February 2025 – Greater Cleveland Market Update!

Greater Cleveland Real Estate Market Update: A 10-Year Look at Trends and Predictions for 2025

The Cleveland real estate market has seen a decade of change, and today, we are diving into 10 years of data in just a few minutes. Whether you are a homebuyer, seller, or real estate investor, understanding these trends will help you make informed decisions in 2025.

Inventory Levels: A Decade of Decline

Looking at graph number one, we analyze the number of active residential listings in Cuyahoga County (Greater Cleveland and Northeast Ohio) over the last 10 years. Back in 2015, we were coming out of the Great Recession, moving into a more balanced market. At that time, summer inventory peaked at 7,217 listings.

Since then, we have seen a steady decline—from 5,000 active listings down to the 3,000s in 2018 and 2019. By March of 2020, we hit a record low of just 1,721 listings, a major factor in the competitive seller’s market. Fast forward to January 2025, and while inventory has slightly improved to 2,077 active listings, it is still nowhere near pre-pandemic levels.

Bottom line: Inventory remains tight in Greater Cleveland, and while some markets nationwide are seeing a bigger increase in available homes, we are still experiencing a supply shortage.

Sales Activity: The Impact of Inventory & Interest Rates

Now let’s talk sales volume. Back in January 2015, only 720 homes sold, but as the market strengthened, sales jumped to 1,600–1,700 homes per month during peak seasons. Over the years, we saw a healthy, balanced market—until 2023–2024, when sales took a hit.

Why? Low inventory and rising mortgage interest rates. In January 2025, only 784 homes sold, a level we have not seen since 2015. With buyers struggling to find homes and higher borrowing costs, it is no surprise that sales volume has dipped.

Home Prices & Days on Market: Strong Growth Continues

Looking at graph number two, we examine two major indicators of market strength: median home prices and median days on market.

• In January 2015, the median home price was just $87,500. Fast forward to January 2025, and that number has soared to $195,000—a massive appreciation in just 10 years.
• Real estate is seasonal, with home prices dipping slightly in the winter and rising in the spring, summer, and fall. However, the overall trend is clear—home values in Greater Cleveland continue to increase steadily.
• What about the speed of home sales? A decade ago, homes typically took 60 to 90 days to sell in the winter. By June 2022, at the peak of the seller’s market, homes were selling in just 9 days!
• Even now, in January 2025, homes are selling in a median of 33 days—still a strong seller’s market.

What to Expect in Cleveland Real Estate in 2025

With interest rates staying relatively stable, inventory remaining low, and demand outpacing supply, Cleveland will likely continue as a seller’s market. Home values should keep rising, though perhaps at a slower pace than in previous years.

If you are thinking about buying or selling, now is the time to strategize. To schedule a consultation, visit 21Mike.com and click the appointment button. And if you want to stay updated on market trends, subscribe to our YouTube channel for future updates!

The 21 Mike Team—your One-Stop Shop for buying and selling in Greater Cleveland and all of Ohio! 🚀

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