Ohio's most expensive ZIP codes expose startling real estate trends

In Ohio, as of December 2024, the housing market shows a significant escalation in home values across various ZIP codes according to Zillow’s home value index. This analysis compares home values from the past year alongside December 2024 data. The results indicate that the affluent area of Terrace Park, designated as ZIP code 45174, holds the highest median home value of $697,333, demonstrating a nearly 50% increase from its 2019 valuation of $479,248. This increase reflects the ongoing trend of rising property values in upscale neighborhoods. The second highest ZIP code, 45243, adjacent to Terrace Park, boasts a median home value of $673,777, marking a 44.7% rise since December 2019. The area is characterized by substantial average household incomes, reported at $286,101, which is significantly higher than both the national and state averages. Thus, these figures illustrate the properties in this area as exceedingly desirable, driving up prices over the past few years. East of Cleveland, Gates Mills, with ZIP code 44040, ranks third, featuring a median home value of $604,966, reflecting an increase of 46.3% since 2019. This neighborhood showcases a median household income of $166,579, alongside an impressive mean household income of $284,077. The robust income levels correlate with the rising home values in these affluent suburbs. This trend in Ohio's housing market signifies a broader economic growth pattern seen in various affluent suburban areas, as home values escalate and household incomes reach remarkable heights. The comparisons among these ZIP codes underline the disparity in property values across the region, with wealthy enclaves reinforcing their prestige through increased market values and income levels.