Market Overview
Home Prices in Sheffield Lake, OH
The median home value in Sheffield Lake, OH is $212,994 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 5.5% compared to a year ago and up 2.2% from two years prior.
Compared to the U.S. national median of $410,000, homes in Sheffield Lake are priced48% below average. Sheffield Lake is part of the Cleveland-Elyria, OH metro area.
Over the past five years, Sheffield Lake home values have risen by approximately33.0%, reflecting strong long-term appreciation in this market.
Price History
Sheffield Lake Home Price Trend
City Comparison
Sheffield Lake vs. National Median
At $212,994, homes in Sheffield Lake cost 48% below the national median of $410,000. This makes Sheffield Lake a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Sheffield Lake?
20% Down Payment
$42,599
on $212,994
Monthly P&I
$1,111/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,411/mo
incl. taxes & insurance
Income Needed
$56,440
gross annual (30% rule)
10% Down Option
$21,299
+ PMI applies
Loan Amount (20% dn)
$170,395
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Sheffield Lake, OH?
The median home value in Sheffield Lake is $212,994 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 5.5% year-over-year.
How much have home prices changed in Sheffield Lake?
Over the past year, home values in Sheffield Lake have increased by 5.5%. Over five years, prices have risen approximately 33.0%.
How much do I need to earn to buy a home in Sheffield Lake?
To comfortably afford the median home price of $212,994 with a 20% down payment ($42,599) at today's rates (6.8%), you'd need a gross annual income of approximately $56,440. This assumes keeping total housing costs at or below 30% of gross income.
How does Sheffield Lake compare to the national average home price?
The national median home value is approximately $410,000. At $212,994, homes in Sheffield Lake are 48% below the national average.
What metro area is Sheffield Lake part of?
Sheffield Lake is part of the Cleveland-Elyria, OH metropolitan area. Home prices and market conditions can vary across the broader metro region.