Cleveland, OH – What’s the state of the Greater Cleveland real estate market?
The median home price in Ohio was $236,500 in July, about $158,200 lower than the US median home price of $394,700.
this is, last monthwhich is an 8.49% year-over-year increase in Ohio, while the average increase in home prices across the country is 10%.
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Within Greater Cleveland, sales prices for new homes are typically higher than or comparable to the state’s median home price. Based on sales for the week of July 18, Geauuga County hit an all-time high of $465,000 in July. This was followed by Medina County on July 18 with $335,000 and Portage County on his July 25 with $270,000.
Lake, Summit, and Cuyahoga counties all underperformed the median Ohio home sales price in June.
Within Greater Cleveland’s seven counties, the median difference between listing and selling prices for Greater Cleveland homes is about 2.35%, slightly higher than June’s 2.32%, and people typically pay the listing price for a home. It suggests that
However, outliers include the zip code of Fairview Park, 44126, where homes are on average 6.55% more expensive than list prices. This was followed by Brook Park zip code 44056 with 6.22% and 44142 with 6.06%. Meanwhile, a home in Cleveland ZIP Code 44127 sold for 10.04% of its listing price. This is followed by Cleveland zip code 44103 at 9.57% of list price.
Going into August, new renters were seeing a significant increase in costs compared to the previous year, based on the list of available rentals. In Greater Cleveland, median rent increased by an average of 16.2% over the same period.
The median rent for new tenants or renewing a lease increased from $1,004 in 2021 to about $1,200 per month.
Avon Lake zip code 44012 had the highest rent increase, with rents rising 78.1% to $2,244 per month. This was followed by Willoughby (44094), Aurora (44202), North Olmsted (44070) and Parma (44129), who each increased by more than 50% from August 2021.
Lake Avon also has the highest rents in the area, joining Beachwood’s 44122 zip code as two zip codes with median rents over $2,000 per month.
Meanwhile, asking rents in Bedford ZIP Code 44146 fell 42.51% to $940, followed by Brunswick ZIP Code 44212 in Medina County and Cleveland ZIP Codes 44114 and 44115, which fell more than 20% year over year.
Readers can revisit this page to see real estate trends. Maps and charts are updated monthly. Some mobile users use this link View maps and charts for this story.