Northeast Ohio Real Estate Market Update: October 2026

Every month I crunch the numbers on what's happening in real estate, nationally and here at home. This month the national headlines are loud: the number of sellers just hit a six-year high, and pending sales just hit a 10-year low. So what does that actually mean for Northeast Ohio? I pulled 10 years of local data to find out. If you want to watch the full video, find it here. 

The national picture: sellers now outnumber buyers

According to Redfin's September report, there were about 63% more home sellers than buyers in the U.S. That's the widest gap in Redfin's records going back to 2013. The number of sellers has jumped to a six-year high, while active buyers fell to the fewest Redfin has on record.

Pending sales, meaning homes that are under contract, are at a 10-year low. More sellers and fewer buyers is simple supply and demand. It means fewer bidding wars, fewer multiple offers and homes taking longer to sell.

But real estate is hyperlocal. A national number tells you the direction of the wind. It doesn't tell you what's happening on your street. So here's what our local numbers say, using MLS data for Cuyahoga County.

Inventory is climbing back

In September 2016, there were over 5,800 active residential listings in Cuyahoga County. That was a pretty normal level of inventory for our market.

Then 2020 hit and the market went bonkers. By September 2020, active listings dropped to just over 2,800, about half of what was normal.

Now that line is rising again. In September 2026, we were back up to almost 3,300 active listings. That's still well below 2016, but it's moving in the direction of balance.

Sales have slowed down

In September 2016, there were almost 1,400 sales in Cuyahoga County. In September 2020, with artificially low interest rates and buyers hungry for anything they could get, that number jumped to 1,657, up nearly 20%.

Now look at this September: only 1,151 sales. That's down about 18% from 2016 and about 31% from 2020. That's the shift people are feeling. There are fewer buyers in the market, there are still plenty of sellers, and inventory keeps building.

Prices are still going up, just slower

This is the question everyone asks me: are prices dropping?

Not here, not yet. In September 2016, the median sale price in Cuyahoga County was $122,000. By September 2020 it was $165,000. Last month it was $250,000. That's more than double where we were 10 years ago.

Cleveland has always been the tortoise in the tortoise and the hare story. Slow, steady, reliable growth. Prices dip a little every winter and come back up in spring and summer, but the long-term line keeps trending up. Normally we see something like 2% to 4% appreciation a year. During the pandemic years we saw much bigger jumps, which wasn't normal for this market. That was a symptom of too much demand and not enough supply.

We're still affordable by national standards, and I think that's a big reason our market isn't shifting as fast as other parts of the country. Growth is slowing, but it's still growth.

Months of inventory: still a seller's market, for now

This is a number I don't always share, but it's one of the best ways to read the market. Months of inventory, sometimes called absorption rate, answers a simple question: if no new homes hit the market, how long would it take for buyers to purchase everything that's for sale?

Four to six months is generally considered balanced. Less than that favors sellers. More than that favors buyers.

• September 2016: 4.2 months, a balanced market
• September 2020: 1.7 months, a very strong seller's market
• September 2026: 2.85 months, still a seller's market, but trending up

Mark my words, I think we'll be back in a balanced market soon. Whether it keeps going toward a buyer's market, we'll have to wait and see.

Why I don't expect rates to save the day

I don't think interest rates are coming down anytime soon. The 30-year fixed rate has been running above 7% this month, according to Freddie Mac. If you look at the history, rates in the sevens are pretty normal. We got spoiled with rates in the twos, threes and fours, and I don't see that happening again anytime soon.

Put that together with the time of year, and I think the market stays pretty flat for a while. We're heading into winter, which is always a natural slowdown here.

What this means if you're selling or buying

If you're selling, be very deliberate about how you price and prepare your home. I'm out showing houses, and buyers have options right now. If your house isn't prepared or isn't priced right, buyers will go look at the one down the street. It's not like it's been the last few years.

If you're buying, there may be some relief in sight. You'll have more choices, and in some cases, a little negotiating power you haven't had in a while.

Questions about the market?

If you have a question about what these numbers mean for your home or your next move, or if there's something you want us to cover in a future update, reach out anytime. Schedule a time with me or someone on our team at 21mike.com.

Mike Ferrante
The Mike Team at LPT Realty
www.21mike.com
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