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Akron, OH housing market

Housing market indicators

Indicator	2022	2023	2024	2025*	Change	2022	2023	2024	YTD
Median Listing Price per Square Feet	$118	$133	$137	$146		9.3%	12.7%	3%	6.6%
Active Listing Count	929	792	966	1,193		17.2%	-14.7%	22%	23.5%
Median Days on Market	49	44	51	38		8.9%	-10.2%	15.9%	-25.5%
Share of listings with price increase	0.4%	0.4%	0.3%	0.3%
Share of listings with price decrease	11.2%	12.3%	14.1%	15.8%

* last available value


Note: 12M MA - 12 months moving average, Permits - New Private Housing Structures Authorized by Building Permits. Source: FRED

Housing market overview

Overview of Akron, OH MSA and Key Geographies

• Akron MSA consists of Summit County and Portage County in Northeast Ohio, anchored by the city of Akron.
• 2023–2024 population around 700K (approx. 698K ACS 2023; 702K Fed estimate 2024).
• Part of larger Cleveland–Akron–Canton Combined Statistical Area (~3.6M people).
• Core submarkets: central Akron, north (Cuyahoga Falls, Stow, Hudson), south (Green, New Franklin, Coventry), west (Norton, Barberton, Copley), Portage County (Kent, Aurora, Brimfield, rural townships).

Area	City/town	Population (approx, 2020–2024)	Density	Income	Quality of Schools	Crime level	Property tax (%)	Personal income tax	Comments
Core	Akron	~190,000	High urban; ~3,000+ / sq mi in many neighborhoods	Low–moderate; median HH income ~mid $40Ks–$50K; above‑average poverty	Highly mixed; GreatSchools roughly 2–8, with many elementary schools 3–6, magnets/higher‑income tracts stronger	High relative to region; concentrated in central and some east‑side tracts, pockets of improvement near universities and new investment	Effective rate commonly ~1.7–2.3% of market value (varies by school district and levy)	Yes – Akron municipal income tax ~2.5%	Cheap entry prices, older housing stock, strong rental demand, student demand near University of Akron; selective revitalization corridors
North Summit	Cuyahoga Falls	~51,000	Urban–suburban; moderate–high	Moderate; median HH income around regional average or slightly above	Generally solid; GreatSchools often ~5–8	Moderate; lower than Akron, higher than affluent suburbs	Roughly ~1.8–2.2%	Yes – city income tax ~2%	Walkable older suburban core, parks and riverfront, popular with young families and renters
North Summit	Stow	~34,000	Suburban; medium density	Moderate–upper‑moderate	Above average; many schools ~7–9	Low–moderate	~1.9–2.2%	Yes – city income tax ~2%	Bedroom community near Kent and Akron; stable resale market, limited large new subdivisions
North Summit	Hudson	~22,000	Low–medium; large lots	High; one of highest‑income areas in MSA	High; GreatSchools often ~8–10	Low	Higher effective rate, often ~2.0–2.5%	Yes – city income tax ~2%	Premier upscale suburb; strong school‑driven demand, very tight inventory, strong long‑term appreciation
South Summit	Green	~27,000	Suburban; medium	Moderate–high	Above average; many schools ~6–8	Low–moderate	~1.8–2.2%	Yes – city income tax ~2%	Near Akron‑Canton Airport; newer housing stock, commuter‑oriented, steady new construction
West Summit	Barberton	~25,000	Urban‑suburban; moderate	Low–moderate	Below–average to average; GreatSchools roughly ~3–6	Moderate–high	~1.8–2.2%	Yes – municipal income tax ~2–2.25%	Older industrial town, affordable prices, moderate risk/return for value‑add rentals
West Summit	Norton	~12,000	Suburban–semi‑rural; low–medium	Moderate	Average; many schools ~5–7	Low–moderate	~1.7–2.1%	Yes – city income tax ~2%	More space, lower prices, appeal for buyers trading distance for lot size
Portage County – College	Kent	~28,000 (city; plus large student population)	Urban–suburban; moderate	Moderate; incomes skewed by students	Mixed; GreatSchools roughly ~4–7	Moderate in city core; lower in surrounding townships	~1.7–2.1%	Yes – city income tax ~2%	Home of Kent State University; strong rental demand, counter‑cyclical relative to manufacturing
Portage – Affluent	Aurora	~17,000	Suburban; low–medium	High	High; many schools ~7–9	Low	Often ~2.0–2.4%	Yes – city income tax ~2%	Upscale residential with outlet retail; draws Cleveland and Akron commuters
Portage – Growth fringe	Brimfield Twp / rural Portage	10,000+ (Brimfield) plus small townships	Low–medium	Moderate	Average; GreatSchools often ~4–7 depending on district	Low–moderate	~1.6–2.0%	Typically no municipal income tax in rural townships	Exurban single‑family growth, relatively flexible land availability, car‑dependent

