Housing Inventory and Real Estate Prices in Cleveland, Ohio
How is the real estate market in Cleveland, Ohio? The graph to the left and below will give you a good idea of what’s selling and the current market conditions.
Inventory has dropped. What does that mean? It means homes have been purchased! The inventory movement for the Cleveland, Ohio area is a good indicator of the market and what the real estate market is doing. Movement is typically good if you’re a seller. It means that there are buyers out there and from what I’ve been seeing, many homes are selling quickly, for at or above asking price and some are going into multiple offers. This doesn’t mean every home will sell quickly, but if your home is priced right, and is appealing to buyers, there’s a good chance that now may be a great time to sell.
If you’re a home buyer and wondering how these trends will impact your purchase power, the good news on your end is that interest rates are still very low which means you can get more house for your money than you may realize. While properties in Northeast, Ohio are being purchased, there are still deals. Bank owned homes for example and Fannie Mae properties tend to be priced well and move quickly. There are still great deals in the Cleveland area. Each seller and situation varies. Contact me for more information on home buying or selling in the Cleveland, Ohio area.
The graph to the left shows the trends in market prices/values for Northeast, Ohio (Cleveland) compared to all of Cuyahoga County. Prices have steadily climbed a bit but are still not quite at the point where they were years ago when the real estate market “crashed”. If you check the last 3-years, you will see the climb in real estate prices for Northeast, Ohio. This is both good news for home buyers and sellers in Cleveland. Why? Well, housing prices have climbed and buyer activity has also climbed.
While interest rates are still low for buyers and there are still deals, the market has improved for home sellers that perhaps couldn’t sell a couple of years ago.
For questions or assistance with buying or selling a home in all areas of greater Cleveland, give me a call or email me anytime. I’d be happy to assist you with your next move.
If you would like a break down of your local real estate market activity, drop me an email and I will gladly send over the statistics.