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 February 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

$155,628

$94/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$573(+0.4%)

Key Takeaway

The sold price of homes in Cleveland has remained the same since last year.

Summary: The median home sold price in Cleveland was $155,628 in February 2024, up 0.4% from last year, and the median price per square foot was $94.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $100K$87K
-13.0%
2 $130.5K$134.9K
+3.4%
3 $159.9K$163.5K
+2.3%
4 $160K$151.9K
-5.0%
5+ $165.1K$159.5K
-3.4%

Summary: Cleveland housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 13%, 2 bedroom homes increased by 3.4%, 3 bedroom homes increased by 2.3%, 4 bedroom homes decreased by 5%, and 5+ bedroom homes decreased by 3.4%.

Median Sold Price Compared To Nearby Cities

Newburgh Heights
+17.4%
Brooklyn
+7.4%
Cleveland
0.4%

Housing Supply in Cleveland, OH

How many homes are available in Cleveland, OH?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
2,4362,521+3.5%

Summary: The Cleveland real estate market had 2,521 homes for sale in February 2024, a 3.5% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 2223
+4.5%
2 271292
+7.7%
3 1,1421,149
+0.6%
4 669719
+7.5%
5+ 332338
+1.8%

Summary: The Cleveland housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 4.5%, 2 bedroom homes increased by 7.7%, 3 bedroom homes increased by 0.6%, 4 bedroom homes increased by 7.5%, and 5+ bedroom homes increased by 1.8%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
573547-4.5%

Asking Price vs. Sold Price

307 Homes Were Sold
Under Asking

82 Homes Were Sold
At Asking

158 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. 56.1% of homes here sold below asking price last month.

Summary: A total of 547 homes were sold or pending in Cleveland in February 2024, down by 4.5% month-over-month. Of the 547 sold homes, 56% were sold under asking, 15% were sold at asking, and 29% 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

Feb 2023Feb 2024CHANGE
53 Days46 Days-12.9%

Summary: Homes in Cleveland had an average of 46 days on market in Feb 2024, down by 12.9% compared to last year.

Breakdown of Home Sale Times

264 Homes Were Sold
Under 30 Days

195 Homes Were Sold
In 30 - 90 Days

88 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 February 2024, 547 homes were sold in Cleveland; 48% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 16% 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 28 Days Ago

Newest Listings in Cleveland, OH

Nearby Markets to Cleveland, OH

What housing markets are near Cleveland, OH?