Property details·Chagrin Falls, Geauga County, Ohio·29-706409
551 Washington Street
Chagrin Falls, OH 44022
Geauga County
29-706409
41.425978, -81.369481
| Category | Amount | Year |
|---|---|---|
| Market value | $3,122,400 | 2023 |
| Assessed value | $1,092,840 | 2026 |
| Building value | $2,562,200 | — |
| Land value | $560,200 | — |
Values reflect public tax roll data as of the year shown.
County context
There's a particular kind of wealth that doesn't announce itself — no glassy skyline, no tech campus, no headline-grabbing development boom. Geauga County, tucked into the rolling hills and maple groves east of Cleveland, is exactly that kind of place. With a median household income of $100,783 — a third higher than the national median and well above Ohio's statewide figure — this largely rural county has quietly built one of the most financially stable communities in the Great Lakes region. Understanding why requires looking past the numbers.
| Stat | Value | Context |
|---|---|---|
| Median Home Value | $320,000 | Roughly at the national median, despite incomes far above it |
| Homeownership Rate | 87.0% | Among the highest in Ohio; national avg is ~65% |
| Price-to-Income Ratio | ~3.2x | Remarkably affordable relative to local incomes |
| YoY Price Change | +7.4% | Well above national appreciation pace |
Here's what makes Geauga County genuinely surprising: homes are priced at the national median, but incomes are 34% above it. That's an almost vanishingly rare combination in 2024's housing market. While coastal metros and even mid-tier cities like Columbus and Cincinnati have stretched well beyond a 4x price-to-income ratio, Geauga sits around 3.2x — meaning residents spend proportionally less on housing than almost anywhere else of comparable affluence. The result is a county with an 87% homeownership rate, a figure that rivals the most homeowning communities in the country, and a true vacancy rate of just 5.4%, reflecting genuine demand rather than speculative overbuilding.
The median age of 45 and the fact that 21.7% of residents are 65 or older tells a story of generational rootedness. Geauga isn't attracting young transplants chasing nightlife; it's a place where families settle and stay. The large Amish and Plain community centered around Middlefield — home to one of the largest Amish populations in the world — contributes to the county's distinctive economic texture: small manufacturing, custom furniture, agriculture, and a cottage-industry ecosystem that doesn't show up in standard employment statistics. This cultural identity partly explains the low poverty rate of 5.8% (nearly half the national average) and the self-reliant character of the community.
The 14.3% work-from-home rate is also notable. Cleveland's professional class has increasingly discovered that Geauga offers genuine acreage and older, well-built homes — the median year built is 1969, reflecting decades of suburban estate development — without requiring a sacrifice of income.
The county's one tension point is its rental market. With only 13% of households renting, the inventory is thin, and median rent of $1,018 is producing real strain: 35.9% of renters are cost-burdened and 16.4% are severely so. When a market is this dominated by ownership, renters often occupy the most constrained segment of the housing stock.
FAQs
What makes Geauga County unique? Geauga combines high incomes with home prices that haven't dramatically outpaced them — a rarity in today's market — alongside one of the world's largest Amish communities, which shapes everything from local commerce to community cohesion.
Is Geauga County a good place to buy a home? By almost every financial metric, yes. The price-to-income ratio is well below the national benchmark, appreciation is strong at 7.4% year-over-year, and the homeownership infrastructure — 87% of residents own — means communities are stable and well-maintained.
Why are home prices rising so fast in Geauga County? Remote work has accelerated Cleveland-area professionals' interest in the county's larger lots and older estate homes. Combined with very limited new construction and a low vacancy rate, even modest demand growth pushes prices upward.
Chagrin Falls has 12,739 properties in our comprehensive database.
Properties in Chagrin Falls average $553,517, reflecting a competitive market.
Buyers can expect to pay around $202 per square foot in this market.
Home prices in Chagrin Falls are 37% higher than the Geauga County average.
| Metric | Chagrin Falls | Geauga County | vs County |
|---|---|---|---|
| Average Price | $553,517 | $403,569 | +37% |
| Avg Sq Ft | 2,745 | 2,403 | +14% |
| Price/Sq Ft | $202 | $168 | +20% |
| Properties | 12,739 | 59,463 | -79% |
Other parcels within a few hundred meters of this one.
The average home price in Chagrin Falls, OH is $553,517, based on analysis of 12,739 properties in our database.
Our database includes 12,739 properties in Chagrin Falls, OH, providing comprehensive market coverage.
The average price per square foot in Chagrin Falls, OH is $202. This is calculated from an average home price of $553,517 and average size of 2,745 square feet.
Homes in Chagrin Falls, OH average 2,745 square feet, with an average price of $553,517.
Chagrin Falls, OH is one of many cities in Geauga County, OH with property data available. Browse other cities in the county to compare market conditions and pricing.
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