- Terrace Park’s 45174 is Ohio’s #1 most expensive zip
- Columbus and Cincinnati tied for city with highest number of pricy zips – 8 each
- Franklin County is the #1 county for expensive zip codes – 11 out of the top 50
Residential real estate in Ohio had a great run in 2016, registering its best year in a decade, despite rising prices and rapidly shrinking inventory levels. More than 151,000 homes traded in the Buckeye State in 2016, marking a 7.5 percent increase over the previous year. Northeast Ohio had an even better run, experiencing a 7.8 percent increase in sales across all segments of the residential buying market – with single family homes sales up 8.6 percent over 2015 levels. Sales activity is expected to stay dynamic throughout the current year. In fact, market indicators for early 2017 show that Ohio is not slowing down, with prices and sales volume increasing, while inventories continue to shrink.
When it comes to expensive real estate, Ohio’s #1 most expensive zip code in 2016 was Terrace Park’s 45174. Homes in this Hamilton County village trade for a median $449,000 – more than double than in Ohio’s 50th most expensive zip code, 45069 in Westchester, where the median home trades for $209,950.
Although Terrace Park has a population of just 2,245, this small village in suburban Cincinnati packs a lot of wealth. With an average household income of $173,663, Terrace Park is considered Ohio’s most affluent community. But it’s not just pricey real estate that Terrace Park is known for – the 1.2-square-mile community was once the winter home of the once-legendary Robinson’s Circus. One of the most famous shows in the late 1800s, Robinson’s Circus wintered in Terrace Park until 1916 and it wasn’t uncommon for circus elephants to roam free in the village.
Clocking in at a median sale price of $388,043, Galena’s 43021 is Ohio’s 2nd priciest zip code. With a population of just 653, this small village in Delaware County is also a regular on Ohio’s wealthiest communities rankings. Galena’s historic downtown features charming New England style properties, many of which were built in the 1820s. Just 21 miles from downtown Columbus, Galena is ideally located for those looking to live in luxury in Ohio’s most affluent county.
Cuyahoga County’s Gates Mills grabbed the title of 3rd most expensive zip code in Ohio with 44040. Homes in this suburb of Cleveland sell for a median $373,000. Yet another mainstay among Ohio’s wealthiest communities, Gates Mills posts above average consumer spending, while its crime rate stays well below the national average. A number of high profile athletes are associated with this small Ohio village, among them Gates Mills native and professional tennis player Lauren Davis and Cleveland Indians Hall of Fame pitcher “Bullet Bob” Feller, who spent his retirement years in the quiet Cleveland suburb.
A picture of Ohio’s most expensive zip codes wouldn’t be complete without taking a look at the largest residential transaction of 2016. The priciest home to trade in Ohio was 22222 Westlake Road in Rocky River, which sold for $2,950,000 back in April 2016. Surprisingly, the 5-bed home is located in the 44116 zip code – one that didn’t make it into the top 50 priciest zip codes in Ohio.
The 8,200-square-foot waterfront home was built in 2010 by Hudson, Ohio-based Prestige Homes. It boasts stunning Lake Erie views, a private beach well-suited for swimming as well as an inground saltwater pool. Built for entertaining, the home features pricey amenities like a Control4 smart home system, home theater, full bar and pub room, billiard room, full gym, private library and an entertaining patio complete with fire pit and TV.
Check out the most expensive zip codes in Ohio below:
|#||Zip code||Location||Median sale price 2016||County|
|1||45174||Terrace Park||$449,000||Hamilton County|
|3||44040||Gates Mills||$373,000||Cuyahoga County|
|6||44022||Chagrin Falls||$320,000||Cuyahoga County|
|10||44280||Valley City||$305,750||Medina County|
|13||43054||New Albany||$295,000||Franklin County|
|14||43456||Put in Bay||$290,000||Ottawa County|
|17||44023||Chagrin Falls||$285,000||Cuyahoga County|
|27||43035||Lewis Center||$246,500||Delaware County|
|29||43064||Plain City||$245,000||Madison County|
|43||44140||Bay Village||$217,000||Cuyahoga County|
|45||45370||Spring Valley||$215,500||Greene County|
|48||45387||Yellow Springs||$211,250||Greene County|
|50||45069||West Chester||$209,950||Butler County|
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Methodology: In order to determine which were the most expensive ZIP codes in the Ohio, we looked at all residential transactions closed in 2016, taking into account condo, co-op, single- and the two-family homes. All package deals were excluded.