CLEVELAND, Ohio – What is the state of Greater Cleveland’s real estate market?
The median home value in Ohio as of July was $236,500, about $158,200 less than the United States median home value of $394,700, according to the real estate website Redfin, which represents a share of online real estate listings in the area.
While this is a slightly lower median value than the previous month, this is still an 8.49% increase for Ohio from the year prior, while the average increase in home value for the entire country is 10%.
Some mobile users may need to use this link to see this map and all subsequent charts.
Within Greater Cleveland, new home sale prices are typically higher or match the median home value in the state. Geauga County had the highest value in July at $465,000 based on sales during the week of July 18. This was followed by Medina County at $335,000 on July 18 and Portage County at $270,000 on July 25.
Lake County, Summit County, and Cuyahoga County are all below the median home sale price for Ohio in June.
Within the seven counties of Greater Cleveland, the median difference between listing and sales prices on homes in Greater Cleveland was about 2.35%, slightly higher than 2.32% in June, suggesting that people typically pay the listed value of the house.
However, outliers include the Fairview Park ZIP code 44126, where homes sold on average 6.55% higher than the listing price. This was followed by the Brook Park ZIP codes 44056 at 6.22% and 44142 at 6.06%. Meanwhile, homes in the Cleveland ZIP code 44127 sold at 10.04% under the listed price. This is followed by the Cleveland ZIP code 44103 at 9.57% under the listed price.
Entering the month of August, new renters were seeing a much higher increase in costs compared to the previous year, based on listings for available rentals. In Greater Cleveland, the median rent price increased on average 16.2% over the same time.
The median rent for new renters or those renewing their lease was around $1,200 per month, up from $1,004 in 2021.
The greatest percentage increases in rent were in the Avon Lake ZIP code of 44012, where rent increased 78.1% to $2,244 per month. This was followed by Willoughby (44094), Aurora (44202), North Olmsted (44070), and Parma (44129), each with over a 50% increase from August 2021.
Avon Lake is also the most expensive rent in the region, joined only by the Beachwood ZIP code of 44122, as the two ZIP codes with a median rent of over $2,000 per month.
Meanwhile, the Bedford ZIP code 44146 had a 42.51% drop in asking rent to $940, followed by the Brunswick ZIP code 44212 in Medina County and the Cleveland ZIP codes of 44114 and 44115, which were down over 20% from the year prior.
Readers can revisit this page to see real estate trends. Maps and charts will update each month. Some mobile users may need to use this link to see the maps and charts in this story.