Is Cleveland, OH a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Cleveland is a seller's market

Buyer's
Market

Difference Since November 2022

Since last year, Cleveland has remained a Seller's Market.

Key Takeaway

Cleveland is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Cleveland, OH

How much do homes in Cleveland, OH cost?

Median Sold Price

$150,000

$91/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2022

+$36,367(+32.0%)

Key Takeaway

Homes in Cleveland have sold for 32% more than they did a year ago.

Summary: The median home sold price in Cleveland was $150,000 in November 2023, up 32% from last year, and the median price per square foot was $91.

Median Sold Price By Bedroom Count

# BEDSNov 2022Nov 2023CHANGE
1 $142K$89.5K
-37.0%
2 $105K$129.7K
+23.5%
3 $120K$159.2K
+32.7%
4 $99.9K$144.9K
+45.1%
5+ $115K$146K
+27.0%

Summary: Cleveland housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes decreased by 37%, 2 bedroom homes increased by 23.5%, 3 bedroom homes increased by 32.7%, 4 bedroom homes increased by 45.1%, and 5+ bedroom homes increased by 27%.

Median Sold Price Compared To Nearby Cities

Cleveland
+32.0%
Newburgh Heights
+18.1%
Brooklyn
+5.0%

Housing Supply in Cleveland, OH

How many homes are available in Cleveland, OH?

Number of Homes For Sale

Oct 2023Nov 2023CHANGE
3,0962,963-4.3%

Summary: The Cleveland real estate market had 2,963 homes for sale in November 2023, a 4.3% decrease compared to October 2023.

Homes For Sale By Bedroom Count

# BEDSOct 2023Nov 2023CHANGE
1 3131
0.0%
2 350332
-5.1%
3 1,5051,463
-2.8%
4 781751
-3.8%
5+ 429386
-10.0%

Summary: The Cleveland housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 5.1%, 3 bedroom homes decreased by 2.8%, 4 bedroom homes decreased by 3.8%, and 5+ bedroom homes decreased by 10%.

Number of Homes Sold

Oct 2023Nov 2023CHANGE
778666-14.4%

Asking Price vs. Sold Price

347 Homes Were Sold
Under Asking

90 Homes Were Sold
At Asking

229 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Cleveland, you may be able to get a good deal. 52.1% of homes here sold below asking price last month.

Summary: A total of 666 homes were sold or pending in Cleveland in November 2023, down by 14.4% month-over-month. Of the 666 sold homes, 52% were sold under asking, 14% were sold at asking, and 34% were sold over asking.

Days on Market for Cleveland, OH

How long does it take to sell a home in Cleveland, OH?

Average Sale Time

Nov 2022Nov 2023CHANGE
44 Days33 Days-23.3%

Summary: Homes in Cleveland had an average of 33 days on market in Nov 2023, down by 23.3% compared to last year.

Breakdown of Home Sale Times

414 Homes Were Sold
Under 30 Days

200 Homes Were Sold
In 30 - 90 Days

52 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Cleveland are selling fast, if you're buying plan to act quickly.

Summary: During November 2023, 666 homes were sold in Cleveland; 62% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 9 Days Ago

Newest Listings in Cleveland, OH

Nearby Markets to Cleveland, OH

What housing markets are near Cleveland, OH?