44023, Chagrin Falls, OH

The 44023 zip code of Chagrin Falls, Ohio is located in the northeast corner of the state and covers a total area of just over 10 square miles. According to the 2010 census, the population of this zip code was 2,813. The median household income in this zip code was just over $60,000, which is significantly higher than the statewide median household income of $51,046. In addition, home prices in this zip code are significantly higher than the statewide average home price of $128,500.

One reason why home prices in this 44023 zip code are so high is that there are a lot of affluent residents living here. According to Zillow’s 2016 Home Value Report for Ohio ZIP Codes, Chagrin Falls ranks as one of the most expensive ZIP codes in Ohio with a median home value of $183,600. This high level of home values has led to an extremely tight housing market where homes can only be sold for a premium price. As a result, it can be difficult for potential buyers who do not have enough money to purchase a home outright.

Another factor that has contributed to high home values in this 44023 zip code is the strong economy that Ohio has been experiencing over recent years. Since 2007 when Zillow began tracking data for Ohio ZIP Codes, Chagrin Falls has consistently ranked as one of the most prosperous areas in Ohio with an average annual growth rate above 6%. This strong economic performance has led to increased demand for homes and consequently increased prices across all sectors of the housing market including detached single-family homes as well as condominiums and apartments.

Despite these factors contributing to high home values and tight housing markets across much of northeastern Ohio, there are some areas within this 44023 zip code where prices are lower than average. For example, while detached single-family homes in Chagrin Falls typically sell for more than $200K on average (the highest value within this 44023 zip code), some neighborhoods within this area sell homes for less than $150K. This indicates that there is still room for buyers who want to purchase a house but do not have enough money available up front to do so at full asking price