Cleveland, OH Housing Market

Market Overview

Cleveland’s PropertyIQ Score of 79 out of 100 places the market in moderately strong territory. The score is driven by 12-month home value momentum of 8.42%, a median days-on-market of 41 days, and a price-cut share of 20.2%. The median home value of $253,678 is slightly above Ohio’s statewide average of $248,803. At the same time, the rent index of $1,454 is well above the state average of $1,034, while the unemployment rate matches the state figure at 3.4%. Median household income is $70,678, slightly below the state average of $71,389.

This is a market where housing prices are only modestly above the state norm but rents stand out. The short-term home value momentum of 0.07% is nearly flat, and the reported home value year-over-year change is $-2, essentially flat in dollar terms. Together with a median days-on-market of 41 days and price cuts on about one in five listings, the market appears active but not overheated. Sellers are still moving homes, but buyers are not chasing prices aggressively.

Key Trends

Price movement is mixed. The 12-month home value momentum of 8.42% is a strong indicator, but the 3-month momentum of 0.07% is nearly flat and the home value year-over-year figure is $-2. That combination points to earlier gains that have not continued into the most recent months. The median home value remains $4,875 above the state average, but the short-term trend points to flattening.

Rental economics are a clear differentiator. Cleveland’s rent index of $1,454 is $420 above the state average of $1,034. That gap is proportionally much larger than the home value gap, which supports the view that rental demand or rental pricing power is notably stronger in Cleveland than across Ohio broadly.

Market pace is moderate rather than fast. A median days-on-market of 41 days means homes are taking a little over a month to go under contract, while 20.2% of listings have a price cut. That share indicates meaningful price sensitivity and negotiation room, even as the overall time on market is not elevated.

Affordability is balanced but not overly stretched. The median household income of $70,678 is just $711 below the state average of $71,389, while the median home value is slightly above the state average. The unemployment rate is 3.4, matching the state benchmark. The inventory count is 4,148 homes for sale. Population growth is listed as N/A, so demographic-driven demand cannot be assessed from the provided data.

Who Is This Market For

This market is likely suited for first-time buyers and budget-conscious owner-occupants. A median home value of $253,678 combined with a median household income of $70,678 keeps the price-to-income ratio moderate by many standards. The 41-day median days-on-market and 20.2% price-cut share give buyers some negotiating room, though income slightly below the state average may keep affordability from being a standout advantage.

The Cleveland market also appears to fit rental property investors. The rent index of $1,454 is far above the statewide average of $1,034, while the median home value is only modestly above the state average. That rent-to-value relationship may support investor interest in cash-flow-oriented rentals, especially because the unemployment rate is in line with the state at 3.4%. Move-up buyers may find conditions workable but not urgent, given the nearly flat 3-month momentum and the $-2 year-over-year home value figure.

Outlook

The data points to a moderating market. The stronger 12-month home value momentum of 8.42% is offset by a 3-month momentum of only 0.07% and a reported year-over-year home value change of $-2. With a median days-on-market of 41 days and 20.2% of listings cutting prices, sellers are likely to face continued price sensitivity in the near term. The available inventory of 4,148 homes for sale offers supply, although no historical or state benchmark is provided to determine whether that level is high or low. Unemployment at 3.4% supports the demand side, but median household income slightly below the state average may limit aggressive price gains. The rent index at $1,454 remains a bright spot relative to the state average of $1,034. Overall, the numbers support a stable but modest near-term trajectory, with rental strength more apparent than for-sale price appreciation. Population growth is N/A, so that factor remains a data gap.