According to a recent article in FORBES, Cleveland is ranked as one of the top housing markets to watch in 2021.

The affordability of single-family homes in Cleveland is especially appealing to remote real estate investors and to people working from home.  With the current pandemic due to COVID-19 and a possible recession, investors need low risk options to maintain and build their portfolios. 

Cleveland is among the cities that are best-positioned to avoid a housing downturn, according several real estate brokerages.  Cleveland was ranked No. 4 on the list of the 10 major metro areas that are the least likely to see a housing slump in the next economic decline. 

 

 

 

 

 

 

 

Housing Market Statistics | 

  • Zillow Home Value Index (ZHVI) for Cleveland is $79,166 through November 2020.

  • Home values in Cleveland have increased by 18.8% year-over-year and are forecast to grow by another 13.1% in the next 12 months.

  • Over the past five years home values in Cleveland have increased by nearly 76%.

  • Median list price of a single-family home in Cleveland is $99,900 based on the most recent report from Realtor.com (Nov. 2020).

  • Days on market (median) is 55.

  • Median sold price for a single-family home in Cleveland is $115,000.

  • Sale-to-list price ratio is 100%, with homes in Cleveland selling for approximately the asking price.

  • Cleveland is a balanced market, which means the supply and demand for homes is about the same.

  • Of the 36 neighborhoods in Cleveland, Tremont is the most expensive with a median listing price of $325,000.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Strong Rental Market |

  1. Rising home prices in Cleveland are helping create a strong demand for single-family rental properties, with over half of the housing units occupied by renters. Cleveland is one of the top places to buy rental property in 2021 for cash flow and appreciation. Along with Cincinnati and Dayton, rental property in Cleveland can provide investors with high cash flow combined with solid appreciation over the long term.

Key Market Stats |

  1. Average rent in Cleveland is $1,123 per month based on the most recent research from RENTCafé (as of Oct. 2020).

  2. Rents in Cleveland have remained level year-over-year and have increased by nearly 10% over the last three years.

  3. Rents are still relatively affordable in Cleveland. In fact, nearly 50% of the housing units rent for less than $1,000 per month, signaling the potential for future annual increases.

  4. 51% of the households in Cleveland are occupied by renters.

  5. Most affordable neighborhoods in Cleveland for renters include Kinsman, Woodland Hills, and Union-Miles Park where rents are less than $563 per month.  

  6. Surrounding suburbs like Shaker Heights, Cleveland Heights, South Euclid areas rent between $1000 up to $2500 per month, based on location and condition. 

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