Berea, 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

Berea, OH Housing Market Trends

With 18,609 people, 7,171 houses or apartments, and a median cost of homes of $170,339, house prices in Berea are solidly below the national average.

Single-family detached homes are the single most common housing type in Berea, accounting for 72.70% of the city's housing units. Other types of housing that are prevalent in Berea include large apartment complexes or high rise apartments ( 18.64%), row houses and other attached homes ( 4.35%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.83%).

The most prevalent building size and type in Berea are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 59.68% owning and 40.32% 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. Berea's housing was primarily built during this period, from the '40s through the '60s. A full 55.77% of the city's housing hails from this era. Other housing ages represented in Berea include homes built between 1970-1999 ( 19.02%) and housing constructed before 1939 ( 15.16%). There's also some housing in Berea built between 2000 and later ( 10.05%).

Berea Home Appreciation Rates

Appreciation rates for homes in Berea have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 50.21%, which ranks in the top 40% nationwide. This equates to an annual average Berea house appreciation rate of 4.15%.

NeighborhoodScout's data show that during the latest twelve months, Berea's appreciation rate, at 9.66%, has been at or slightly above the national average. In the latest quarter, Berea's appreciation rate has been 2.25%, which annualizes to a rate of 9.31%.

Relative to Ohio, our data show that Berea's latest annual appreciation rate is lower than 50% 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 Berea differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Berea - 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 Berea real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$170,339

Berea, OH HOME PRICES

> $1,263,000
0.7%
0.7%
$947,001 - $1,263,000
0.0%
0.0%
$631,001 - $947,000
0.4%
0.4%
$505,001 - $631,000
0.7%
0.7%
$379,001 - $505,000
2.1%
2.1%
$253,001 - $379,000
12.6%
12.6%
$126,001 - $253,000
67.0%
67.0%
$63,001 - $126,000
12.9%
12.9%
$0 - $63,000
3.6%
3.6%
0.0% 100.0%
% OF HOMES
Value Relative To State

Average for Nation

Average for OH

Value Relative To Nation

Number Of Homes And Apartments:
7,171

Berea 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
30.30% 1.24%
3
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,114 / per month

Homeownership Rate

Owners
59.7%
59.7%
Renters
40.3%
40.3%
Vacant
4.1%
4.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
10.0%
10.0%
1970 - 1999
19.0%
19.0%
1940 - 1969
55.8%
55.8%
1939 or Older
15.2%
15.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
72.7%
72.7%
Townhomes
4.3%
4.3%
Small Apt. Buildings
3.8%
3.8%
Apt. Complexes
18.6%
18.6%
Mobile Homes
0.2%
0.2%
Other
0.3%
0.3%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.6%
1.6%
1 Bedroom
13.7%
13.7%
2 Bedrooms
14.8%
14.8%
3 Bedrooms
47.4%
47.4%
4 Bedrooms
17.9%
17.9%
5 or more bedrooms
4.5%
4.5%
0.0% 100.0%
% OF HOMES