Overview of Canton’s Real Estate Market
Canton, Ohio, has witnessed significant growth in its real estate market. Housing trends in Canton show a notable increase in home prices over the past years.
As of June 2024, the median listing home price was $199.5K, trending up 45.1% year-over-year. This rise indicates a robust interest in Canton real estate.
Housing Prices by Bedroom Type:
- 1 Bedroom: Decreased by 22.6%
- 2 Bedrooms: Increased by 10%
- 3 Bedrooms: Increased by 10.3%
- 4 Bedrooms: Increased by 7.5%
- 5+ Bedrooms: Increased by 7.9%
In June 2024, Canton home prices were up 50.0% from the previous year, selling for a median price of $135K. Homes typically sold after 17 days on the market, compared to 11 days last year.
| Month | Median Price | Days on Market |
|---|---|---|
| June 2024 | $135K | 17 |
| June 2023 | $90K | 11 |
Canton home values remain lower than the U.S. median of $318,879. The median house price in Canton is $144,964, which is also below Ohio’s average of $181,280. This affordability makes Canton attractive to new buyers and investors.
Canton’s real estate market offers diverse opportunities, driven by favorable appreciation rates and affordable housing. This growth and affordability position Canton as a compelling market for potential investors.
Evaluating Neighborhood Attributes
Canton, OH offers a variety of neighborhoods, each with unique attributes that can impact your investment decisions. Key considerations include safety, community, cost of living, education, amenities, and green spaces.
Safety and Crime Rates
Safety is a top priority when evaluating a neighborhood. Areas with low crime rates attract more residents and have higher home values. According to data, neighborhoods such as Avondale and Lake Cable are known for their lower crime rates. Investing in safer neighborhoods can lead to more stable property values and a better quality of life for residents. Prospective investors should analyze local crime statistics and consider insights from resources like NeighborhoodScout.
Community and Lifestyle
The sense of community and lifestyle varies across neighborhoods. Places like Plain Township offer a strong sense of community with family-friendly environments. Events, local gatherings, and active neighborhood associations can enhance the lifestyle for residents. Understanding the predominant lifestyle, whether it’s suburban tranquility or urban hustle, helps investors match properties with potential buyers’ or tenants’ preferences. Evaluating Urban Places highlights Canton’s vibrant downtown with its cultural amenities and well-designed public spaces, contributing to an engaging lifestyle.
Cost of Living and Affordability
Cost of living and housing affordability are crucial for investors. Neighborhoods with lower median home values such as Sherrick Road provide opportunities for investment with higher potential returns due to affordability. Conversely, higher-end areas like Hills and Dales have higher median home values, reflecting their desirability and amenities. Examining the cost of living in relation to income levels in each area is essential. Resources like Best Neighborhoods in Canton by Home Value offer insights into the economic landscape.
Schools and Education
Quality of education impacts property values and attractiveness to families. Neighborhoods with highly-rated schools tend to have higher home values. Areas like North Canton offer excellent schools, making them attractive to families and boosting demand for housing. Assessing school ratings, student-teacher ratios, and extracurricular opportunities informs investors about the long-term viability of their investments. Websites such as NeighborhoodScout provide comprehensive school data to guide these decisions.
Local Amenities and Entertainment
Access to local amenities and entertainment options enhances the desirability of a neighborhood. Downtown Canton, for instance, is known for its cultural amenities, including the Canton Museum of Art and vibrant dining scene. Proximity to shopping centers, restaurants, and entertainment venues like the Pro Football Hall of Fame adds value to properties. Prospective investors should assess the availability of these amenities as highlighted by Evaluating Urban Places.
Parks and Green Spaces
Parks and green spaces contribute to a neighborhood’s appeal by providing recreational areas and enhancing the aesthetic environment. Areas like Monument Park offer extensive green spaces that attract families and fitness enthusiasts. Green spaces not only improve residents’ quality of life but also tend to increase property values. Reviewing the presence and quality of parks in various neighborhoods helps investors identify locations with added lifestyle benefits. Resources like ShesCatchingFlights discuss these green spaces in detail.
