Vermilion, 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
Vermilion, OH Housing Market Trends
With a population of 10,694, 1,796 total housing units (homes and apartments), and a median house value of $230,548, house prices in Vermilion are solidly below the national average.
Single-family detached homes are the single most common housing type in Vermilion, accounting for 89.43% of the city's housing units. Other types of housing that are prevalent in Vermilion include duplexes, homes converted to apartments or other small apartment buildings ( 4.28%), large apartment complexes or high rise apartments ( 3.84%), and a few row houses and other attached homes ( 2.45%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Vermilion. Owner-occupied housing accounts for 78.76% of Vermilion's homes, and 78.33% have either three or four bedrooms, which is average sized relative to America.
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. Vermilion's housing was primarily built during this period, from the '40s through the '60s. A full 43.08% of the city's housing hails from this era. Other housing ages represented in Vermilion include homes built before 1939 ( 26.30%) and housing constructed between 1970-1999 ( 24.51%). There's also some housing in Vermilion built between 2000 and later ( 6.12%).
Vacant housing appears to be an issue in Vermilion. Fully 21.54% of the housing stock is classified as vacant. Left unchecked, vacant Vermilion homes and apartments can be a drag on the real estate market, holding Vermilion 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.
Vermilion Home Appreciation Rates
Appreciation rates for homes in Vermilion have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 98.19%, which ranks in the top 40% nationwide. This equates to an annual average Vermilion house appreciation rate of 7.08%.
Appreciation rates are so strong in Vermilion that despite a nationwide downturn in the housing market, Vermilion real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Vermilion appreciation rates continue to be some of the highest in America, at 10.56%, which is higher than appreciation rates in 89.57% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Vermilion. Vermilion appreciation rates in the latest quarter were at 0.95%, which equates to an annual appreciation rate of 3.84%.
Relative to Ohio, our data show that Vermilion's latest annual appreciation rate is higher than 80% of the other cities and towns in Ohio.
Median Home Value
$230,548
Average
for Ohio
Low
for nation
Number of Homes And Apartments:
1,796
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:
$1,645 / per month