Parma, 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

Parma, OH Housing Market Trends

With a population of 78,103, 33,424 total housing units (homes and apartments), and a median house value of $135,149, house prices in Parma are solidly below the national average.

Single-family detached homes are the single most common housing type in Parma, accounting for 76.60% of the city's housing units. Other types of housing that are prevalent in Parma include large apartment complexes or high rise apartments ( 15.88%), duplexes, homes converted to apartments or other small apartment buildings ( 4.12%), and a few row houses and other attached homes ( 3.17%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Parma. Owner-occupied housing accounts for 70.69% of Parma's homes, and 70.55% 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. Parma's housing was primarily built during this period, from the '40s through the '60s. A full 66.59% of the city's housing hails from this era. Other housing ages represented in Parma include homes built between 1970-1999 ( 21.58%) and housing constructed before 1939 ( 10.11%). There's also some housing in Parma built between 2000 and later ( 1.72%).

Parma Home Appreciation Rates

Real estate appreciation rates in Parma's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 2.31% during the period.

Appreciation rates are so strong in Parma that despite a nationwide downturn in the housing market, Parma real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Parma appreciation rates continue to be some of the highest in America, at 7.01%, which is higher than appreciation rates in 87.33% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Parma. Parma appreciation rates in the latest quarter were at 3.04%, which equates to an annual appreciation rate of 12.71%.

Importantly, this makes Parma 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 Parma'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 Parma differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Parma - 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 Parma real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$135,149

Parma, OH HOME PRICES

> $1,208,000
0.1%
0.1%
$906,001 - $1,208,000
0.0%
0.0%
$604,001 - $906,000
0.1%
0.1%
$483,001 - $604,000
0.1%
0.1%
$362,001 - $483,000
0.6%
0.6%
$242,001 - $362,000
4.5%
4.5%
$121,001 - $242,000
60.9%
60.9%
$60,001 - $121,000
31.7%
31.7%
$0 - $60,000
1.8%
1.8%
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:
33,424

Parma 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
13.05% 0.59%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,117 / per month

Homeownership Rate

Owners
70.7%
70.7%
Renters
29.3%
29.3%
Vacant
6.3%
6.3%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1.7%
1.7%
1970 - 1999
21.6%
21.6%
1940 - 1969
66.6%
66.6%
1939 or Older
10.1%
10.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
76.6%
76.6%
Townhomes
3.2%
3.2%
Small Apt. Buildings
4.1%
4.1%
Apt. Complexes
15.9%
15.9%
Mobile Homes
0.2%
0.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.9%
0.9%
1 Bedroom
7.4%
7.4%
2 Bedrooms
19.6%
19.6%
3 Bedrooms
57.0%
57.0%
4 Bedrooms
13.5%
13.5%
5 or more bedrooms
1.5%
1.5%
0.0% 100.0%
% OF HOMES