Greater Cleveland Real Estate Market Update – July 2025

It is time for your Greater Cleveland real estate market update! While nearly 50% of U.S. metro areas have shifted into buyer territory, Cleveland remains one of the few markets still favoring sellers. Let us break down the latest numbers and trends.

I am Mike Ferrante with Century 21 HomeStar and the 21 Mike Team. We serve Greater Cleveland and all of Northeast Ohio. If you are thinking about buying, selling, or investing, visit 21Mike.com and click the button at the top to schedule a consultation.

Inventory: Slowly Rising, Still a Shortage

In June 2025, Northeast Ohio had 2,771 active residential listings, up from 2,434 in May. That is a 20% increase from June 2024, which had just 2,287 listings. While inventory is increasing, it is still below where it was five years ago. In June 2020, we had 2,852 listings—proof that the inventory shortage has persisted for half a decade.

Sales Activity: Demand is Slowing

The big story? Sales volume is down. In June 2025, only 1,128 transactions closed—down from 1,233 in May and significantly below 1,993 sales in June 2024. Go back to the boom of 2020, and we were seeing 1,565 sales in June. Buyer demand has clearly cooled off.

Home Values and Market Time: Still Strong for Sellers

Despite declining buyer activity, home prices continue to rise. The median sale price hit a record high of $247,500 in June 2025, up from $235,000 in May and $227,500 in June 2024. Compare that to $164,900 in June 2020, and you can see just how far the market has come.

Homes are still selling quickly, too. The median days on market was just 17 days, identical to May. A year ago, that number was even lower—13 days. Go back five years, and 32 days on the market was considered fast.

What Does It All Mean?

While most of the country shifts toward a buyer’s market, Cleveland remains in the top 5% of markets still favoring sellers. Inventory is rising slowly, but not fast enough to meet demand. Prices are climbing, and homes continue to sell quickly. However, with buyer demand easing, we could move toward a balanced market by late 2025.

Thinking about making a move? The 21 Mike Team is your one-stop shop for buying and selling in Northeast Ohio. Visit 21Mike.com to schedule an appointment and stay ahead of the curve in this evolving market.

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