Exploring the Cleveland Housing Market: Insights into Prices, Trends, and Future Predictions

 

 Cleveland, known as the Forest City, is renowned for its captivating natural landscapes and strategic location along the southern shores of Lake Erie. Its dream-like setting makes it a sought-after destination. The Cleveland Ohio Real Estate Market, is both diverse and dynamic, offering a range of options for residents and investors alike.

Over the past year, the Cleveland housing market has experienced its share of ups and downs, influenced by a confluence of regional and national factors. So, for now, as we prepare to enter the new year, it's crucial to set our minds on getting informed about the upcoming developments in real estate in Cleveland, Ohio, including prices and trends. Let's delve into the forecast for 2024.

 

Economical Overview

Cleveland, Ohio, boasts a diversified economy with strengths in manufacturing, healthcare, finance, and technology. Historically known for manufacturing, the city has successfully diversified. Key sectors include healthcare with institutions like the Cleveland Clinic, financial services, technology innovation, and a growing emphasis on revitalizing urban areas.

 

Recent Developments in the Cleveland Housing Market

The market of real estate in Cleveland, Ohio, boasts a unique blend of competitiveness and affordability. Redfin reports an average of three offers on homes, selling swiftly in 25 days. Despite a 4.3% dip in median sale price ($110,000), Cleveland's resilience shows in the 1.2% increase in price per square foot ($82). The city's 73% below-national-average median sale price and an 8% lower overall cost of living make it an enticing option for those seeking both a home and an economically prudent lifestyle.

 

Stability in Median Listing Home Prices & Median Days on Market

As of October 2023, Cleveland, OH's median listing home price remains a steady $120K. Reflecting reliability for both buyers and sellers. With a 43-day average selling time, the market shows a dynamic trend. It was slightly up from the previous month but modestly down from the previous year, urging prompt attention.

 

Analysis by Square Foot

Real estate in Cleveland, Ohio, the game reveals its secret sauce in the form of the median listing price list. It stands at $81 as of October 2023 per square foot. This insider's guide is a game-changer for homebuyers and investors, providing a friendly and precise measure to evaluate property value based on size.

 

Market Buyer-Seller Equilibrium

In October 2023, Cleveland's real estate scene boasted a perfect 100% sale-to-list price ratio, creating a harmonious market for both buyers and sellers. This equilibrium extended to the overall market, where Cleveland showcased a balanced landscape. The scales neither tipped in favor of buyers nor sellers, signaling optimal conditions where supply and demand harmoniously coexist. It's a level playing field, ensuring a fair and thrilling real estate experience for all parties involved.

 

2023 Trends in Real Estate in Cleveland, Ohio

Average House Price in Cleveland

Average Rent Prices (November 13, 2023):

·       1-Bedroom Apartments: $1,350

·       2-Bedroom Apartments: $1,250

·       3-Bedroom Apartments: $1,400

 

Affordable and Expensive Neighborhoods:

1.     Affordable Neighborhoods: Glenville ($600), Old Brooklyn ($799), Buckeye–Shaker ($800)

2.     Expensive Neighborhoods: Ohio City ($1,625), Tremont ($1,300), Edgewater ($1,200)

 

Housing Market Prognosis for Cleveland for 2023-2024

The market of real estate in Cleveland, Ohio, renowned for its long-term investment potential, is analyzed through Zillow's lens. As of October 31, 2023, the Cleveland area boasts a robust average home value of $215,810, reflecting a substantial 5.1% growth in the past year, emphasizing the market's resilience.

 

Important Data and Insights

In the real estate market of Cleveland, homes secure pending status within a swift 7 days, highlighting high demand and efficient transactions. A robust median sale-to-list ratio of 1.000 signifies a balanced market. Notably, 48.5% of sales exceeded the list price, revealing competitiveness, while 38.0% were under, indicating a mix of negotiable transactions.

 

Prospects for the Upcoming Year's Market of Real Estate in Cleveland, Ohio

As of October 31, 2023, Zillow forecasts a 0.5% increase in the Cleveland housing market over the next year, indicating a positive trajectory amid various influencing factors.

 

Might the Market Go Bust?

Based on current data and Zillow's forecast as of October 31, 2023, there's no immediate sign of a market crash in Cleveland. A stable increase in home values, balanced sales ratios, and quick pending transactions indicate a resilient market. While potential risks exist, staying informed and consulting professionals are crucial in this dynamic real estate in Cleveland, Ohio.

 

Overview of Investment in Real Estate in Cleveland, Ohio

Considering an investment in real estate in Cleveland, Ohio? With just under 400,000 residents and a larger metropolitan area hosting two million, Cleveland ranks as the 32nd largest real estate market in the U.S. Additionally, boasting an 8.6% year-over-year increase, this former manufacturing hub transforms into a thriving medical and BioMed center. According to Neigborhoodscout.com, 46.56% of homes are single-family detached, with diverse housing types prevalent. University Circle, a mere four miles from downtown, offers a charming mix of homes and apartments, attracting foot and bike traffic, making it a key employment center in the state.

 

Explore the Diversity of Real estate in the Cleveland Market with Professionals

Real estate in Cleveland, Ohio, characterized by resilience and competitive affordability, showcases promising trends for 2024. Although, with a steady median listing home price, rapid sales, and a balanced buyer-seller equilibrium, Cleveland's real estate landscape remains robust. However, Zillow's forecast predicts a 0.5% market increase, indicating stability. Considering Cleveland for real estate investment? With its diversified economy and steady growth, explore opportunities with Cleveland Income Real Estate. Stay informed and seize the potential in this dynamic market.

Call me (Brett) 216-703-5740 Fathom Realty or WhatsApp me on the same number