Citizens: Income and Education

• Metro median household income: roughly upper $50Ks–low $60Ks, below U.S. median but with large intra‑regional spread.
• City of Akron: median household income in the high $40Ks; poverty rate notably above national average.
• Affluent suburbs (Hudson, Aurora, parts of Green, some Portage townships): median household income often in the $90K–$140K range.
• Educational attainment metro‑wide:
  • About one‑third of adults with bachelor’s degree or higher, boosted by university presence.
  • Core Akron and older industrial suburbs: lower college‑degree share, higher high‑school‑only share.
  • Hudson, Aurora, parts of Stow/Green: majority of adults with bachelor’s degree or higher.
• Large higher‑education footprint: University of Akron, Kent State University, NEOMED, community colleges – supports skilled labor in engineering, polymers, health care, education, and business services.

Key Economic Sectors

• Healthcare and social assistance – largest and relatively stable employer: major hospital systems (Summa, Cleveland Clinic Akron, Akron Children’s), outpatient networks, and senior care.
• Education – Kent State University, University of Akron, regional K‑12 districts, community and technical colleges.
• Advanced manufacturing – legacy from rubber/tire industry (Goodyear, Bridgestone); now diversified into polymers, specialty chemicals, precision manufacturing, and automotive suppliers.
• Polymer, rubber, and materials R&D – “Polymer Valley” identity; research at universities and corporate labs supports high‑skill jobs.
• Professional and business services – legal, accounting, insurance, engineering, back‑office services, logistics and distribution management.
• Logistics and warehousing – strong highway access (I‑76, I‑77, I‑80/Turnpike nearby), proximity to Cleveland and Canton; growing distribution centers around Green, Portage fringes, and north/south Akron interchanges.
• Retail, hospitality, and tourism – retail corridors, the Cuyahoga Valley National Park, regional attractions, and outlet/experiential retail (e.g., Aurora) support service employment.
• Government and public administration – county, municipal, and state offices concentrated in downtown Akron and county seats.

Housing Buying Market – Supply Drivers

• Zoning and land availability
  • Core Akron: significant older housing stock, infill potential, but neighborhood zoning often favors single‑family or small multifamily; some corridors being up‑zoned.
  • Inner suburbs (Cuyahoga Falls, Stow, Barberton): mostly built‑out; capacity is largely through teardowns, small subdivisions, and infill.
  • Exurban and rural Portage / southern Summit: more greenfield land; large‑lot single‑family zoning can disperse growth but also limits density.
• Regulatory strictness
  • Generally less restrictive than high‑cost coastal metros: Ohio building codes are standardized; entitlement timelines are moderate.
  • Some suburban communities (Hudson, Aurora, select townships) have stricter design standards, lower allowable density, and more intensive review, which constrain new multifamily and small‑lot development.
• Construction workforce cost and capacity
  • Labor and materials costs lower than national average, but margins also thinner due to lower sale prices.
  • Skilled trades constrained by aging workforce and strong demand from infrastructure and industrial projects, which can slow residential building cycles.
• Age and condition of stock
  • City of Akron and older suburbs: large share of homes built pre‑1960, many needing renovation; supports investor and rehab activity but increases replacement/maintenance costs.
  • Newer subdivisions more typical in Green, fringe Portage, and some northern/western townships, where supply is more elastic if demand rises.
• Infrastructure and land constraints
  • No natural geographic barriers (mountains, ocean), so long‑run land constraint is relatively low.
  • Localized constraints near parkland (Cuyahoga Valley National Park, reservoirs) that preserve open space but reduce buildable area in certain corridors.
• Homebuilding industry structure
  • Mix of regional builders and smaller local firms; fewer very large national builders than in faster‑growing Sun Belt metros.
  • Development pacing generally conservative, focused on pre‑sold subdivisions rather than speculative mass building.

