Sheffield Lake, 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

Sheffield Lake, OH Housing Market Trends

With 8,916 people, 3,485 houses or apartments, and a median cost of homes of $144,096, house prices in Sheffield Lake are solidly below the national average.

Single-family detached homes are the single most common housing type in Sheffield Lake, accounting for 78.39% of the city's housing units. Other types of housing that are prevalent in Sheffield Lake include large apartment complexes or high rise apartments ( 11.84%), row houses and other attached homes ( 4.08%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.08%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Sheffield Lake. Owner-occupied housing accounts for 78.36% of Sheffield Lake's homes, and 72.57% 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. Sheffield Lake's housing was primarily built during this period, from the '40s through the '60s. A full 53.17% of the city's housing hails from this era. Other housing ages represented in Sheffield Lake include homes built between 1970-1999 ( 34.79%) and housing constructed between 2000 and later ( 6.08%). There's also some housing in Sheffield Lake built before 1939 ( 5.97%).

Vacant housing appears to be an issue in Sheffield Lake. Fully 10.66% of the housing stock is classified as vacant. Left unchecked, vacant Sheffield Lake homes and apartments can be a drag on the real estate market, holding Sheffield Lake 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.

Sheffield Lake Home Appreciation Rates

Real estate appreciation rates in Sheffield Lake's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 3.32% during the period.

Appreciation rates are so strong in Sheffield Lake that despite a nationwide downturn in the housing market, Sheffield Lake real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Sheffield Lake appreciation rates continue to be some of the highest in America, at 11.10%, which is higher than appreciation rates in 77.24% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Sheffield Lake. Sheffield Lake appreciation rates in the latest quarter were at 2.30%, which equates to an annual appreciation rate of 9.53%.

Relative to Ohio, our data show that Sheffield Lake's latest annual appreciation rate is higher than 70% of the other cities and towns in Ohio.

Average Home Values

 

Median Home Value:
$144,096

Sheffield Lake, OH HOME PRICES

> $1,261,000
0.5%
0.5%
$946,001 - $1,261,000
0.7%
0.7%
$630,001 - $946,000
0.0%
0.0%
$504,001 - $630,000
1.2%
1.2%
$378,001 - $504,000
1.5%
1.5%
$252,001 - $378,000
5.8%
5.8%
$126,001 - $252,000
51.0%
51.0%
$63,001 - $126,000
34.4%
34.4%
$0 - $63,000
4.9%
4.9%
0.0% 100.0%
% OF HOMES
Value Relative To State

Low for Nation

Low for OH

Value Relative To Nation

Number Of Homes And Apartments:
3,485

Sheffield Lake 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
22.27% 0.94%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,301 / per month

Homeownership Rate

Owners
78.4%
78.4%
Renters
21.6%
21.6%
Vacant
10.7%
10.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
6.1%
6.1%
1970 - 1999
34.8%
34.8%
1940 - 1969
53.2%
53.2%
1939 or Older
6.0%
6.0%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
78.4%
78.4%
Townhomes
4.1%
4.1%
Small Apt. Buildings
3.1%
3.1%
Apt. Complexes
11.8%
11.8%
Mobile Homes
2.6%
2.6%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.7%
1.7%
1 Bedroom
6.6%
6.6%
2 Bedrooms
18.4%
18.4%
3 Bedrooms
51.6%
51.6%
4 Bedrooms
20.9%
20.9%
5 or more bedrooms
0.7%
0.7%
0.0% 100.0%
% OF HOMES

Popular Neighborhoods in Sheffield Lake

Zip Codes in Sheffield Lake, OH