most expensive in all of America.

Solon is a city of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Solon than is found in 98% of the communities in America.

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Solon. Owner-occupied housing accounts for 84.29% of Solon's homes, and 78.26% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Solon built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Solon built between 1940-1969 ( 25.91%). A lesser amount of the housing stock also hails from between 2000 and later ( 14.76%). There's also some housing in Solon built before 1939 ( 3.20%).

Solon Home Appreciation Rates

Real estate appreciation rates in Solon's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.62% during the period.

Over the last year, Solon appreciation rates have trailed the rest of the nation. In the last twelve months, Solon's appreciation rate has been 2.37%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Solon were at -0.21%, which equates to an annual appreciation rate of -0.82%.

Relative to Ohio, our data show that Solon'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 Solon differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Solon - 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 Solon real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$332,699

Solon, OH HOME PRICES

Value Range
> $1,085,000 1.4
$814,001 - $1,085,000 3.4
$543,001 - $814,000 10.5
$434,001 - $543,000 8.8
$325,001 - $434,000 18.1
$217,001 - $325,000 29.6
$108,001 - $217,000 23.2
$54,001 - $108,000 2.4
$0 - $54,000 2.7

Very High for OH
Very High for Nation

Value Relative to Nation Value Relative to State
13.5005273643502 3.01837270341207

Number Of Homes And Apartments:
8,261

Solon 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
8.60% 0.48% 5 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,338 / per month

Homeownership Rate

Homeownership
Owners 84.29
Renters 15.71
Vacant 6.22

Housing Market Details

 

Age of Homes

AGE OF Solon HOMES
2000 or Newer 14.8
1970 - 1999 56.1
1940 - 1969 25.9
1939 or Older 3.2

Types of Homes

TYPE OF Solon HOMES
Single-Family 87.3
Townhomes 1.9
Small Apt. Buildings 1.5
Apt. Complexes 8.8
Mobile Homes 0.6
Other 0.0

Home Size

SIZE OF Solon HOMES
No Bedroom 0.57
1 Bedroom 2.91
2 Bedrooms 9.98
3 Bedrooms 29.32
4 Bedrooms 48.94
5 or more bedrooms 8.29