Housing Buying Market – Demand Drivers

• Population and migration
  • Metro population effectively flat over recent decades (around 700K), with slight growth or decline depending on year.
  • Net domestic migration has often been near zero or slightly negative, but partially offset by international in‑migration to the region and by student populations.
  • Within‑metro migration favors suburban and exurban areas (Hudson, Green, Aurora, rural Portage) over some core Akron neighborhoods.
• Growing / resilient industries affecting demand
  • Healthcare – steady hiring; hospitals and medical offices support demand near central Akron, north/south corridors, and around major campuses.
  • Higher education – Kent State and University of Akron sustain rental demand and some faculty/staff owner‑occupant demand in Kent, Akron core, and adjacent suburbs.
  • Logistics and light industrial – new warehouses and distribution facilities along highway interchanges generate blue‑ and white‑collar jobs, driving demand in Green, Portage fringes, and select Summit townships.
  • Professional services and remote work – some in‑migration or retention of higher‑income households who can work remotely yet enjoy low housing costs relative to coastal metros.
• Declining / pressured industries
  • Traditional heavy manufacturing and legacy rubber continue long‑term structural decline, reducing demand in certain older industrial neighborhoods and suburbs.
• Affordability and interest rates
  • Home prices significantly below national median, improving affordability despite rate volatility.
  • Higher mortgage rates weigh on first‑time buyers, but investor and out‑of‑state buyer interest in “cash‑flow markets” partly offsets weaker local incomes.
• Demographics
  • Aging population (rising 65+ share) increases demand for smaller, low‑maintenance homes and senior housing.
  • Younger households attracted to more walkable, amenity‑rich nodes (downtown Akron, Highland Square, Kent core, Cuyahoga Falls downtown).

Key Challenges in the Housing Market

• Weak regional population growth limits long‑term price appreciation relative to high‑growth metros.
• Income constraints – below‑national median incomes and pockets of high poverty, particularly in Akron and older industrial suburbs, cap what local buyers can afford.
• Aging housing stock and disinvestment – many pre‑1960 homes require substantial repairs; deferred maintenance and vacancy in some Akron neighborhoods depress values.
• Neighborhood inequality – sharp contrasts between high‑income suburbs (Hudson, Aurora) and distressed areas (parts of Akron, Barberton), complicating regional planning and school funding.
• Infrastructure and environmental issues – combined sewer systems, older utilities, and brownfield sites raise redevelopment costs in some urban tracts.
• Credit access – appraisals sometimes lag rehab costs in lower‑price neighborhoods, constraining financing for both owner‑occupants and small investors.
• Limited “missing middle” housing – zoning and financing make it hard to build small multifamily, townhomes, and accessory units at scale near amenities.
• Competition from nearby metros – Cleveland and Columbus can attract employers and higher‑income migrants, limiting the region’s share of Ohio‑wide growth.

Investment Potential by Area/Region

Area	Appreciation potential	Risk	Key drivers
Downtown / Central Akron	Moderate–High (select pockets)	High	Revitalization initiatives, proximity to medical and university jobs, low entry prices, but elevated crime, older stock, and uneven school quality
Akron inner neighborhoods (east/west/south sides)	Low–Moderate	Medium–High	Cash‑flow potential, cheap properties, but slow population growth, persistent poverty, and property condition issues
North Akron / border with Cuyahoga Falls	Moderate	Medium	Improving amenities, access to parks and highways, spillover demand from stronger suburbs, incremental redevelopment
Cuyahoga Falls	Moderate–High	Medium	Walkable downtown, park and river amenities, decent schools, proximity to both Akron and Cleveland; limited large land tracts supports price gains
Stow	Moderate–High	Low–Medium	Family‑oriented suburb with good schools and stable demand; modest but steady appreciation, low vacancy
Hudson	High (on long horizon)	Low–Medium	Top‑tier schools, high incomes, limited developable land, strong reputation; cyclical sensitivity at high price points but robust long‑term fundamentals
Green	Moderate–High	Medium	Newer housing stock, airport and highway access, mix of logistics and office employment; steady new construction but overall healthy demand
Barberton / Norton	Low–Moderate	Medium–High	Legacy industrial base, lower incomes, but opportunity for value‑add single‑family and small multifamily; appreciation likely modest but cash flow feasible
Portage – Kent (city)	Moderate	Medium	University‑driven rental demand, stable if enrollment holds; owner‑occupant appreciation moderate, more upside in well‑located student and faculty rentals
Portage – Aurora	High	Low–Medium	Affluent suburb with strong schools and limited supply; attractive to Cleveland and Akron commuters; resilience in downturns and strong long‑term appreciation
Portage – Brimfield and rural fringes	Moderate	Medium	Exurban growth pressure, cheaper land, potential for new subdivisions; appreciation tied to regional job growth and infrastructure investments
Rural townships (outer Portage and Summit)	Low–Moderate	Medium	Very low densities, car dependence, limited amenities; land value may rise slowly, with niche appeal for large‑lot buyers and small‑scale development

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