Solon, 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

Solon, OH Housing Market Trends

With 22,779 people, 8,481 houses or apartments, and a median cost of homes of $384,887, Solon real estate is some of the most expensive in Ohio, although Solon home values aren't among America's most expensive.

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 82.23% of Solon's homes, and 73.70% 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 ( 29.75%). A lesser amount of the housing stock also hails from between 2000 and later ( 13.32%). There's also some housing in Solon built before 1939 ( 3.41%).

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 3.10% 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 7.14%, 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 2.21%, which equates to an annual appreciation rate of 9.13%.

Relative to Ohio, our data show that Solon's latest annual appreciation rate is lower 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 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:
$384,887

Solon, OH HOME PRICES

> $1,190,000
1.9%
1.9%
$893,001 - $1,190,000
2.6%
2.6%
$595,001 - $893,000
12.7%
12.7%
$476,001 - $595,000
12.4%
12.4%
$357,001 - $476,000
16.8%
16.8%
$238,001 - $357,000
32.0%
32.0%
$119,001 - $238,000
18.5%
18.5%
$60,001 - $119,000
1.2%
1.2%
$0 - $60,000
2.0%
2.0%
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:
8,481

Solon 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
35.14% 1.41%
4
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,782 / per month

Homeownership Rate

Owners
82.2%
82.2%
Renters
17.8%
17.8%
Vacant
4.1%
4.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
13.3%
13.3%
1970 - 1999
53.5%
53.5%
1940 - 1969
29.7%
29.7%
1939 or Older
3.4%
3.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
85.7%
85.7%
Townhomes
1.4%
1.4%
Small Apt. Buildings
1.3%
1.3%
Apt. Complexes
10.9%
10.9%
Mobile Homes
0.8%
0.8%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.5%
0.5%
1 Bedroom
2.8%
2.8%
2 Bedrooms
12.5%
12.5%
3 Bedrooms
28.8%
28.8%
4 Bedrooms
44.9%
44.9%
5 or more bedrooms
10.5%
10.5%
0.0% 100.0%
% OF HOMES