Cleveland Housing Market 2022: Prices, Trends & Forecast
As the pandemic surged throughout the nation, it rocked the economy and the housing market. Then, rate increases saw people fleeing from some housing markets, while seemingly sporadic mass migration resulted in many housing markets seeing a dwindling supply. The market has remained so volatile that it’s been hard to keep up with real estate news. However, we’ve got you covered. This article will tell you everything you need to know about Cleveland housing market prices, trends, and forecast.
Cleveland Housing Market Prices
Prices in the Cleveland housing market are surprisingly stable compared to other markets nationwide.
The median price of all homes combined did not see an increase or decrease year over year. According to Redfin, the median price of Cleveland homes is $125,000.
Prices have fallen to below pre-pandemic levels. According to this article, the median price in October 2020 was $170,000.
Homes that fell into single-family homes saw a slight price decrease. The median price of single-family homes is $124,470, a decrease of a little over 4% year over year.
Townhouses, on the other hand, saw a slight price increase. The median price of a townhouse for sale on the Cleveland housing market is $408,750, which is an increase of about 4% year over year.
Condos and co-ops also saw a price decrease year over year. The median sale price of houses in this category is approximately $173,500, a decrease of 6.2% year over year.
Cleveland Housing Market Trends
Cleveland homes are not extremely popular, but they are selling. About 440 homes have sold, which is only a 3% decrease year over year. Home spend approximately 29 days on the market, which is only an increase of 2 days year over year.
The majority of the houses sold on the market were single family houses. About 302 single family homes were sold, which is an increase of .03% year over year. They spend 28 median days on the market, an increase of 2 days compared to last year.
About 12 of the houses sold on the market fell into the townhouses category. This was not an increase or decrease compared to last year. Townhouses are on the market longer than other housing types, with most spending an average of 60 days on the market, an increase of 34 days year over year.
Condos and co-ops are becoming increasingly popular. About 12 of the houses sold on the Cleveland housing market fell into this category, an increase of almost 29% year over year. These houses spend an average of 35 days on the market, a decrease in 11 days year over year.
The Cleveland housing market is only considered somewhat competitive. Only 30% of houses are sold over the list price, a drastic decrease compared to last year. Simultaneously, about 26% of the houses sold on the market have price drops.
Rocket Mortgage suggested that work-from-home trends and bottlenecks in the supply chain would strain the housing market as people and companies would find it harder to build new homes. However, that doesn’t seem to impact the Cleveland housing market as much as other housing markets.
The Cleveland housing market was one of the hottest housing markets earlier in 2022, and prices were outrageously high in the summer of 2022. Now, it appears to be cooling off finally.
It can be harder to sell your home when a market starts to cool off. One of the easiest ways to sell a house fast is by finding a cash buyer. Check out this page to find cash buyers in Cleveland!
Cleveland Housing Market Forecast
While the housing market is cooling off and the housing supply has increased, it remains a seller’s market. Sellers will have more power over prices for the next six months.
However, if the same trends continue, the housing supply will increase, and buyers will begin to have more power. The Cleveland housing market could become a buyer in the next 1-2 years.
This is great for the many buyers that have stayed away from the market due to rising interest costs and a low housing supply. They will finally enjoy being able to talk down prices and having plenty of houses to choose from.
However, this doesn’t look good for sellers. Houses will spend more time on the market, making it difficult for homeowners that need to sell fast to find a buyer. Sellers that wait to sell will not make as much profit from their properties. Need to sell your house fast? We buy houses in the Cleveland area!
As housing prices continue to dwindle, investors can look into this market. Cleveland remains popular, but investors should wait due to the downturn of this housing market. Wait until prices bottom out, and then purchase properties for long-term investments. This is not a good market for investors searching for short-term investments.
The Cleveland housing market has become more of a stable housing market in a sea of volatility. It is a haven for investors who want to enjoy long-term investment properties or want to become landlords. Buyers are going to enjoy feeling comfortable purchasing houses again. However, sellers that want to make as much as possible from their properties need to sell fast.