Cleveland’s Real Estate Market Grows: Property Values Show Boost in Last 12 Months

An Overview of the Rising Real Estate Market in Cleveland, Ohio

Cleveland, Ohio, seems to be a real estate market that promises potential for both residential buyers and real estate investors. A closer look at the recent trends in the market indicates a significant upward movement in property values, sale prices, and the price per square foot in The Forest City.

Starting with property values, Cleveland has experienced a growth from an average of approximately $85,000 in April 2023 to an impressive peak of $115,000 in February 2024. This growth, over the span of less than a year, signifies a robust and expanding market that benefits from increased demand or improved economic factors influencing the city’s real estate landscape.

In terms of sale prices, Cleveland’s market has similarly seen promising trends. Although the average sale price saw its lowest point in September 2023 at about $92,227, it didn’t take long to rebound and reach its zenith the following month in October 2023 at approximately $97,503. This bounce-back illustrates the market’s resilience and potential rapid response to changing dynamics within the real estate sector.

Furthermore, the price per square foot has followed suit with the increasing valuation trends, boosting from $42 in April 2023 to nearly $59 by February 2024. This metric is particularly telling as it shows a per-unit area appreciation, suggesting a general market-wide enhancement of property values, irrespective of size.

However, the average sale price per square foot has shown more stability during the same period, rising from around $67 in April 2023 to $65 by February 2024. The slight decrease indicates that while overall property values and the associated price per square foot are on the rise, the actual sale price per square foot is subject to subtle fluctuations that could be the result of various market factors.

Comparative Real Estate Dynamics Between Cleveland and Neighboring Cities

Comparing Cleveland to nearby cities such as Independence, Maple Heights, Lakewood, and Beachwood reveals varied dynamics within a relatively short geographic distance. Independence, in particular, demonstrates a significantly higher-priced market.

• When examining property values, Independence stands out with an average value of approximately $175,000 and an impressive average sale price of nearly $296,068 in February 2024. These figures are considerably more elevated than Cleveland’s average value and sale price, painting a picture of a more affluent and possibly premium real estate market.
• In terms of the price per square foot, Independence again leads with an average of $111 and an average sale price per square foot of $161 in February 2024. These metrics are starkly higher compared to Cleveland’s $59 and $65, respectively, during the same timeframe.

These comparisons suggest that while Cleveland’s real estate market is robust, neighboring cities like Independence attract a more premium market segment, which could be due to a variety of factors such as better school districts, lower crime rates, or a perceived higher quality of life.

Dissecting Cleveland’s Submarket Trends and Market Health Indicators

The average list price in different zip codes tells a tale of this variety, with zip code 44127 standing at a modest $35,000, while zip code 44124 towers with a median list price of $367,450. This disparity underscores the importance of looking at real estate not just on a city-wide basis but also within the microenvironments that each zip code represents.

Overall, whether you’re a prospective homeowner seeking a comfortable niche in Cleveland or an investor looking to capitalize on a flourishing market, understanding these intricate market trends and data is the key to making informed decisions.