Top 3 Reasons to Invest in the Cleveland Real Estate Market in 2022
*Updated: June 2022
#1. Affordability
The median home price in Cleveland is only $200,000 in 2022, which is 37% lower than the national average. In some neighborhoods, it’s possible to find investment properties for as little as $109,900 that will rent for $1,150 per month, which is over 1% of the purchase price. This means there’s a good opportunity for cash flow in this market. And that’s great news for real estate investors in 2022.
#2. Job Growth
Cleveland has the fast-growing healthcare and tech sector. Millennials and Gen Z are moving into the area at a rapid pace to take advantage of the revitalized downtown community and job opportunities available, including those at The Cleveland Clinic, Eaton Corporation, and Key Corp.
#3. Population Growth
While Cleveland’s population has declined over the last 9 years, the number of people moving to downtown Cleveland has increased over 102% since 2000. And the pace is picking up, with more people moving downtown in the last few years. The population growth is mostly made up of the Millennials and Gen Z.
Housing Market Statistics |
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Zillow Home Value Index (ZHVI) for Cleveland is $106,867 through April 2022.
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Home values in Cleveland have increased by 22% year-over-year with continued growth expected over the next 12 months.
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Cleveland home prices were up 12.6% compared to last year.
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Median list price of a single-family home in Cleveland is $116,000 based on the most recent report from Realtor.com (April 2022).
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Days on market (median) is 26.
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Median sold price for a single-family home in Cleveland is $116,000. (+12% year-over-year)
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Sale-to-list price ratio is 91%, with homes in Cleveland selling for approximately the asking price.
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Cleveland is a balanced market, which means the supply and demand for homes is about the same.
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Of the 36 neighborhoods in Cleveland, Tremont is the most expensive with a median listing price of $310,000.
Strong Rental Market |
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Cleveland, Ohio is one of the strongest real estate markets in the nation, offering investors higher than average cash flow and future growth. With a workforce of over 2 million people, Cleveland is the 12th largest economic region in the nation. Cleveland is located on the southern shore of Lake Erie, about 60 miles west of the Pennsylvania border. (www.realwealth.com)
Key Market Stats |
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Average rent in Cleveland is $1,123 per month based on the most recent research from RENTCafé (as of Oct. 2020).
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Rents in Cleveland have remained level year-over-year and have increased by nearly 10% over the last three years.
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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.
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51% of the households in Cleveland are occupied by renters.
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Most affordable neighborhoods in Cleveland for renters include Kinsman, Woodland Hills, and Union-Miles Park where rents are less than $563 per month.
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Surrounding suburbs like Shaker Heights, Cleveland Heights, South Euclid areas rent between $1000 up to $2500 per month, based on location and condition.
