Real Estate January 17, 2024

Cleveland’s Real Estate Market: A 10-Year Analysis and 2024 Forecast

Unlocking the Secrets of Cleveland’s Real Estate Market:

A 10-Year Analysis and 2024 Forecast


Are you a data enthusiast with a keen interest in Northeast Ohio real estate? Look no further! Mike Ferrante, Cleveland Realtor with Century 21 HomeStar and leader of the 21 Mike team, brings you a comprehensive 10-year market study that delves into the intricacies of the Greater Cleveland real estate landscape. Stick around for the grand finale—an insightful forecast for 2024. If you want a detailed report, email Mike directly at

Navigating a Decade of Real Estate Trends

Mike Ferrante, a broker with an MBA from Case Western Reserve University, takes you on a journey through the Northeast Ohio real estate market, focusing on Greater Cleveland. The 10-year report excludes the market downturn from 2008 to 2012, highlighting the recovery that began in 2012. Buckle up for a detailed analysis of key statistics shaping the real estate landscape.

1. Single Family Homes and Condos: Supply and Demand Dynamics

  • Number of Listings: The graph illustrates a drastic drop in inventory over the past decade, emphasizing the ongoing inventory shortage. Factors contributing to this shortage include slow new construction after the 2008 recession and persistently low-interest rates. The recovery is expected to be slow and steady.
  • Median Sale Price: Cleveland’s real estate market demonstrates a tortoise-like growth, characterized by slow and steady appreciation. Prices have almost doubled over the past 10 years, showcasing the market’s resilience. The Peaks and Valleys observed are typical seasonal fluctuations, with a notable increase in prices, even during winter months.
  • Days to Sell: The days to sell have witnessed a significant decrease, indicating a strong seller’s market. With homes selling in just over 20 days in winter—a traditionally slower season—the market remains robust.
  • Number of Sales: While a slight reduction in the number of sales is observed, it’s crucial to contextualize this within the broader historical perspective. The market downturn is more a reflection of the recent anomaly in high sales volumes.
  • Sold Price to List Price Ratio: The graph reflects the stability of the market, with the ratio hovering around the high 90s. While there was a brief period of sales exceeding list prices, the market is still indicative of a seller’s stronghold.
  • Months of Inventory: Months of inventory have plummeted, indicating a strong seller’s market. The graph illustrates the shift from a balanced market (five to seven months) to a seller’s market (one to three months) starting around 2018.

2. Multifamily Homes: The Investor’s Playground

  • Number of Listings: Multifamily homes, including duplexes and fourplexes, have experienced a similar drop in inventory. Investors have seized the opportunity to cash in on favorable market conditions, leading to increased listings.
  • Median Sale Price: Multifamily homes showcase a steady upward trajectory in prices. Investors have reaped the benefits of lucrative ROIs, with the market remaining attractive due to Cleveland’s relatively low prices and high rents.
  • Days to Sell: The days to sell for multifamily homes mirror the trends observed in single-family homes—significantly reduced, indicative of a seller’s market.
  • Number of Sales: While there was a downturn in sales last year, likely influenced by an uptick in interest rates, the market has remained robust, with cash buyers driving the numbers.
  • Sold Price to List Price Ratio: The sold price to list price ratio for multifamily homes has consistently remained high, showcasing the seller’s market dynamics.
  • Months of Inventory: Multifamily homes exhibit a limited inventory, emphasizing the prevailing seller’s market in this property segment.

3. Luxury Properties: Cleveland’s Affordability Redefined

  • Number of Listings: Luxury properties, defined as $600,000 and up, have seen a marginal drop in listings. The trend is less pronounced compared to other segments, showcasing the stability in this high-end market.
  • Days to Sell: Days to sell for luxury properties experience seasonal fluctuations, with winter months witnessing more extended durations. Despite this, the market remains active even in the colder seasons.
  • Number of Sales: Luxury properties exhibit a robust market, with an impressive increase in the number of sales. The upward trajectory is partly attributed to the overall increase in home prices over the past decade.
  • Sold Price to List Price Ratio: The sold price to list price ratio for luxury properties remains close to 100%, signaling a strong seller’s market.
  • Months of Inventory: Similar to other segments, luxury properties showcase a decline in months of inventory, reinforcing the prevailing seller’s market.

Forecasting 2024 and Beyond

In summary, Cleveland’s real estate market remains resilient, characterized by slow and steady growth. While recent years, especially 2020 and 2022, witnessed anomalies, the market is expected to return to its historical 3 to 5% appreciation rate. The supply-demand imbalance and reasonable interest rates suggest a stable market, with prices likely to continue their upward trajectory. Whether you’re a homeowner, investor, or real estate enthusiast, Cleveland’s real estate landscape offers opportunities aplenty.

For more in-depth insights, email Mike for the complete report or connect with Mike Ferrante and the 21 Mike team at

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