Elyria, 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 Q4 2020. 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

Elyria, OH Housing Market Trends

With a population of 53,757, 22,783 total housing units (homes and apartments), and a median house value of $99,334, house prices in Elyria 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 Elyria, accounting for 62.58% of the city's housing units. Other types of housing that are prevalent in Elyria include large apartment complexes or high rise apartments ( 18.61%), duplexes, homes converted to apartments or other small apartment buildings ( 7.95%), and a few mobile homes or trailers ( 5.50%).

The most prevalent building size and type in Elyria are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 58.52% owning and 41.48% 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. Elyria's housing was primarily built during this period, from the '40s through the '60s. A full 37.97% of the city's housing hails from this era. Other housing ages represented in Elyria include homes built between 1970-1999 ( 33.64%) and housing constructed before 1939 ( 20.52%). There's also some housing in Elyria built between 2000 and later ( 7.87%).

Elyria Home Appreciation Rates

Elyria's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Elyria during the period has been just 1.87%, which is lower than 70% of US communities.

Appreciation rates are so strong in Elyria that despite a nationwide downturn in the housing market, Elyria real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Elyria appreciation rates continue to be some of the highest in America, at 7.01%, which is higher than appreciation rates in 87.25% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Elyria. Elyria appreciation rates in the latest quarter were at 3.03%, which equates to an annual appreciation rate of 12.70%.

Importantly, this makes Elyria 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 Elyria's latest annual appreciation rate is higher than 80% 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 Elyria differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Elyria - 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 Elyria real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$99,334

Elyria, OH HOME PRICES

> $1,158,000
0.2%
0.2%
$868,001 - $1,158,000
0.0%
0.0%
$579,001 - $868,000
0.5%
0.5%
$463,001 - $579,000
0.3%
0.3%
$347,001 - $463,000
1.0%
1.0%
$232,001 - $347,000
4.9%
4.9%
$116,001 - $232,000
38.6%
38.6%
$58,001 - $116,000
43.1%
43.1%
$0 - $58,000
11.5%
11.5%
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:
22,783

Elyria Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
4.17% 0.19%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,053 / per month

Homeownership Rate

Owners
58.5%
58.5%
Renters
41.5%
41.5%
Vacant
9.1%
9.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
7.9%
7.9%
1970 - 1999
33.6%
33.6%
1940 - 1969
38.0%
38.0%
1939 or Older
20.5%
20.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
62.6%
62.6%
Townhomes
5.3%
5.3%
Small Apt. Buildings
8.0%
8.0%
Apt. Complexes
18.6%
18.6%
Mobile Homes
5.5%
5.5%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.6%
1.6%
1 Bedroom
9.2%
9.2%
2 Bedrooms
30.4%
30.4%
3 Bedrooms
45.2%
45.2%
4 Bedrooms
11.3%
11.3%
5 or more bedrooms
2.4%
2.4%
0.0% 100.0%
% OF HOMES