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The Cleveland Real Estate Market

Explore Real Estate Trends and More in the Midwest

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Cleveland

About Cleveland

In January 2024, Zillow predicted Cleveland would be one of the hottest housing markets this year. This means that the city has a high level of desirability, consistent home values, job opportunities, and a growing number of prospective residents and homeowners.

Immigrants from Southern and Eastern Europe are also drawn to the city’s economic growth and jobs. It is home to the headquarters of a wide range of large businesses. This has increased the high demand for housing and boosted the city’s economy. 

Some of Cleveland’s attractions include a diverse array of restaurants, parks, the Museum of Contemporary Art, the Cleveland Botanical Garden, the Holden Arboretum, and the Edgewater Beach.

Cleveland is currently ranked 97th on the US News’s Best Places to Live list. It’s also ranked as the 54th most populous city in the United States. Both of these rankings are a testament not simply to the city’s appeal but also to its continual growth and development.

Population Growth

The current data for Cleveland’s metropolitan states that the city has 1,771,000 residents. This represents a 0.4% increase from 2023. The city consists of a diverse range of people from different ethnicities and nationalities.

As of 2024, Cleveland has a population of 372,845 and is the second-largest city in Ohio. Despite Cleveland’s large number of residents, the city still has a spacious layout. This creates an appealing environment for prospective residents, investors, and entrepreneurs who value an urban landscape with less congestion and a welcoming living space.

372,845

People live in Cleveland

2nd

2nd most populated city in Ohio

0.4%

Cleveland had a 0.4% population growth in the metropolitan area

91 miles

Cleveland is 91 miles away from Detroit, Michigan

Job Market

From July 2021 to July 2022, Cleveland gained over 31,000 jobs. Some of the largest industries in Cleveland include the biomedical, manufacturing, healthcare, and social assistant industries. Some of the top employers include the MetroHealth System and the Cleveland Clinic.

While Cleveland’s unemployment rate (9.3%) is slightly above the national average (8.7%), the outlook for job opportunities has been positive for the past few years.

1.1%

Annual job growth rate for 2022-2023

9.3%

Unemployment rate

$55,192

The average annual salary in Cleveland

Additionally...

  • Cleveland is home to several Fortune 500 firms. Among these companies are the Progressive Insurance Company, Goodyear Tire & Rubber Company, and J.M. Smucker Co.

  • In 2022, Cleveland was ranked as one of the best cities for job seekers.

Real Estate Market

Cleveland has one of the most affordable housing markets in the US. However, the demand for houses is high and there are limited properties available. In some cases, this has increased prices. Cleveland homes have appreciated by 78% since 2014 at an average of 8.56% annually.

 

Fast forward to 2023, Cleveland was ranked 5th as having the most resilient housing market and earned the second place spot on the “Hottest Real Estate Markets of 2023” list. These factors demonstrate Cleveland’s stability in the industry despite fluctuations in the economy. It also speaks to the city’s appeal and potential for growth and investment opportunities. 

8.56%

Home prices in Cleveland have appreciated at an average of 8.56% per annum for the past eight years

37.8%

Cleveland houses cost 37.8% less than the national average

$213k

Median sale price of a Cleveland home is $213,457

Strong Renters' Market

Since 2014, rent in Cleveland has increased by 39.48% which is 3.17% less than the national average. One factor that has affected this rental increase is the shortage of homes compared to the growing demand for housing. Despite this upward trend in rental costs, 58% of residents still opt to rent a home rather than buy. This high demand for housing represents a lucrative opportunity for investors.

Cleveland is responding to this issue by building new rental units. It is expected that a greater supply will decrease rental prices.

3.17%

Cleveland's rent is 3.17% lower than the national average

$1300

Average monthly rent for a Cleveland home

58%

of residents choose to rent rather than buy a house in Cleveland

Quality of Living

Cleveland is a diverse city, attracting a vibrant mix of immigrants, emerging professionals, entrepreneurs, and students from varied backgrounds. This diversity and vibrant atmosphere are just a couple of the reasons why the city was named the “97th best city to live in” by the US News.
Residents and visitors can select an array of exciting activities, cultural experiences, and attractions. Some of these include the Gordon Square Arts District, the Great Lakes Brewing Co., Flats East Bank waterfront district, and the Progressive Field, among many others.

 

Affordability

Cleveland residents get better value for many things in the city especially in comparison to other metropolitan areas such as Chicago or New York. Groceries, healthcare, and transport cost less in Cleveland than elsewhere. Plus, despite inflation, home prices and rent are still below the national average.

 

Family Friendly

Looking for the perfect place to settle down with the family? Check out Cleveland! The city has something for everyone. There are numerous parks and playgrounds for young children and a wide variety of museums for family outings. Plus, the city has several relaxing lakes and beaches for outdoor excursions. 

 

Healthcare

Cleveland residents have access to quality healthcare. The Cleveland Clinic has been ranked the second best hospital in the world for the last six years. The health care industry also accounts for thousands of jobs in the region. Other hospitals in Cleveland include The MetroHealth System and UH Cleveland Medical Center.

 

Sports

Are you a sports enthusiast? Cleveland residents are passionate about supporting their home teams. Residents eagerly fill stadiums and cheer on their favorite players. The Cleveland sports teams are the Indians (the city’s basketball team), the Cavaliers (the city’s baseball team), and the Browns (the city’s football team).