Is Cleveland, OH a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
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
$157,247
$95/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Cleveland have sold for 1.5% more than they did a year ago.
Summary: The median home sold price in Cleveland was $157,247 in March 2024, up 1.5% from last year, and the median price per square foot was $95.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $105K | $89K | -15.2% |
| 2 Bedrooms | $130.7K | $135.4K | +3.6% |
| 3 Bedrooms | $159.8K | $164.9K | +3.2% |
| 4 Bedrooms | $160K | $153.4K | -4.1% |
| 5+ Bedrooms | $160.3K | $160.4K | 0.1% |
Summary: Cleveland housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 15.2%, 2 bedroom homes increased by 3.6%, 3 bedroom homes increased by 3.2%, 4 bedroom homes decreased by 4.1%, and 5+ bedroom homes increased by 0.1%.
Median Sold Price Compared To Nearby Cities
| Newburgh Heights | $117.7K | $135K | +14.6% |
| Brooklyn | $175K | $193K | +10.3% |
| Cleveland | $154.9K | $157.2K | +1.5% |
Housing Supply in Cleveland, OH
How many homes are available in Cleveland, OH?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 2,546 | 2,681 | +5.3% |
Summary: The Cleveland real estate market had 2,681 homes for sale in March 2024, a 5.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 27 | 35 | +29.6% |
| 2 Bedrooms | 292 | 308 | +5.5% |
| 3 Bedrooms | 1,160 | 1,228 | +5.9% |
| 4 Bedrooms | 723 | 768 | +6.2% |
| 5+ Bedrooms | 344 | 342 | -0.6% |
Summary: The Cleveland housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 29.6%, 2 bedroom homes increased by 5.5%, 3 bedroom homes increased by 5.9%, 4 bedroom homes increased by 6.2%, and 5+ bedroom homes decreased by 0.6%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 608 | 634 | +4.3% |
Asking Price vs. Sold Price
318 Homes Were Sold
Under Asking
99 Homes Were Sold
At Asking
217 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cleveland, you may be able to get a good deal. 50.2% of homes here sold below asking price last month.
Summary: A total of 634 homes were sold or pending in Cleveland in March 2024, up by 4.3% month-over-month. Of the 634 sold homes, 50% were sold under asking, 16% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 53 Days | 45 Days | -14.7% |
Summary: Homes in Cleveland had an average of 45 days on market in Mar 2024, down by 14.7% compared to last year.
Breakdown of Home Sale Times
344 Homes Were Sold
Under 30 Days
182 Homes Were Sold
In 30 - 90 Days
108 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Cleveland are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 634 homes were sold in Cleveland; 54% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
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The information is being provided by Columbus and Central Ohio Regional Multiple Listing Service. Information deemed reliable but not guaranteed. Information is provided for consumers' personal, non-commercial use, and may not be used for any purpose other than the identification of potential properties for purchase.