📈 August 2025 Cleveland Market Update 🏡

Hey everyone— It is time for your August Northeast Ohio Real Estate Market Update with some fresh stats you do not want to miss!

👋 I am Mike Ferrante with Century 21 HomeStar and the 21 Mike Team, serving Greater Cleveland and all of Northeast Ohio. Whether you are buying, selling, or investing, visit 21Mike.com and click that top button to schedule a chat with us!

🏠 Inventory is Up… But Still Not Enough

July 2025 saw 2,851 active listings, up from 2,681 in June 📈
That is a big jump from last year—2,181 listings in July 2024
But we are still hovering around the same levels as five years ago (2020)

💡 Translation: Inventory is improving, but still tight—we are not out of the shortage yet.

🔄 Sales Activity Holding Steady

1,359 sales in July, up from 1,226 in June
Almost identical to July 2024 at 1,373 sales
Down from the boom of 2020, when we had 1,828 sales

📉 Buyer demand is steady but no longer surging like the peak pandemic years.

💰 Prices Hit Another Record!

Median sale price in July 2025: $253,000 🎉
That is up from $246,000 in June and $222,000 in July 2024
Compare that to $165,000 in July 2020—massive growth! 🚀

📊 Absorption Rate: A Closer Look

This month, we looked at a stat we do not usually highlight: Months of Inventory (Absorption Rate)

July 2025: 2.1 months
Still below the 4–5 months that signals a balanced market
Last year? 1.59 months
Five years ago? Also 1.58 months

⏳ At this pace, all listings would be sold in just over 2 months—still very much a seller’s market!

🔮 What to Expect

Unless we see a spike in new inventory, Cleveland will remain a seller’s market through fall and likely into winter. Prices continue to rise, and homes are still moving fast.

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Want to know how this affects your real estate goals?
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