Chagrin Falls, 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 Q2 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

Chagrin Falls, OH Housing Market Trends

With a population of 3,941, 1,789 total housing units (homes and apartments), and a median house value of $448,576, Chagrin Falls house prices are not only among the most expensive in Ohio, Chagrin Falls real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Chagrin Falls, accounting for 68.84% of the village's housing units. Other types of housing that are prevalent in Chagrin Falls include large apartment complexes or high rise apartments ( 19.67%), duplexes, homes converted to apartments or other small apartment buildings ( 6.07%), and a few row houses and other attached homes ( 5.42%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Chagrin Falls. Owner-occupied housing accounts for 74.03% of Chagrin Falls's homes, and 57.55% have either three or four bedrooms, which is average sized relative to America.

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. Chagrin Falls's housing was primarily built during this period, from the '40s through the '60s. A full 40.64% of the village's housing hails from this era. Other housing ages represented in Chagrin Falls include homes built before 1939 ( 34.92%) and housing constructed between 1970-1999 ( 22.73%). There's also some housing in Chagrin Falls built between 2000 and later ( 1.71%).

Vacant housing appears to be an issue in Chagrin Falls. Fully 10.24% of the housing stock is classified as vacant. Left unchecked, vacant Chagrin Falls homes and apartments can be a drag on the real estate market, holding Chagrin Falls 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.

Chagrin Falls Home Appreciation Rates

Appreciation rates for homes in Chagrin Falls have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 48.88%, which ranks in the top 40% nationwide. This equates to an annual average Chagrin Falls house appreciation rate of 4.06%.

Over the last year, Chagrin Falls appreciation rates have trailed the rest of the nation. In the last twelve months, Chagrin Falls's appreciation rate has been 8.08%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Chagrin Falls were at 2.23%, which equates to an annual appreciation rate of 9.21%.

Relative to Ohio, our data show that Chagrin Falls's latest annual appreciation rate is lower than 80% of the other cities and towns in Ohio.

Average Home Values

 

Median Home Value:
$448,576

Chagrin Falls, OH HOME PRICES

> $1,243,000
0.4%
0.4%
$932,001 - $1,243,000
3.2%
3.2%
$621,001 - $932,000
17.5%
17.5%
$498,001 - $621,000
18.6%
18.6%
$373,001 - $498,000
21.2%
21.2%
$248,001 - $373,000
24.4%
24.4%
$124,001 - $248,000
10.9%
10.9%
$62,001 - $124,000
3.0%
3.0%
$0 - $62,000
0.7%
0.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for OH

Value Relative To Nation

Number Of Homes And Apartments:
1,789

Chagrin Falls Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
52.78% 1.99%
7
2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,661 / per month

Homeownership Rate

Owners
74.0%
74.0%
Renters
26.0%
26.0%
Vacant
10.2%
10.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1.7%
1.7%
1970 - 1999
22.7%
22.7%
1940 - 1969
40.6%
40.6%
1939 or Older
34.9%
34.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
68.8%
68.8%
Townhomes
5.4%
5.4%
Small Apt. Buildings
6.1%
6.1%
Apt. Complexes
19.7%
19.7%
Mobile Homes
0.0%
0.0%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.7%
2.7%
1 Bedroom
10.6%
10.6%
2 Bedrooms
22.8%
22.8%
3 Bedrooms
34.2%
34.2%
4 Bedrooms
23.3%
23.3%
5 or more bedrooms
6.4%
6.4%
0.0% 100.0%
% OF HOMES