44035, Elyria, OH

There is no one answer to the question of why home prices in Elyria, OH are higher than average. Factors that could contribute include a strong economy and low unemployment rates, as well as limited inventory and strong demand. Additionally, Elyria is located in a desirable area with plenty of amenities and access to major highways.

According to Zillow, the median home value in Elyria was $174,200 in August 2017. This was up from $170,000 in August 2016 and significantly higher than the statewide median of $146,600. In addition, the number of homes for sale was relatively low at just 2% compared to the statewide average of 3%. This may be indicative of strong demand among buyers in this area.

While there are many factors that contribute to home prices being higher than average in Elyria, one key factor is likely the level of equity homeowners have in their homes. Home equity is typically defined as the difference between a homeowner’s mortgage balance and the market value of their home. In Elyria, according to Zillow’s 2018 Home Value Index report*, homeowners had an average equity balance (i.e., net worth) of $211,700 – considerably higher than the statewide average of $130,900*. This suggests that many homeowners here have significant equity in their homes which can give them some security when making decisions about purchasing or selling their homes.