Summarized Information
| Attribute | Key Details |
|---|---|
| Safety | Low crime rates in areas like Avondale |
| Community | Strong sense of community in Plain Township |
| Affordability | Affordable housing in Sherrick Road |
| Education | High-rated schools in North Canton |
| Amenities | Vibrant downtown cultural amenities |
| Green Spaces | Extensive parks such as Monument Park |
Top Neighborhoods for Investment
Canton, OH, offers several promising neighborhoods for real estate investment. These areas stand out for their stable property values, appealing amenities, and vibrant community life.
North Canton
North Canton is known for its good schools and family-friendly atmosphere. The area features well-maintained parks, local shops, and restaurants that cater to residents’ needs. Property values in North Canton are relatively stable, making it a safer bet for investors looking for consistent returns. The community’s involvement in local events and activities adds to the neighborhood’s allure, contributing to its high desirability. Buyers will find a range of housing options, from single-family homes to more modern developments, appealing to various income levels.
Jackson Township
Jackson Township offers a blend of residential and commercial spaces, making it a versatile investment choice. This area is prized for its high-quality schools, attractive parks, and lifestyle amenities. It’s not just a great place to live but also offers investment opportunities in commercial real estate. The housing market here has shown a consistent appreciation over the years. Investors can expect to find a mix of older homes and new builds, catering to families and professionals seeking a suburban lifestyle with modern conveniences.
Plain Township
Plain Township is ideal for those looking at long-term growth. The area combines suburban tranquility with easy access to urban amenities. Property values have been appreciating steadily, and the neighborhood appeals to families for its reputable schools and safety. The availability of parks and recreational facilities adds to the community’s charm. Investors will find a variety of properties, including affordable single-family homes and upscale residences, making it suitable for a diverse range of buyers.
Historic Ridgewood
Historic Ridgewood is famed for its beautifully preserved early 20th-century homes. This neighborhood stands out for its architectural charm and history. It features Colonial, Tudor, and Craftsman-style homes, attracting buyers who appreciate historical significance and aesthetic allure. While the cost of maintaining older homes can be higher, the potential for value appreciation and the unique selling point of these properties make Historic Ridgewood a notable area for investment. The neighborhood also offers tree-lined streets and a strong sense of community, enhancing its residential appeal.
Avondale
Avondale is a desirable neighborhood offering safety, convenience, and community. It boasts quality schools, well-maintained parks, and a variety of local amenities. Homes in Avondale tend to hold their value well, making it a steady investment choice. The area is known for its clean streets, friendly residents, and involvement in local events. There are diverse housing options available, from affordable to more luxurious properties, catering to a wide range of potential buyers and renters. This makes Avondale an attractive option for investors looking to tap into both long-term residence and rental opportunities.
Real Estate Investment Opportunities
Investing in Canton, OH offers a range of opportunities from single-family homes to commercial properties. Each type of investment has its own benefits and considerations, making it essential to understand the specific market dynamics.
Single-Family Homes
Single-family homes in Canton are attractive for investors due to their relatively low entry cost and steady demand. The median listing price for these properties is around $120,000. Because of the appealing price point, these homes often sell quickly, usually within 18 days, and frequently receive multiple offers.
Investors should consider the homeownership rate and vacancy rate when evaluating potential properties. A higher homeownership rate indicates a stable community, which can lead to reliable rental income. In contrast, areas with a higher vacancy rate might pose more risk but can offer opportunities to buy at lower prices and potentially renovate for profit.
Apartment Complexes and Duplexes
Investing in apartment complexes and duplexes presents a chance to benefit from multiple units under one roof. These properties can generate consistent cash flow through rental income. Canton’s multifamily housing sector appeals to both investors and tenants due to affordability and demand.
Given the diverse range of neighborhoods, investors can find properties suited to different tenant demographics, from young professionals to families. Vacancy rates in apartment complexes are crucial to monitor, as lower vacancy rates mean better occupancy and steadier income. Properties in neighborhoods like Jackson Township offer promising investment opportunities due to their popularity and growth (see the 10 Best Neighborhoods in Canton, Ohio).
Commercial Properties
For those looking to diversify, investing in commercial properties in Canton is another viable option. Commercial real estate offers higher income potential but also comes with different risks and more complex property management needs. Canton’s proximity to larger cities like Akron and Cleveland increases its appeal for businesses, making commercial spaces a lucrative investment.
