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Akron real estate market overview
- Average Monthly Rent: $1,002
- Home Price/Value Percentage Change: 4.50%
- Median Home Value: $109,004
- Best Time To Sell a Home: November
- Affordability Index: High
- Days To Sell a House: 50
- Job Market: Weak
- Public School Ranking: 34
Location and weather
Akron is in the Summit county of northeastern Ohio. It lies along the Cuyahoga River, just 40 miles southeast of Cleveland. Akron is home to many parks, gardens and zoos, as well as the Portage Lakes State Park and the Akron Art Museum. Its long history of rubber and tire manufacturing, which is still carried on by Goodyear Tire today, gave Akron the nickname "Rubber Capital of the World".
Akron summers are warm, humid, and partly cloudy, while the winters are freezing and cloudy. The summer high temperatures are in the 80's, with lows in the high 60's. The winter high temperatures are in the 40's, with lows in the 20's.
Population, job market and cost of living
Akron's population in 2023 was 187,877, with a growth rate of -0.46%.
The job growth has decreased by -5.37% over the last year and in ten years, is predicted to have increased by 26.18%. The major industries are in manufacturing, health care, social assistance and retail trade. The largest companies to work for are Goodyear Tire and Rubber Company, Signet Jewelers, Sterling Jewelry, FirstEnergy and Summa Health.
The cost of living is low, due to the Akron real estate market and cost and availability of housing.
Akron real estate market details
- Highland Square
- Northwest Akron
- Fairlawn Heights
- Wallhaven
The average monthly rent in Akron is $1,002 for an average apartment size of 915 sq. feet.
There has been a 4.5% increase in median home value over the last year. As of 2023, the median home value is $109,004.
On average, homes in Akron sell after 50 days on the market.
The best time to sell a home for the highest valued sale is during November. For the quickest sale, homeowners should sell in August.
The affordability index in Akron is 69. This number indicates high affordability in this city.
The top ranked public schools are Bath Elementary School, Nolley Elementary School, Arrowhead Primary Elementary School, Herberich Primary Elementary School and Fort island Primary Elementary School. This information is based on data measuring academic performance and equity.