Akron, 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 Q1 2021. 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

Akron, OH Housing Market Trends

With 197,597 people, 84,940 houses or apartments, and a median cost of homes of $91,597, house prices in Akron are some of the most affordable in Ohio as well as the nation.

Single-family detached homes are the single most common housing type in Akron, accounting for 65.97% of the city's housing units. Other types of housing that are prevalent in Akron include large apartment complexes or high rise apartments ( 18.73%), duplexes, homes converted to apartments or other small apartment buildings ( 11.76%), and a few row houses and other attached homes ( 3.13%).

The most prevalent building size and type in Akron are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 48.78% owning and 51.22% 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. Akron's housing was primarily built during this period, from the '40s through the '60s. A full 39.95% of the city's housing hails from this era. Other housing ages represented in Akron include homes built before 1939 ( 33.26%) and housing constructed between 1970-1999 ( 21.46%). There's also some housing in Akron built between 2000 and later ( 5.33%).

Vacant housing appears to be an issue in Akron. Fully 12.15% of the housing stock is classified as vacant. Left unchecked, vacant Akron homes and apartments can be a drag on the real estate market, holding Akron 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.

Akron Home Appreciation Rates

Real estate appreciation rates in Akron's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 2.59% during the period.

Appreciation rates are so strong in Akron that despite a nationwide downturn in the housing market, Akron real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Akron appreciation rates continue to be some of the highest in America, at 10.32%, which is higher than appreciation rates in 91.52% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Akron. Akron appreciation rates in the latest quarter were at 2.63%, which equates to an annual appreciation rate of 10.93%.

Importantly, this makes Akron 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 Akron's latest annual appreciation rate is higher than 90% 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 Akron differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Akron - 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 Akron real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$91,597

Akron, OH HOME PRICES

> $1,242,000
0.2%
0.2%
$931,001 - $1,242,000
0.1%
0.1%
$621,001 - $931,000
0.6%
0.6%
$497,001 - $621,000
0.6%
0.6%
$373,001 - $497,000
1.3%
1.3%
$248,001 - $373,000
5.0%
5.0%
$124,001 - $248,000
21.4%
21.4%
$62,001 - $124,000
51.3%
51.3%
$0 - $62,000
19.5%
19.5%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Very Low for OH

Value Relative To Nation

Number Of Homes And Apartments:
84,940

Akron Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2020 Q4 - 2021 Q1
Last 12 Months:
2020 Q1 - 2021 Q1
Last 2 Years:
2019 Q1 - 2021 Q1
Last 5 Years:
2016 Q1 - 2021 Q1
Last 10 Years:
2011 Q1 - 2021 Q1
Since 2000:
2000 Q1 - 2021 Q1
14.73% 0.65%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$925 / per month

Homeownership Rate

Owners
48.8%
48.8%
Renters
51.2%
51.2%
Vacant
12.1%
12.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
5.3%
5.3%
1970 - 1999
21.5%
21.5%
1940 - 1969
40.0%
40.0%
1939 or Older
33.3%
33.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
66.0%
66.0%
Townhomes
3.1%
3.1%
Small Apt. Buildings
11.8%
11.8%
Apt. Complexes
18.7%
18.7%
Mobile Homes
0.4%
0.4%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.8%
1.8%
1 Bedroom
13.2%
13.2%
2 Bedrooms
30.6%
30.6%
3 Bedrooms
40.7%
40.7%
4 Bedrooms
11.0%
11.0%
5 or more bedrooms
2.7%
2.7%
0.0% 100.0%
% OF HOMES