Investors should consider factors such as location, foot traffic, and the type of businesses operating nearby. More successful neighborhoods often attract better tenants and command higher rent prices. As of the latest data, Canton is ranked #107 best Small Town in Ohio to invest in, emphasizing its potential for commercial property investment (see more at Connected Investors).
Analyzing Market Data
The real estate market in Canton, OH offers promising opportunities for home buyers and real estate investors. The median home price in Canton is significantly lower than the U.S. median, making it an attractive option for investment. In June 2024, Canton home prices had an increase of 50% compared to the previous year, reaching a median price of $135K.
Median Home Prices:
| Year | Median Price |
|---|---|
| 2023 | $90K |
| 2024 | $135K |
Homes are selling faster as well. Properties in Canton stay on the market for an average of 17 days compared to 11 days last year. This indicates a high demand for homes.
Demographics and population also play an essential role. With a population of approximately 69,671, Canton is a medium-sized city. The city’s employment rates and quality of life factors contribute to its attractiveness. Canton’s housing market is appealing due to its combination of affordability and potential for appreciation.
Home Price Appreciation:
- 1-bedroom homes: -22.6%
- 2-bedroom homes: +10%
- 3-bedroom homes: +10.3%
- 4-bedroom homes: +7.5%
- 5+ bedroom homes: +7.9%
The historic nature of Canton’s housing stock, with much of it built before World War II, adds unique value, attracting diverse buyers and investors looking for character properties.
Population:
- Total: 69,671
By analyzing this data, it becomes clear that investing in Canton can be both economical and rewarding for real estate investors. The combination of affordable prices and strong appreciation trends makes it a noteworthy market.
Additional Considerations for Investors
Investing in Canton, OH, involves understanding various key factors that extend beyond property prices and neighborhood safety. These include climate patterns, major attractions, and transportation options.
Climate and Seasonal Trends
Canton experiences a range of weather patterns through the year. The winters can be quite cold, with temperatures often dipping below freezing, which can impact heating costs and property maintenance. Summers are warm and humid, leading to different property management needs.
Rain and snow are common, so investors should be prepared for weather-related maintenance. Climate trends can affect rental demand, with potential tenants either seeking warm homes during cold winters or air conditioning in summer.
Proximity to Key Attractions and Institutions
Canton houses notable institutions like the Pro Football Hall of Fame, attracting tourists and sports enthusiasts. This enhances the area’s rental and property demand, especially for vacation rentals.
Key institutions such as Aultman Hospital and TimkenSteel provide employment opportunities, stabilizing the local economy. Educational institutions like Walsh University also attract students and staff, which boosts the housing market.
Transportation and Commute
Canton boasts an efficient transport network, which is a significant factor for property attractiveness. The city is well-connected with major highways leading to nearby cities like Akron, enhancing job opportunities and commute options. Public transportation options are plentiful, catering to various commuting needs.
Investors should note that properties close to public transport hubs often have higher demand. Easy access to roads and highways can also make commuting easier, further increasing property values and rental yields. Proximity to public transport is crucial for tenants who prefer not to rely on cars for their daily commute.
Canton’s Housing Demographics and Economics
Canton, Ohio, boasts a population of around 69,671 people. The city is known for its historic charm, with much of its housing stock built before World War II. This makes Canton one of the older cities in the United States.
When it comes to housing prices, homes in Canton are quite affordable compared to the national average. The median home price in Canton is about $144,964, significantly lower than the U.S. median of $318,879. Within Ohio, Canton’s home prices are also less expensive than the state average of $181,280 (source).
June 2024 Housing Data:
- Median home price: $135,000
- Average days on market: 17 days
- Home sales: 80 homes sold (source)
Canton’s rental market is also economical. The median rent in Canton is 26% lower than the national average, making it an attractive option for renters.
The number of people per household in Canton is 14% lower than the national average, and owner-occupied households are 25% lower (source). This suggests a higher rate of renter-occupied homes compared to other U.S. cities.
Canton’s economy is part of the larger state and national economy. Realtors often highlight these economic and demographic characteristics when helping clients assess the quality of life in the area. This makes Canton a potentially lucrative market for real estate investors looking for affordable options with historical appeal.
