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Real Estate in Cleveland is Becoming More Affordable

By
Real Estate Agent with Russell Real Estate Services 2020009093

The real estate market in Cleveland is very competitive these days and it takes the 2-nd place in the list of the top housing markets in the United States. Now, we are going to compare the house prices in Cleveland for the last two years and analyze the local real estate market in terms of affordability carefully.   

Home Prices in Cleveland 

On the one hand, a lot of people are looking to buy a home in the area. On the other hand, a lot of houses are available for sale in the local housing market. It’s worth noting that the prices around Cleveland neighborhood have decreased by 4 – 5 % compared to the last year.  

Nowadays, 348 homes are sold in the neighborhood per month. This number has decreased because 360 homes were sold per months the last year. It’s worth noting that different types of homes are available for sale in Cleveland and its surrounding areas, including: single family homes, townhouses as well as condos. 

Today, the median sale price for a home in Cleveland is $120,000 and it has decreased by 11% compared to the last year. The average sale price per square foot in the region is $73 and it has decreased by 10 – 11% compared to the last year. 
Up to 75% of homes in Cleveland are sold below the list price. An average home in

Cleveland is sold at the price that is 4% lower compared to the list price. On average, it takes 32 days to sell a house in the region. Every house gets several offers. A hot home in Cleveland is sold at the price that is 2% higher compared to the list price.

Where Do Homebuyers Choose to Stay in Cleveland?

The real estate market in Cleveland gets a lot of attention of potential home buyers, sellers as well as investors. People choose to buy homes in the region for various reasons. 

The housing market in Cleveland attracts people due to its low cost of living, great job opportunities and the new houses are constantly developed.   

About 20% of people, who purchase homes in Cleveland, would like to live in its surrounding areas. About 80% of people, who buy homes in Cleveland, give a preference to the metropolitan area. Only 0.72% of homebuyers prefer to move to the region from outside metros. 

Among the most popular areas in Cleveland are: Cape Coral, Columbus, Youngstown and others. The demand for houses in these areas is higher and that’s why properties in these areas are more expensive.

Why House Prices are Declining in Cleveland?

Cleveland is known for its housing availability. It is one of the most affordable places to buy a house in the United States. The population in some areas of the neighborhood declines and that’s why the demand for houses is decreasing and the house prices are lowering in the region. Home prices in Cleveland are expected to fall the next year.

Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Thank you for sharing the information. Buyers and sellers in your area will benefit from your expertise. Wishing you continued success. Have a wonderful day and sell a house. bill

Feb 06, 2024 04:45 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Also, Welcome to the Rain. Enjoyed your blog page, and I added you as a follower. I would love the follow back. Also, then we both get 50 points. Bill

Feb 06, 2024 05:12 AM
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

I haven’t been to Cleveland for at least 30 years . I used to teach Investment Real Estate for Century 21 in Ohio 

Feb 06, 2024 06:41 AM