Lima, OH Real Estate Market
Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Date(s) & Update Frequency:
- Home Values, Rents: Reflects Q2 2024. Updated quarterly.
- Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
Lima, OH Housing Market Trends
With a population of 34,977, 13,778 total housing units (homes and apartments), and a median house value of $111,699, house prices in Lima are some of the most affordable in Ohio as well as the nation.
Single-family detached homes are the single most common housing type in Lima, accounting for 72.38% of the city's housing units. Other types of housing that are prevalent in Lima include duplexes, homes converted to apartments or other small apartment buildings ( 13.46%), large apartment complexes or high rise apartments ( 11.39%), and a few mobile homes or trailers ( 1.48%).
The most prevalent building size and type in Lima are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 43.43% owning and 56.57% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Lima's housing was primarily built during this period, from the '40s through the '60s. A full 39.22% of the city's housing hails from this era. Other housing ages represented in Lima include homes built before 1939 ( 35.31%) and housing constructed between 1970-1999 ( 20.98%). There's also some housing in Lima built between 2000 and later ( 4.48%).
Vacant housing appears to be an issue in Lima. Fully 12.41% of the housing stock is classified as vacant. Left unchecked, vacant Lima homes and apartments can be a drag on the real estate market, holding Lima real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Lima Home Appreciation Rates
Real estate appreciation rates in Lima's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.52% during the period.
NeighborhoodScout's data show that during the latest twelve months, Lima's appreciation rate, at 5.94%, has been at or slightly above the national average. In the latest quarter, Lima's appreciation rate has been -2.30%, which annualizes to a rate of -8.90%.
Notably, Lima's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Ohio, our data show that Lima's latest annual appreciation rate is lower than 60% of the other cities and towns in Ohio.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Lima differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lima - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Lima real estate investment or home purchase decisions.
Median Home Value
$111,699
Very Low
for Ohio
Very Low
for nation
Number of Homes And Apartments:
13,778
OH
America
2024 Q1 - 2024 Q2
2023 Q2 - 2024 Q2
2022 Q2 - 2024 Q2
2019 Q2 - 2024 Q2
2014 Q2 - 2024 Q2
2000 Q1 - 2024 Q2
Average Market Rent:
$1,305 / per month