Ravenna, 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

Ravenna, OH Housing Market Trends

With a population of 11,361, 5,052 total housing units (homes and apartments), and a median house value of $119,548, house prices in Ravenna 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 Ravenna, accounting for 56.96% of the city's housing units. Other types of housing that are prevalent in Ravenna include large apartment complexes or high rise apartments ( 21.44%), duplexes, homes converted to apartments or other small apartment buildings ( 13.79%), and a few row houses and other attached homes ( 6.73%).

People in Ravenna primarily live in small (one, two or no bedroom) single-family detached homes. Ravenna has a mixture of owner-occupied and renter-occupied housing.

The housing in Ravenna was primarily built before 1939 ( 38.18%), making the housing stock in Ravenna some of the oldest overall in America, although there is a range of ages of homes in Ravenna. The next most important housing age is between 1940-1969 ( 30.41%), followed by between 1970-1999 ( 25.75%). There's also some housing in Ravenna built between 2000 and later ( 5.66%).

Ravenna Home Appreciation Rates

Ravenna's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Ravenna during the period has been just 2.69%, which is lower than 70% of US communities.

NeighborhoodScout's data show that during the latest twelve months, Ravenna's appreciation rate, at 10.05%, has been at or slightly above the national average. In the latest quarter, Ravenna's appreciation rate has been 2.05%, which annualizes to a rate of 8.44%.

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

Average Home Values

 

Median Home Value:
$119,548

Ravenna, OH HOME PRICES

> $1,166,000
0.7%
0.7%
$875,001 - $1,166,000
0.0%
0.0%
$583,001 - $875,000
0.0%
0.0%
$467,001 - $583,000
0.0%
0.0%
$350,001 - $467,000
0.5%
0.5%
$233,001 - $350,000
4.6%
4.6%
$117,001 - $233,000
44.3%
44.3%
$58,001 - $117,000
38.7%
38.7%
$0 - $58,000
11.2%
11.2%
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:
5,052

Ravenna 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
22.24% 0.94%
1
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$963 / per month

Homeownership Rate

Owners
49.1%
49.1%
Renters
50.9%
50.9%
Vacant
8.6%
8.6%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
5.7%
5.7%
1970 - 1999
25.7%
25.7%
1940 - 1969
30.4%
30.4%
1939 or Older
38.2%
38.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
57.0%
57.0%
Townhomes
6.7%
6.7%
Small Apt. Buildings
13.8%
13.8%
Apt. Complexes
21.4%
21.4%
Mobile Homes
1.1%
1.1%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.2%
3.2%
1 Bedroom
16.6%
16.6%
2 Bedrooms
33.7%
33.7%
3 Bedrooms
37.7%
37.7%
4 Bedrooms
6.9%
6.9%
5 or more bedrooms
2.0%
2.0%
0.0% 100.0%
% OF HOMES