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Cleveland Real Estate Market Update: What Do the Numbers
Mean for Northeast Ohio?
Hello, everyone! I’m Mike Ferrante with Century 21 HomeStar and the 21 Mike Team. We’re your dedicated Realtors serving Greater Cleveland, Northeast Ohio, and all the way down to Columbus. It’s time for another Cleveland Ohio real estate market update. Make sure to follow us on all our social media channels.
Current Market Overview
Let’s dive into some numbers to give you a clear picture of the current market.
Active Residential Listings in Cuyahoga County
Let’s look at active residential listings in Cuyahoga County, which includes Greater Cleveland.
- June 2024: 2,221 listings
- May 2024: 1,993 listings
- June 2023: 2,079 listings
- June 2019: 4,657 listings
As you can see, we actually saw a slight increase in inventory last month, rising to 2,221 listings from 1,993 the month before. Compared to a year ago, we’re up from 2,079 listings in June 2023. However, the big story is the significant drop in inventory over the last five years—we’re down about 48% from June 2019 when we had 4,657 listings. This ongoing inventory shortage is a major factor shaping our market.
Sales Trends
Number of Sales
Now, let’s look at the number of sales.
- June 2024: 1,265 sales
- June 2023: Over 1,600 sales
- June 2019: Over 1,600 sales
The number of sales has dropped significantly, down 23% from five years ago. Last month, we had only 1,265 sales, compared to over 1,600 in June 2019. This indicates a slowing market, but there’s more to the story.
Price Trends
Median Sale Prices
Despite the slowdown in sales, prices are on the rise.
- June 2024: $229,000 (median sale price)
- May 2024: $223,000 (median sale price)
- June 2023: $225,000 (median sale price)
- June 2019: $167,000 (median sale price)
Prices are actually up. Last month, the median sale price was $229,000, up from $223,000 the month before. Compared to June 2023, when the median sale price was $225,000, prices have increased. Over the last five years, we’ve seen a substantial rise from $167,000 in June 2019. This consistent increase in home prices reflects a strong market demand despite fewer sales.
Market Time
Days on Market
The time it takes to sell a home is a strong indicator of market health.
- June 2024: 13 days (median market time)
- June 2019: 41 days (median market time)
We’re currently hovering at 13 days to sell a home, a clear indicator of a seller’s market. Five years ago, it took 41 days to get a house under contract in Northeast Ohio. The current short market time emphasizes the high demand for homes in the area.
What to Expect for the Rest of 2024
Looking ahead, we can expect more of the same trends for the rest of 2024:
- Prices will likely continue to rise throughout the summer.
- Market time may decrease slightly as demand remains high.
- Come fall, possibly around September or October, the market might slow down again.
- Prices will likely dip slightly during the winter, following our seasonal cyclical pattern in Northeast Ohio.
Stay Updated and Get Involved
If you want to talk real estate with me, visit 21Mike.com to schedule an appointment. The 21 Mike Team is your one-stop shop for buying and selling homes in Northeast Ohio.
Thank you for reading, and we’ll see you next month with another real estate market update!
For more great Real Estate content:
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