In the city of Akron, Ohio, $63,116 is the house median value. House values have increased a huge amount in the last year in Akron – an increase of 21.1%. There is the prediction that the value of houses in Akron in the following year will increase 7.3%.
The per square foot list median cost in Akron is $59. This is quite a bit less than the $97 average in the Akron Metro area.
Presently, houses listed in Akron are at a median of $67,900. Sales are at median of $67,400.
Rents' median is $750. The Metro area of Akron has a higher rent cost median which is $850.
In the next few years, the foreclosure rate will be an important factor regarding the value of houses. 9.0 houses in Akron go through the foreclosure process for every 10,000 houses. This is a very large foreclosure rate. The Akron Metro area has a foreclosure rate of 5.9 houses per 10,000 houses, and the foreclosure rate in the United States is 1.6 houses per 10,000 houses.
The first thing that occurs in the process of foreclosures is when a homeowner has a delinquent mortgage. A delinquent mortgage is a condition of an owner of a home missing making a payment on their mortgage.
Mortgage delinquencies in Akron are at 2.5%. The United States mortgage delinquency percentage is lower at 1.6%.
The recession of 2008 had very negative effects on the housing market. One effect was that the value of houses plunged greater than 20% in the United States. There are so many homeowners currently underwater concerning their mortgages.
"Being underwater," means that the homeowner owes more on their house than the house’s value. 21.0% of owners of houses in Akron are underwater. More specifically, 11.1% of Akron Metro homeowners are underwater.
Regarding commercial real estate in Akron, Ohio, things are improving significantly. The rates of vacancy are lowering for commercial real estate. This is especially true for Class A space, in which the demand quite often is greater than the supply in some of the suburbs of Akron and downtown.
Throughout Akron, in recent years, vacancy rates have been dropping. 2015 had a vacancy rate of 23.1% in the city which was the high. And presently, the vacancy rate is 15.8%.
In 2016, the median household income for the Akron, Ohio metro area was $51,598.