September 2026 Market Update - The Mike Drop!

Fall is settling into Northeast Ohio, and so is a shift in the housing market. This month I'm breaking down what rising inventory and slower sales actually mean for our area, plus what's happening around the region and in the local economy. Grab a coffee, this one's worth the read.

Active listings vs. closed sales, five year view. Inventory is climbing while the pace of sales has cooled.

Median sale price vs. days to sell, five year view. Prices keep climbing steadily while homes take a bit longer to sell.

Here's the story behind the numbers. Listings are up sharply, over 3,100 active right now, about 15 percent more than last month and well above where we sat five years ago. At the same time, the pace of sales has cooled to roughly 1,200 closings, down from 1,700 five years back.

More homes on the market and fewer of them selling usually means leverage is shifting. Homes are taking a little longer to sell too, 20 days compared to 14 five years ago. Still fast by most standards, but the direction is what matters.

The good news for sellers: prices haven't budged from their upward trend, median sale price sits at $255,000, up from $220,000 five years ago. Cleveland is still one of the few markets in the country leaning toward sellers. But the signs point toward a more balanced market ahead, not overnight, but gradually.

Selling: Pricing accuracy matters more than it did two years ago. In a market where buyers have more to choose from, an overpriced listing sits and stales out. Price it right from day one.

Buying: More inventory means more room to negotiate on repairs, closing costs, and timelines. If you've been priced out or outbid the last couple of years, this fall is worth a second look.

Rates: With the Fed leaning toward higher rates rather than lower, waiting for a big rate drop may cost more than it saves. Getting pre-approved now tells you your real numbers instead of guessing.

Reply and tell me what you're seeing on your own street lately, more for sale signs, open houses, price drops? I read every reply.