Cleveland, OH Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Cleveland, OH Housing Market Trends

With 381,009 people, 170,549 houses or apartments, and a median cost of homes of $80,180, house prices in Cleveland are some of the most affordable in Ohio as well as the nation.

Single-family detached homes are the single most common housing type in Cleveland, accounting for 47.03% of the city's housing units. Other types of housing that are prevalent in Cleveland include duplexes, homes converted to apartments or other small apartment buildings ( 24.85%), large apartment complexes or high rise apartments ( 21.58%), and a few row houses and other attached homes ( 5.80%).

People in Cleveland primarily live in small (one, two or no bedroom) single-family detached homes. Cleveland has a mixture of owner-occupied and renter-occupied housing.

The housing in Cleveland was primarily built before 1939 ( 52.63%), making the housing stock in Cleveland some of the oldest overall in America, although there is a range of ages of homes in Cleveland. The next most important housing age is between 1940-1969 ( 30.93%), followed by between 1970-1999 ( 11.01%). There's also some housing in Cleveland built between 2000 and later ( 5.43%).

Vacant housing appears to be an issue in Cleveland. Fully 19.61% of the housing stock is classified as vacant. Left unchecked, vacant Cleveland homes and apartments can be a drag on the real estate market, holding Cleveland real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Cleveland Home Appreciation Rates

Real estate appreciation rates in Cleveland's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 2.37% during the period.

Appreciation rates are so strong in Cleveland that despite a nationwide downturn in the housing market, Cleveland real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Cleveland appreciation rates continue to be some of the highest in America, at 7.09%, which is higher than appreciation rates in 88.01% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Cleveland. Cleveland appreciation rates in the latest quarter were at 3.11%, which equates to an annual appreciation rate of 13.02%.

Importantly, this makes Cleveland one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Ohio, our data show that Cleveland's latest annual appreciation rate is higher than 90% of the other cities and towns in Ohio.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Cleveland differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Cleveland - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Cleveland real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$80,180

Cleveland, OH HOME PRICES

> $1,200,000
0.3%
0.3%
$900,001 - $1,200,000
0.3%
0.3%
$600,001 - $900,000
1.4%
1.4%
$480,001 - $600,000
1.2%
1.2%
$360,001 - $480,000
2.2%
2.2%
$240,001 - $360,000
3.7%
3.7%
$120,001 - $240,000
17.5%
17.5%
$60,001 - $120,000
40.7%
40.7%
$0 - $60,000
32.7%
32.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very Low for Nation

Very Low for OH

Value Relative To Nation

Number Of Homes And Apartments:
170,549

Cleveland Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
OH*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
18.61% 0.82%
2
1
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$965 / per month

Homeownership Rate

Owners
40.2%
40.2%
Renters
59.8%
59.8%
Vacant
19.6%
19.6%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
5.4%
5.4%
1970 - 1999
11.0%
11.0%
1940 - 1969
30.9%
30.9%
1939 or Older
52.6%
52.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
47.0%
47.0%
Townhomes
5.8%
5.8%
Small Apt. Buildings
24.9%
24.9%
Apt. Complexes
21.6%
21.6%
Mobile Homes
0.7%
0.7%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.0%
3.0%
1 Bedroom
16.2%
16.2%
2 Bedrooms
35.1%
35.1%
3 Bedrooms
31.7%
31.7%
4 Bedrooms
10.9%
10.9%
5 or more bedrooms
3.1%
3.1%
0.0% 100.0%
% OF HOMES