Cleveland Housing Market for Single Family Homes as of November 2024

The Cleveland, Ohio, real estate market for single-family homes has experienced notable changes in 2024, characterized by rising home prices, competitive market conditions, and varying inventory levels.

Home Prices and Appreciation

As of November 2024, the median sale price for single-family homes in Cleveland reached $124,900, marking a significant 25% increase compared to the same period last year. This upward trend reflects a robust appreciation in property values, with the median price per square foot rising by 35.8% to $91.

Redfin

Zillow reports a slightly lower average home value of $109,634 for Cleveland, representing an 8.8% increase over the past year. Homes in the area typically go pending in approximately 13 days, indicating a swift market pace.

Zillow

Market Competitiveness

The Cleveland housing market is currently very competitive. On average, homes receive three offers and sell within 29 days. In November 2024, 343 homes were sold, a slight decrease from 365 in the same month last year, suggesting sustained buyer interest despite limited inventory.

Redfin

Inventory Levels

Inventory levels have fluctuated throughout the year. In November 2024, there were 3,074 homes for sale, a 4.7% decrease from October 2024. This reduction in available properties contributes to the competitive nature of the market, with buyers facing limited options and increased pressure to act quickly.

Rocket Homes

Neighborhood Variations

Home prices and market conditions vary across Cleveland's neighborhoods. For instance, Tremont is among the more expensive areas, with a median listing price of $394,900, while Union - Miles Park is more affordable, with a median listing price of $70,000. These disparities highlight the diverse real estate landscape within the city.

Realtor

Regional Comparisons

Cleveland's real estate market trends align with broader regional patterns. The Midwest has seen significant home price increases, with Cleveland experiencing a 15.9% rise, positioning it among the top cities for price growth in 2024.

New York Post

Conclusion

The Cleveland single-family home market in 2024 has been marked by substantial price appreciation, high competitiveness, and varying inventory levels. Prospective buyers should be prepared for a fast-paced market, while sellers may benefit from the rising home values and strong demand.