Is Cleveland, OH a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$159,891
$96/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Cleveland have sold for 3.1% more than they did a year ago.
Summary: The median home sold price in Cleveland was $159,891 in May 2024, up 3.1% from last year, and the median price per square foot was $96.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $102.5K | $91.2K | -11.0% |
| 2 Bedrooms | $134.9K | $135.3K | 0.3% |
| 3 Bedrooms | $159.8K | $166.2K | +4.0% |
| 4 Bedrooms | $159.6K | $155.8K | -2.4% |
| 5+ Bedrooms | $161.9K | $160K | -1.2% |
Summary: Cleveland housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 11%, 2 bedroom homes increased by 0.3%, 3 bedroom homes increased by 4%, 4 bedroom homes decreased by 2.4%, and 5+ bedroom homes decreased by 1.2%.
Median Sold Price Compared To Nearby Cities
| Brooklyn | $175K | $199.9K | +14.2% |
| Cleveland | $155K | $159.8K | +3.1% |
Housing Supply in Cleveland, OH
How many homes are available in Cleveland, OH?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2,743 | 2,872 | +4.7% |
Summary: The Cleveland real estate market had 2,872 homes for sale in May 2024, a 4.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 31 | 27 | -12.9% |
| 2 Bedrooms | 322 | 316 | -1.9% |
| 3 Bedrooms | 1,266 | 1,375 | +8.6% |
| 4 Bedrooms | 786 | 780 | -0.8% |
| 5+ Bedrooms | 338 | 374 | +10.7% |
Summary: The Cleveland housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 12.9%, 2 bedroom homes decreased by 1.9%, 3 bedroom homes increased by 8.6%, 4 bedroom homes decreased by 0.8%, and 5+ bedroom homes increased by 10.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 759 | 765 | +0.8% |
Asking Price vs. Sold Price
322 Homes Were Sold
Under Asking
112 Homes Were Sold
At Asking
331 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cleveland, you could pay more than the asking price. 43.3% of homes here sold above asking price last month.
Summary: A total of 765 homes were sold or pending in Cleveland in May 2024, up by 0.8% month-over-month. Of the 765 sold homes, 42% were sold under asking, 15% were sold at asking, and 43% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 37 Days | 35 Days | -3.9% |
Summary: Homes in Cleveland had an average of 35 days on market in May 2024, down by 3.9% compared to last year.
Breakdown of Home Sale Times
480 Homes Were Sold
Under 30 Days
210 Homes Were Sold
In 30 - 90 Days
75 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 May 2024, 765 homes were sold in Cleveland; 63% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.
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