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Ravenna, Ohio: A Decade of Rising Home Values and Stable Ownership in a Historic City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
Loading Content...
Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Ravenna, Ohio, a city with a rich history dating back to the early 19th century, has experienced notable shifts in its housing market over the past decade. Located in Portage County, this small city of approximately 5.68 square miles has seen fluctuations in homeownership rates and average housing prices, reflecting broader economic trends and local market dynamics.
The homeownership rate in Ravenna has shown resilience, with slight fluctuations over the years. In 2013, 63% of residents owned their homes, a figure that dipped slightly to 60% in 2015 before rebounding to 65% by 2019. This trend coincides with changes in average home prices, which have seen a steady increase. In 2013, the average home price in Ravenna was $109,097, rising to $138,588 by 2019, representing a 27% increase over six years. This upward trajectory in home prices continued, reaching $180,085 in 2022, a 65% increase from 2013 levels.
Federal interest rates have played a significant role in shaping homeownership trends in Ravenna. The period from 2013 to 2015 saw historically low interest rates, hovering around 0.1%, which likely contributed to the stability in homeownership rates despite rising home prices. As interest rates began to climb from 2016 onwards, reaching 1.83% in 2018, the homeownership rate in Ravenna surprisingly increased to 63%, suggesting other local factors may have influenced this trend.
Renter percentages in Ravenna have inversely mirrored homeownership rates, fluctuating between 35% and 40% of the population. In 2013, 37% of residents were renters, a figure that peaked at 40% in 2015 before decreasing to 35% by 2019. Average rent prices have shown volatility, starting at $805 in 2013, dipping to $761 in 2016, then rising to $893 in 2020. By 2022, the average rent stood at $893, representing an 11% increase from 2013 levels. This trend suggests that while home prices have consistently risen, rent prices have experienced more fluctuation, possibly influenced by local economic conditions and housing supply.
The years 2023 and 2024 have brought significant changes to Ravenna's housing market. Average home prices continued their upward trajectory, reaching $185,751 in 2023 and $193,292 in 2024. This represents a 7.3% increase from 2022 to 2024. Concurrently, federal interest rates have risen dramatically, hitting 5.02% in 2023 and 5.33% in 2024, levels not seen since before the 2008 financial crisis. These high interest rates are likely to impact homebuying affordability and may influence future homeownership rates in Ravenna.
Looking ahead, predictive models suggest that Ravenna's housing market will continue to evolve. Average home prices are projected to maintain their upward trend, potentially reaching around $220,000 by 2029. Rent prices, while more difficult to predict due to their historical volatility, may stabilize and gradually increase, potentially approaching $1,100 per month on average by 2029. These projections assume continued economic growth and stable local conditions.
In summary, Ravenna's housing market has demonstrated resilience and growth over the past decade. Homeownership rates have remained relatively stable despite significant increases in average home prices. The rental market has shown more variability in both occupancy rates and prices. The recent sharp rise in interest rates, coupled with consistently increasing home prices, may present challenges for potential homebuyers in the coming years. However, Ravenna's ability to maintain a balance between ownership and rental options suggests a diverse and adaptable housing market poised to meet the needs of its residents in the future.
