Explosive Growth in Home Values in Cuyahoga County

Isaiah Jelinek, Economics Reporter

The home values in most of Cuyahoga County have increased this year.  There was, however, a change to this year’s home value appraisal, which was that they compared values of homes in places that weren’t in the same neighborhood, but had similar characteristics and were nearby to each other.

“The county’s 2021 appraisals relied upon nearby home sale prices through early this year – making uniform changes by county-designated areas within each town. That means the numbers were influenced by hot housing market fueled by low mortgage rates tied to the economic fallout from the corona-virus pandemic, where affordable and higher-end cities have posted big increases in sales prices over the past 15 months.”

This information tells us that the pandemic had affects on our economy in certain ways that we hadn’t even thought about. These higher home values will follow up by having increased taxes but at the same time this acts as an addition to a person’s wealth.

“Nearly everywhere saw an increase in value, leading to a 16% overall gain in home property values countywide and millions in extra revenue for some municipalities.”