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Cleveland Real Estate Market Update: April 2024
Are you keeping up with the latest trends in the Cleveland real estate market? If not, you’re in luck! Mike Ferrante, from Century 21 HomeStar and the 21 Mike Team, is here with another insightful real estate market update. So grab a cup of coffee and let’s dive into the numbers!
The State of the Market
Mortgage Interest Rates: Back in the Sevens
Mike Ferrante is with Century 21 HomeStar and the 21 Mike Team, Realtors serving Greater Cleveland in the northern half of Ohio. Mortgage interest rates are back in the sevens, and it’s time for another 3-minute real estate market update. Don’t forget to like, follow, and smash that subscribe button so you don’t miss future updates.
Analyzing the Numbers
Graph Number One: Active Residential Listings vs. Number of Sales
Let’s start by looking at a 5-year look back at active residential listings and the number of sales. Last month, March of ’24 listings rose to 1,832, up from the month before when it was 1,880. However, that’s still down from a year ago in March of ’23 when we had 1,930 listings. The number of sales rose to 1,133, up from the month before when we had only 856 sales.
Market Trends
Graph Number Two: Median Sale Price and Days to Sell
The median sale price rose last month to $190,000, up from February when it was $179,900. This is up from a year ago in March of last year when $180,000 was the median price. The median days to sell dipped to 24 last March, down from the month before when it was 31.
Predictions for the Future
In general, the market has slowed down a bit, but it’s still pretty normal for our cyclical market. With fe
wer listings and sales in the winter and more in the spring, summer, and fall, we expect the inventory shortage to continue. I predict the rest of the year will see a rise in the median sale price to well over $200,000, and days to sell will continue to drop.
How to Get Involved
Interested in learning more about the Cleveland real estate market or elevating your real estate career? Visit 21mike.com to schedule an appointment with me or someone on the team. And if you’re ready to take your career to the next level, click my calendar link below to schedule a confidential appointment with me. The 21 Mike Team is your one-stop shop for buying and selling in Greater Cleveland.
Stay tuned for more updates, and until next time, happy house hunting!
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