May 2024 – Market Update for Greater Cleveland!

Greater Cleveland Real Estate Market Update:
Key Insights from Mike Ferrante 

Every month, I follow Greater Cleveland real estate market numbers, and guess what? I was wrong about one key statistic. Stay tuned to find out which one.

Hi everybody, it’s Mike Ferrante with Century 21 HomeStar and the 21 Mike Team. We are real estate agents serving Greater Cleveland and the northern half of Ohio, and it’s time again for another real estate market update. If you want to learn more, visit 21mike.com and please smash that subscribe button and follow us on all social media platforms, especially Facebook, where you can find us at 21 Mike Team.

Now, let’s get into some numbers. We’ll examine four key statistics today, and first, like we always do, we’ll look at the number of listings and the number of sales.

Number of Listings and Sales

Last month there were 1,824 listings. And guess what? That’s the number I was wrong about. I predicted an increase in inventory, but it remained pretty flat compared to last year. In April 2023, there were 1,820 listings. If you go back five years, to April 2019, we had over 4,400 listings, nearly double what we have now. This listing shortage is what’s driving the market right now.

Last month, there were 1,123 sales, which is pretty flat from last year. In April 2023, there were 1,099 sales. However, compared to two years ago, the number of sales is down 17.5%. During the COVID-19 boom, the market was going absolutely crazy, but even in April 2019, a more balanced market, there were 1,373 sales. The market is still active, but there’s definitely a bit of a lull, largely caused by higher interest rates and the inventory shortage.

Prices and Days on Market

If you look at last month, we hit a median sale price of $200,000 in Greater Cleveland, which is a rise from a year ago when it was just over $195,000. The five-year growth in pricing is impressive. In April 2019, the median sale price was only $137,500. This is awesome price growth for our market, which is traditionally pretty stable.

Looking at the days on market, last month it took an average of 20 days to sell a property, almost the same as last year when it took 18 days. Go back five years, and in April 2019, the market was more balanced with a median of 42 days to sell a property. This shows that it’s still a very hot seller’s market.

What Does This Mean for Buyers and Sellers?

So, what does all this mean if you’re looking to buy or sell? I believe that inventory will remain pretty flat. Prices will continue to go up, and market time will likely drop again. It’s still a seller’s market. Buyers are going to struggle and will need to compete in multiple offers.

If you’re looking to sell, now is the time. If you’re looking to buy, figure out how to compete in multiple offers. One great way to do this is to contact us at the 21 Mike Team. We have the experience and strategies to help you succeed in this competitive market.

Stay Updated

To keep following the market, please subscribe to us on YouTube and follow us on Facebook so you don’t miss future updates. The 21 Mike Team is your one-stop shop for buying and selling homes in Greater Cleveland.

Remember, for all your real estate needs in the Cleveland area, the 21 Mike Team at Century 21 HomeStar is here to help. Reach out to us for personalized assistance, expert advice, and the latest market updates. Thank you for reading, and we look forward to helping you with your real estate journey.

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