Situated in Northeast Ohio, Avon is considered as one of the fastest growing communities, offering potential investors and buyers a delightful solution to their housing needs. Located at a mere 22 miles from Cleveland with world class theaters, wineries, and amusement parks in close proximity, it has been rated as the 3rd best suburb by Cleveland Magazine.
The high quality of residential and recreational development paired with the Avon real estate market’s median sales price averaging around $284,000, makes this locality a lucrative option for Cleveland Westside’s home-owners. This is also as a result of the ample inventory available through an assortment of bank-owned and foreclosure properties.
Avon Ohio Real Estate Market Trends for April 2019
Avon’s real estate market shows a year-on-year increase in median sales prices, with a 9% increase observed since January 2019. This is an increase of approximately $35,500 in the average prices of properties since last year. Additionally, unit sales have also experienced a year-on-year increase of 10.42%.
Currently the median sales price averages at $284,000, based on 48 home sales, whereas the average price per square foot rests at $126 for homes for sale in Cleveland; a year-over-year 6% jump from the previous mark of $119. An increase in average rent prices can also be observed, currently at $1900 since January of this year which is comparable to 3 bedroom apartments in Chicago .
However, the median sales price has been on a downward spiral, reaching its lowest point in the last 8 months after hitting its peak in November 2018. With the number of units sold experiencing a gradual decline, the median sales price is reaching the lowest point observed in the last 4 months.
With year-on-year increases observed in the prices of all types of properties, the market still promises to show potential; a further increase of 2.9% is expected in the following year. In fact, the cumulative appreciation of homes in Avon have been over 13% in the last decade.
Properties in the 1200-1400 and 2200-2300 square-foot range, as well as those featuring 3-4 bedrooms currently offer the highest availability in Avon, Ohio.
Avon Ohio Distressed Property Report
Real estate development in Avon, Ohio is amongst the most recent in America. Almost 52% of housing has been built after the year 2000, while around 30% was built between the 1970s and 1990s, giving properties a modern structural appeal aided with new amenities to the locality. For now, 5.91%of the real estate in Avon is up for grabs.
Properties costing around $100,000 to $200,000 are experiencing a surge in availability; while properties within the range of $200,000 and $300,000 follow closely, compared to other price ranges.
Real estate offering 3 to 6 bedrooms is available in the pre-foreclosures category with the highest availability; those of sizes 1200-1400, 1600-1800 and 2200-2300 square-feet present the highest number of vacancies.
Avon, Ohio Crime Statistics
Avon comes across as safe and peaceful choice for residents in comparison to neighboring areas and big cities. With crime rate being 58% lower than the national average, Avon is 75% safer than other cities in the United States. It is also safer in contrast to the rest of Ohio by a staggering 71%, making it relatively quiet in terms of crime and violence, and ideal for habitation.
Much to the relief of locals, the year-over-year crimes in Avon have also decreased by 6%, while the trend has shown a significant fall since last decade. Majority of the crimes are concentrated in northern Avon, with little to no crime reported in surrounding areas. Most frequent crime incidents; in order of magnitude are related to theft, of which 26 incidents have been reported.
Other crimes include 18 counts of arrest, 2 counts of vandalism, 1 case of burglary, and others – placing the crime Index of Avon, Ohio at 45.91, with an exemplary rating of A-minus, making it a safe and stress free environment to live in.
Avon, Ohio in The News
Avon is currently amongst the fastest growing cities in the United States. With a population of 19,514 and growing, the city has plans to augment its infrastructure, recreational and commercial development projects. With multiple projects already underway, the area plans to expand earning and recreational possibilities for its residents in the coming years; simultaneously hoping to bring the current unemployment rate of 6.20% even further down.
A flurry of stores being opened by brands such as home improvement giant, Menards; and grocery store brand, Meijer; employment prospects are set to increase for. The construction of PolyOne’s Research and Development center near Avon Lake will also provide students from Avon better opportunities to learn, while attracting smarter businesses willing to partner and bring more business to the vicinity. All these expansions are estimated to help income for potential employees rise to more than $125,000 in the coming future. With an expected increase in wealth and job market, along with low crime rates, and a forecasted boost in real estate values, investors, and buyers alike can see Avon as a viable and worthwhile option.