Akron, Ohio, is currently one of the best-performing metropolitan areas in the whole United States. According to data collected by Redfin, Akron is also a very competitive location, where the average property sells in just 25 days.
Specifically, the majority of houses receive multiple offers, with some of them even waiving contingencies. On average, properties in Akron, Ohio, sell for about 2% below their listed price, whereas so-called “hot homes” can sell for up to 3% above their listed price, and can go pending in just six days.

Akron’s housing market is also characterized by a good degree of affordability, which further enhances its competitiveness. As of September 2022, the median home price was in the region of $198,000, way below the national average of $411,000.
For what concerns the average housing percentage of income, Akron is showing a slight increase – from 18% in 2007, to 22% in 2022 – yet it is still considerably lower than the nation’s average of 30%.

In terms of the resident population, it was found that Detroit home buyers searched to move to Akron more than any other metropolitan area, whereas Akron residents were looking to buy properties in Philadelphia more than in other cities.

In Akron Ohio the metro area crime rate is roughly 35 per 1,000 residents during a regular year. People who live in the Akron area metro consider the northwest part of the area to be the safest.
Your chances of crime could be as high as 1 in 16 in the eastern neighborhoods but could be as low as 1 in 67 in the northwestern side of the area.

Despite the great performance, competitiveness, and affordability of its housing market, it’s important to point out that Akron is not the safest metro area in terms of crime rates.

Full disclosure is, in fact, an essential aspect of a sound and trustworthy relationship between the real estate agent and client, and this needs to be applied both to individual properties as well as districts, neighborhoods, and entire metro areas.

According to City-Data, for example, the 2019 crime rate in Akron was 446 – almost 1.6 times higher than the national average. Violent crime was on the rise, which included murder, rape, robberies, assaults, burglaries, thefts, and arson.
Compared to some of the nearest cities, such as Cuyahoga, Falls, and even Lakemore, crime rates in Akron were considerably higher.

For this reason, it is unlikely that the Akron housing market will experience a real boom anytime soon, unless its crime rates drop significantly and reach – at least – the US national average.

On a more positive note, crime rates did go down slightly from their peak in 2011, and murders decreased compared to 2019, all of which might be a good sign for future trends.

At the moment, inventory in Akron, Ohio, is very tight, reaching its lowest levels since Redfin began gathering and analyzing data in 2012.

New listing rates are also very low, and similar to pre-pandemic levels. This, in turn, is contributing to exacerbating the tight supply.

Transaction volumes have decreased compared to their earlier peak in September 2021. In fact, in September 2022, 344 homes were sold, compared to 388 during the same time of the previous year.

However, unlike the rest of the nation – and especially unlike the real estate markets that were considered “hot” in the past few years (including during the pandemic) – Akron’s home sales are still within pre-pandemic average levels.

Nonetheless, demand is showing signs of getting slower and weaker, with the sales/list price ratio decreasing to below 100 (yet, it is still above what it used to be up to a few years ago, where it reached lower points of around 96).

The education system in Akron is good and varied. It includes 53 elementary schools, 18 middle schools, and 17 high schools, several of which are rated highly by staff, parents, and students.

In particular, the top three elementary schools in terms of ratings were Riverview, Woodland, and Gordon Dewitt, which received scores of between 8 and 9 out of 10.

As for middle schools, the highest-rated were Tallmadge, Bolich, and Roberts, all with ratings of 6/10. The top-rated high schools, on the other hand, were found to be Akron Early College – the only one that was awarded a 10/10 score – Akron Stem High School, and Tallmadge High School, both of which scored 7/10.

Akron metro prices are still on the rise due to the affordability advantage
Thanks to its affordability, the median prices of properties in the Akron area continue their slow and steady ascent, so we expect to see this trend for a few more months, at least.

Demand is returning to pre-pandemic levels, but supply is still as tight as ever
Importantly, while home buyers’ demand is gradually showing signs of returning to pre-pandemic levels, the actual availability of inventory is still very tight, which might have further impacts on performance, competitiveness, and affordability.

A short-term crash is not likely
While it is very likely that property prices will continue to increase slightly in the near future (or reach a “plateau”), real estate experts agree that a short-term crash is not expected, because houses are still going to be much more affordable than in other similar metro areas in the US.

Crime and safety are an issue for long term growth
Unless the Akron metro area succeeds at reducing its crime rates to, at least, the US national average (or even lower, if possible), crime and safety will continue to represent an issue for home buyers looking to settle down in the city.
This, in turn, means that long-term growth of the Akron housing market might be somewhat sluggish and not as promising as it could be if we only considered its performance and affordability.
If it doesn’t manage to solve its crime-related issues, Akron might lose ground to other metro areas in the US with similar property prices but much lower crime rates and enhanced resident security.