Home News Zillow ranks Cleveland second hottest real estate market in the U.S. for 2023

Zillow ranks Cleveland second hottest real estate market in the U.S. for 2023

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Cleveland — It’s no secret that Cleveland is rock solid.

Just ask someone who lives here.

But our hometown is in the national spotlight when it comes to the real estate market and people looking to buy a home.

Real estate website Zillow named CLE one of the hottest housing markets in the United States.

Cleveland ranked second in the top ten.

Charlotte won first place.

Pittsburgh came in third (see the full list here: https://www.zillow.com/research/2023-hottest-market-31982/).

According to Zillow, the factors behind the ranking include expected home price increases, expected changes in home ownership, and increased employment compared to new construction.

Local real estate experts say that simply disseminating information on a national scale will encourage prospective homebuyers to invest and plant roots in Northeast Ohio.

Experts say Cleveland gets a lot of attention because it offers all the amenities at a fraction of the price of other big cities.

As you drive through the Cleveland area, you’ll see one after another of ‘for sale’ signs.

Despite economic uncertainty, the Northeast Ohio housing market continues to attract prospective buyers.

Zillow looked at buyer demand, expected home price growth, and affordability when compiling the 2023 rankings.

“I think that’s great for Cleveland, right?” Matt Stevens said.

Berkshire Hathaway Stouffer Realty agent Sarah Halsey says the market is definitely in transition, but if you’re a first-time buyer, temporary or retiree, shrink your space. Whether you’re trying or not, the past eight years have been consistently busy.

“I think people are still interested in the Cleveland market for a few different reasons: one is the cost of living, two is job opportunities and three is new housing development.”

Halsey says the market has evolved over the past year to create a level playing field for everyone.

Halsey said that unlike at the peak of the pandemic, real estate agents received multiple offers that were $50,000 above the asking price and were exempt from home inspections.

Interest rates have also changed the game, Halsey said.

“A year or so ago, less than a year ago, interest rates were around 2-3%. In fact, I’ve never seen interest rates this low. And now they’re around 5-6%,” Halsey said. said.

And as for why so many people are trying to settle here, in contrast to the year-round mild climate…

“I understand people need affordable prices. I’m going to live in a place like this with my family,” said Barbara Cossey.

Halsey says rents are expensive everywhere, but here they manage.

If you buy a house, your mortgage will be cheaper.

“The cost of living in Cleveland is significantly lower than anywhere else. It’s 11% lower than the national average, rents are 11% lower than the Ohio average, and it’s a large city surrounded by large bodies of water,” says Halsey. increase.

The median list price for a Cleveland home is about $110 to $115,000.

Real estate insiders say it’s attractive to first-time home buyers.

Zillow ranked San Jose, Minneapolis, and Sacramento as the coolest or worst markets to buy a home in.

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