Northeast Ohio - Cuyahoga County | Real Estate Market Update: Nov 2023

Market Update: November 2023

Hello, everyone! Mike Ferrante here with Century 21 Homestar and the 21 Mike Team, your trusted realtors serving Greater Cleveland and Northern Ohio. As temperatures drop in Cleveland, many are wondering if home prices are doing the same. Let’s dive into the latest real estate trends in our Northeast Ohio – Cuyahoga County | Real Estate Market Update: November 2023🍂📊

📊 In This Update: Inventory and Sales Trends

The first notable trend is the increase in the number of residential active listings in Cuyahoga County. In October, there were 2,488 listings, up from 2,282 the previous month. This marks a significant rise from a low of 1,817 listings in April of the same year. The increase in listings is attributed to decreased demand due to rising interest rates. However, compared to five years ago, the market is still experiencing an inventory shortage, with current listings less than half of what they were in October 2018. In terms of sales, there’s been a slight decrease, aligning with the typical seasonal pattern. October saw 1,217 sales, slightly down from September’s 1,241 sales and significantly lower than the peak of 1,484 sales in June.

🔍 Key Insights: Median Days to Sell and Pricing

The median number of days to sell remained stable at 14 days, which is significantly quicker than the 21 days median in October 2022 and much faster than the 48 days median five years ago. In terms of pricing, there was a slight dip with the median sale price falling to $194,000, down from $200,351 the previous month. However, this still represents an increase compared to October 2022’s median of $189,000, and a substantial 44% increase compared to the median sale price five years ago.

📈 Market Outlook

The observed dip in prices is a normal seasonal trend and the market remains a sellers’ market, given the low median time of 14 days to sell a home. We anticipate that while prices may dip slightly during the winter, they are expected to rise again in the spring of 2024. The hope is for continued growth in inventory, leading to a more balanced market. Overall, we view these trends as part of a normal market cycle and the market is still robust for sellers.

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