Housing Market Predictions 2022 Cleveland

 

This study and forecast comes from https://www.realtor.com/ and Cleveland is forecasted to house price growth is forecasted to be 7.8%.  Home prices have consistently gone up during these periods since the 70's to the present.

Even during some of the most inflationary times home prices still rose.

For rents I found this on the internet

" Rents in Cleveland have increased by 10% over the last year and increased by about 20% over the past 3 years. Rents are still relatively affordable in Cleveland. In fact, over 60% of the housing units rent for less than $1,500 per month. 55% of the households in Cleveland are occupied by renters"

With inflation prices go up everywhere including housing. Just recently a client wanted to sell their income property and when we called the tenants with the bad news they were understandably upset. At the time the tenant was paying $1250 a month for their lease payment.

They called us back after a few hours and offered to pay $1400 a month if the owner would reconsider the sale of the property. That is how tight the market is if you purchase a property in the right location.

That is what the real estate market is doing because of the low inventory of homes. Will that increase during the inflation period? I think so because we are only at 50% of what we should have in inventory and new homes are slowing their new builds because of material price increases.

So you have a perfect storm for investors in not having too many buyers in the market and some investors not understanding today's real estate market and very low inventories.

Understanding the real estate market today can make all the difference in the world in the future.

Need consistent income real estate that will grow in equity?

Call me (Brett) 216-703-5740 Fathom Realty or Whatsapp me

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