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The Cleveland housing market is very competitive. Homes in Cleveland receive 3 offers on average and sell in around 26 days. The median sale price of a home in Cleveland was $125K last month, up 11.9% since last year. The median sale price per square foot in Cleveland is $85, up 7.6% since last year.
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- All Cleveland New Listings
- Cleveland Housing Market Overview
- Cleveland Housing Market Trends
- Cleveland Housing Market Forecast 2024-2025
- Likelihood of A Housing Crash in Cleveland
- Cleveland Real Estate Investment Overview
Cleveland, Ohio, boasts a rich history and a vibrant cultural scene. The city is known for its affordability compared to other major metropolitan areas, making it an attractive option for both buyers and investors. While Cleveland's housing market has faced its share of challenges in the past, it has experienced a period of growth and resurgence in...
Key Takeaways
1. Median home prices in Cleveland increased by 10.9%year-over-year as of July 2024. 2. Downtown Cleveland saw a 14.0% declinein home prices compared to the previous year. 3. Inventory levels are relatively low, contributing to increasing buyer competition. 4. Rental market trends indicate rising rental prices across various neighborhoods. 5. Market Forecast: Moderate stabilization expected, with potential for continued appreciation in certain areas, but risk factors remain. The current clima...
Inventory Dynamics
The low inventory levels in Cleveland are a significant driver of price increases. In many neighborhoods, homes are selling quickly, often within a few days of being listed. The demand continues to outpace supply, leading to bidding wars among buyers, particularly for well-maintained homes in desirable areas. As of July 2024, the overall housing inventory in Cleveland remains low, which further exacerbates the competition among buyers.
Rental Market Trends
The rental market in Cleveland is also showing upward trends. According to Zillow, rental prices have been on the rise, reflecting increased demand from newcomers moving to the city and a strong local economy. For instance, the median rent in various neighborhoods has increased significantly, making housing options tighter for renters. The multifamily rental units are particularly sought after, driving rental prices higher.
Looking ahead, experts predict that the Cleveland housing market will continue on a path of moderate appreciation, although specific trends may vary significantly by neighborhood. The current economic conditions suggest that growth is likely to stabilize, with some regions experiencing stronger performance due to desired amenities and ease of acces...
The question of whether Cleveland is poised for a housing crash is a pertinent one. Currently, the fundamentals of the market suggest a lower likelihood of a severe downturn. With local job growth, increasing demand for homes, and ongoing urban developments, the market seems resilient. Nevertheless, it’s essential to consider external factors such ...
Should you buy investment property in Cleveland? Looking for a home in Cleveland? These up-to-date Cleveland real estate statistics and trends will help you make smart investing decisions. You need to drill deeper into local trends if you want to know what the Cleveland market holds for the year ahead. We have already discussed the Cleveland housin...
Sep 1, 2024 · There are 2,813 homes for sale in Cleveland, Cuyahoga County with a median price of $162,897, which is an increase of 5.1% since last year. See more real estate market trends for Cleveland.
The Cleveland housing market isn’t that competitive. The median home sales price in August 2024 has stayed the same in the past 3 months to $125,000. That’s up 4.2% and $5,000 higher than ...
In April, homes sold for a median price of $125,000 within 33 days, compared to 41 days in March 2024, indicating that home prices here are rising. Foreclosures are also rising in Cleveland, with the highest foreclosure rate in the country at 0.4%, which is 0.23% above the national average.
The inventory in the Cleveland real estate market has seen a slight growth; February 2024 reported a 3.5% increase, bringing the total to 2,521 homes for sale. This trend indicates a balanced flow between homes for sale and the ensuing demand.
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How has Cleveland's home value changed over the past 5 years?
Jul 1, 2022 · Over the past five years home values in Cleveland have increased by nearly 115%. Median list price of a single-family home in Cleveland is $115,000 based on the most recent report from Realtor.com (April 2022). Median listing price per square foot of a home in Cleveland is $82. Days on market (median) is 48.
