Willoughby, OH
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Willoughby, 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

Willoughby Housing Market Information

With a population of 22,631, 10,555 total housing units (homes and apartments), and a median house value of $176,645, Willoughby real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Willoughby, accounting for 52.90% of the city's housing units. Other types of housing that are prevalent in Willoughby include large apartment complexes or high rise apartments ( 29.69%), row houses and other attached homes ( 8.86%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.47%).

The most prevalent building size and type in Willoughby are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 59.31% owning and 40.69% renting.

There is a lot of housing in Willoughby 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 Willoughby built between 1940-1969 ( 36.84%). A lesser amount of the housing stock also hails from before 1939 ( 10.25%). There's also some housing in Willoughby built between 2000 and later ( 9.73%).

Willoughby Home Appreciation Rates

Willoughby's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Willoughby during the period has been just -1.42%, which is lower than 80% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Willoughby's appreciation rate, at 4.44%, has been at or slightly above the national average. In the latest quarter, Willoughby's appreciation rate has been -0.21%, which annualizes to a rate of -0.82%.

Relative to Ohio, our data show that Willoughby's latest annual appreciation rate is higher than 70% 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 Willoughby differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Willoughby - 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 Willoughby real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$176,645

Willoughby, OH HOME PRICES

Value Range
> $1,094,000 0.0
$820,001 - $1,094,000 0.2
$547,001 - $820,000 0.8
$437,001 - $547,000 2.1
$328,001 - $437,000 4.6
$219,001 - $328,000 18.4
$109,001 - $219,000 48.6
$55,001 - $109,000 18.9
$0 - $55,000 6.3

High for OH
High for Nation

Value Relative to Nation Value Relative to State
39.3530997304582 22.9658792650919

Number Of Homes And Apartments:
10,555

Willoughby 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
2.32% 0.13% 3 1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$957 / per month

Homeownership Rate

Homeownership
Owners 59.31
Renters 40.69
Vacant 9.37

Housing Market Details

 

Age of Homes

AGE OF Willoughby HOMES
2000 or Newer 9.7
1970 - 1999 43.2
1940 - 1969 36.8
1939 or Older 10.3

Types of Homes

TYPE OF Willoughby HOMES
Single-Family 52.9
Townhomes 8.9
Small Apt. Buildings 6.5
Apt. Complexes 29.7
Mobile Homes 2.1
Other 0.0

Home Size

SIZE OF Willoughby HOMES
No Bedroom 1.96
1 Bedroom 9.75
2 Bedrooms 36.93
3 Bedrooms 36.66
4 Bedrooms 13.49
5 or more bedrooms 1.21