Edging along Lake Erie in Lorain County; only 34 kilometers away from Cleveland, Avon Lake offers highly-rated schooling systems, a wide range of recreational opportunities, and modern amenities to potential home owners. A safer locality in contrast to major cities such as Cleveland, Columbus, and Cincinnati, Avon Lake offers a serene and peaceful abode.
With the median home price of all properties averaging at $245,600, property investors are presented with tremendous opportunities to choose amongst some of the best single-family houses, condos, townhouses, and foreclosures for valuable investments at Avon Lake.
Avon Lake Real Estate Market Trends
Properties at Avon Lake are experiencing a surge in value with a year-on-year increase of 12% seen in median sales price since the same time last year. From April 2018’s figure of $208,950, the prices have hiked to $242,500 as of March 2019. The median price of homes for sale in Avon Lake averages at $245,600, presenting a fruitful investment.
The prospects of recent economic developments announced by the municipality paired with an exceptionally low crime rate make this suburban locality one of the finest districts. Average price per square foot at Avon Lake currently rests at $125, an 8% increase from the median rent price prevalent last year. Additionally, Avon Lake’s real estate market has surged by 4.6% in the last year with another 2.6% increase forecasted by analysts for the coming year.
A year on year increasing trend is observable in listed prices of properties with at least 2 or more bedrooms; 2 bedroom properties are experiencing the highest increase in sales value by almost 61.3%, closely followed by 4 bedroom properties at 11.6%.
This boost indicates a growing market and a flourishing economy offering lucrative investment opportunities for investors and home-owners. Those looking to benefit from the current status of the market can take advantage of the 2-4 bedroom properties, which offer ample inventory to choose from.
Avon Lake Distressed Property Report
Currently 18 homes are available in the vicinity based on auction bidding. Properties within 1400-1600 square-feet show a spike in availability, followed closely by properties within 1100-1200; 1600-1800; and 2400-2500 square-feet.
The average price per square foot is currently at $125 after incurring an increase from $116 in the last 12 months. Properties between 1400-1500 square-feet are most abundant for sale, in a variety of price ranges. This is closely followed by other sized properties showing more or less similar availability in the market.
In terms of price, Avon Lake currently offers properties ranging from $100,000 to $300,000 including charming mid-century architecture with classic elements accented with state specific buckeye trees.
Avon Lake Crime Statistics
The Crime Index ranking of Avon Lake is at 14.15 with average crime rating of A-plus, making it one of the safest localities in the US for residents.
In fact, the annual crime rate of Avon Lake is 80% lower than national average while violent crime rate is 91% lower than national average.
Property crime is also a staggering 78% lower than that in the surrounding localities in Ohio State. The most reported crime is usually petty theft with 3 accounts reported so far out of a population of 21,882, a negligible amount in contrast to similar locations.
Avon Lake has seen a decreasing trend in criminal activities and reported crimes. It has experienced an 8% decrease in crime; 35% decrease in burglaries and 50% decrease in vehicle thefts as stated by Mayor Zilka in March 2019, in the Morning Journal News.
Avon Lake in News
Around 94% of the Avon Lake residents are employed in a variety of jobs in management, business, science, arts, sales, and the services sector. The schooling system at Avon Lake city has seven schools with a combined average rating of “A.”
With development projects such as the expansion of the PolyOne Research & Development Center, the schooling system has the possibility to enhance learning prospects for its students; making Avon Lake’s education sector a plus point for families deciding to move to this locality.
Expected to generate massive income tax revenues, this project will also add jobs in the employment industry of up to $125,000. Economic Development Director Ted Esborn with Mayor Greg Zilka plans on bringing new businesses to the city and provide networking opportunities to existing businesses, as reported by Morning Journal news. This has potential to reduce the unemployment rate currently averaging at 6.20%. Arising opportunities along with house constructions remaining steady at around 70 a year, makes Avon Lake an agreeable place to invest and settle with your family.