🔵 Cleveland Real Estate Market Update: March 2025 —

Still a Seller’s Market?

Hi everyone, Mike Ferrante here with Century 21 HomeStar and the 21 Mike Team, bringing you your latest Cleveland and Northeast Ohio real estate market update.

Let’s dive into the numbers!

🏡 Inventory crept up slightly in February 2025, with 2,056 active listings, up from 2,014 the previous month and about 10% higher than February 2024, when we had just 1,817 listings. However, compared to February 2020’s 3,256 listings, inventory remains historically low — meaning buyer choices are still limited.

📉 Sales volume continues to trend down. We had 816 closed sales in February 2025, a modest bump from January’s 799, but down from 860 sales a year ago, and 1,000 five years ago in February 2020. Higher mortgage rates and low inventory continue to limit activity.

💰 Now for the good news: Median sale price rebounded to $207,700, up from $195,000 in January and significantly higher than $180,000 in February 2024. Looking back five years, homes sold for a median of $139,500 — that’s a huge appreciation, and explains your higher tax bills!

⏱️ Market time is still lightning fast: 31 days on average to sell a home in February, nearly identical to last year, and much quicker than the 50 days it took in February 2020.

💡 So What Does This Mean?

✅ We are still in a strong seller’s market.
✅ Home values are up, and likely to rise more this spring and summer.
✅ Market time is fast, and buyers should expect multiple offer situations.
✅ Interest rates remain high, and we are not expecting a rate cut from the Fed soon.

Buyers — be prepared, act quickly, and work with an experienced agent.
Sellers — this spring could be the ideal time to list your home and capitalize on the high demand.

Want to know what these numbers mean for your specific situation? Go to 21mike.com and click the button at the top to schedule an appointment with me or someone on our team.

Let’s make your next move your best move! 🏡

For more great Real Estate content:

You can listen to our Podcast FREE BEER AND REAL ESTATE or YouTube for Mike’s weekly classes!!!