April 2025 – Market Update for Greater Cleveland!

Northeast Ohio Real Estate Market Update: What Tariffs, Mortgage Rates,

and the Volatile Stock Market Mean for Cleveland Real Estate

Hi everyone, Mike Ferrante here with Century 21 HomeStar and the 21 Mike Team. We are your trusted real estate experts serving Greater Cleveland and all of Ohio. Welcome to another timely real estate market update! If you are a buyer, seller, or investor navigating the ever-changing housing market in Northeast Ohio, this is the information you need.

A Snapshot of Inventory and Sales Over the Last 10 Years

Let us jump into the numbers. We are looking at 10 years of real estate data to better understand where we are headed in 2025.

In March of 2015, Greater Cleveland had 6,128 active residential listings. Fast forward to March 2025, and that number has dropped to just 2,190—about one-third of what would be considered a balanced real estate market. Even compared to March of 2024, when there were 1,721 listings, we have seen a slight improvement, but we are still deep in an inventory shortage.

Looking at the number of sales, the trend shows a similar story. In March 2015, there were 1,042 sales. Last month, March 2025, that number fell to 949—a decline driven largely by higher mortgage interest rates and historically low inventory. That trend is part of a broader slowdown, with 10% to 15% fewer transactions compared to previous years.

Price Appreciation and Days on Market: A Clear Seller’s Advantage

Next, let us examine home values and how quickly properties are selling. The median sale price in March 2025 reached $225,000. Just 10 years ago in March 2015, the median was $99,000. This consistent upward trajectory represents a remarkable appreciation in home values across Northeast Ohio.

Despite economic uncertainty—including global tariffs, a fluctuating stock market, and geopolitical tensions—home prices in Greater Cleveland have remained strong. That is great news for sellers and homeowners who have benefited from years of sustained equity growth.

When it comes to days on market, the speed at which homes are selling is still favoring sellers. In March 2015, the median number of days to sell was 74. Compare that to just 24 days in March 2025—a drop of nearly 70%. One year ago in March 2024, the median was 23 days, indicating that we are still in a fast-moving market.

What Does This Mean for the Rest of 2025? 

The big question: where are we headed? With mortgage interest rates beginning to come down, there is potential for buyer activity to increase in the coming months. However, macroeconomic pressures such as trade tariffs and stock market volatility could create some headwinds.

If inventory continues to rise modestly and interest rates decline further, we could see more balanced conditions by summer. Until then, sellers still hold the advantage, with limited competition and strong buyer demand in popular areas throughout Cleveland and Northeast Ohio.

Need Help Navigating This Market? We Are Here For You

At the 21 Mike Team, we are not just tracking the market—we are helping buyers and sellers win in it. Whether you are looking to sell your home quickly for top dollar or find the perfect property in a competitive market, our full-service team is your one-stop shop for Ohio real estate.

Visit 21mike.com and click the button at the top to schedule an appointment. And if you are watching on YouTube, do not forget to subscribe for weekly market insights.

Stay tuned for next month’s Cleveland real estate update, where we will dig even deeper into the data and share strategies to succeed in today’s market.

 For more great Real Estate content:

You can listen to our Podcast FREE BEER AND REAL ESTATE or YouTube for Mike’s weekly classes!!!

https://freebeerandrealestate.buzzsprout.com/

SCHEDULE AN APPOINTMENT WITH MIKE: 21Mike.com

EMAIL: MIKE@21MIKE.COM 

CHECK OUT OUR TRAINING VIDEOS ON YOUTUBE: https://www.youtube.com/user/21mikec21

FACEBOOK: facebook.com/21MikeTeam

TRAINING ON  ZOOM, TUESDAYS AT 11:30 EST:  https://bit.ly/3r9Lw2c