Navigating Canton’s Real Estate Services
When it comes to navigating the real estate market in Canton, OH, there are several services available to help potential investors and homeowners.
Housing Services in Canton offer a range of support for buyers and sellers. These services can include home inspections, mortgage consultations, and home staging.
Experienced real estate agents in Canton are key players in the market. They can help identify opportunities, negotiate deals, and provide insights into various neighborhoods. Agents often have in-depth knowledge of the local market trends and pricing.
For those considering homeownership, Canton offers competitive pricing. The median house price in Canton is significantly lower than the national average, making it an attractive option for families and individuals looking to relocate.
Convenience is also a pivotal aspect. Many real estate agencies in Canton provide virtual tours, digital document signing, and other online services to make the process smoother for both local and out-of-town buyers.
When relocating to Canton, several agencies offer relocation packages. These might include assistance with moving logistics, temporary housing arrangements, and even community tours to help new residents acclimate to the area.
Understanding and utilizing these services can make the real estate journey more efficient and less stressful.
Quick List of Real Estate Services in Canton
- Home Inspections
- Mortgage Consultations
- Home Staging
- Virtual Tours
- Digital Document Signing
- Relocation Assistance
By tapping into the right resources and leveraging the expertise of local professionals, navigating Canton’s real estate market can be made straightforward and hassle-free.
Neighborhood Associations and Homeowner Resources
Canton has over 50 neighborhood associations. These groups bring together homeowners to address local issues and improve the community.
Neighborhood Associations
- Grassroots Organizations: Many started at the grassroots level.
- Wide Range: They include various socioeconomic groups.
- Focus: Address issues like safety, beautification, and local events.
Homeowner Resources
Canton offers many resources for homeowners. The Healthy Neighborhoods Program is a HUD-Approved Housing Counseling Agency. They provide advice on home financing, repairs, and maintenance.
Community Events
Neighborhood associations often organize community events. These include block parties, clean-up days, and safety meetings. These events help build a strong sense of community among residents.
Ownership Rate
Canton’s ownership rate is supported by affordable housing prices. The city’s median house price is $144,964, much lower than the national median. This affordability makes homeownership accessible to more residents.
Additional Help
For funding opportunities, the Stark Community Foundation provides grants to neighborhood associations. These funds can be used for various community projects, enabling residents to improve their local areas.
Engaging in these associations and utilizing available resources can greatly enhance the quality of life in Canton’s neighborhoods.
Frequently Asked Questions
Investing in real estate in Canton, OH can be rewarding if you know the right neighborhoods to target. This section addresses common questions regarding real estate investments in Canton, OH.
What factors make a neighborhood in Canton, OH a good investment opportunity?
Key factors include low crime rates, high quality of life, good schools, and proximity to amenities. Additionally, neighborhoods with a mix of growth potential and established value tend to be more attractive to investors.
Which neighborhoods in Canton, OH have shown the most property value appreciation?
Some of the best neighborhoods in Canton, like the ones listed on Best Neighborhoods in Canton, OH by Home Value, have shown significant property value appreciation. These areas often feature desirable housing and community perks.
Are there any emerging neighborhoods in Canton, OH for real estate investment?
Yes, emerging neighborhoods are often those undergoing revitalization or benefiting from new developments. Local news and initiatives such as the ones mentioned in Canton to host 5 town hall workshops on neighborhood plans can provide insights into up-and-coming areas.
What are the average rental yields in the most popular Canton, OH neighborhoods?
Rental yields can vary but are usually higher in neighborhoods with good amenities and low vacancy rates. Areas highlighted in resources like The 10 Best Neighborhoods in Canton, Ohio can offer a good benchmark for potential rental income.
How does the local economy in Canton, OH influence real estate investment potential?
A strong local economy can boost real estate markets. Canton benefits from a diverse economy, with various industries providing employment opportunities. Economic stability attracts both renters and buyers, making neighborhoods more attractive for investment.
What are the property tax rates like in the best Canton, OH neighborhoods for investment?
Property tax rates can vary by neighborhood but knowing these rates is crucial for evaluating investment potential. You can find detailed tax information through local government websites or real estate resources focused on Canton, such as those discussed on Think Real State’s guide.
