Ever since its humble beginnings in 1796, Cleveland, Ohio has gone through a lot of changes. What was once a major manufacturing center now boasts a more balanced blend of industries—with a particular interest in medicine and biotechnology. The city’s cultural and educational institutions have also grown as a result.
The city has also been affected by the constant fluctuations of the real estate market. The past few years have seen Cleveland, OH become a has-been market. But with the emergence of new industries and the resulting influx of investors and residents, the city is clearly making a comeback.
So, what is the current trajectory of the city’s real estate market given these developments and trends? More importantly, how does all of this affect you as a Cleveland, OH homeowner? Don’t worry! We studied the numbers so you don’t have to! Here are some of the real estate trends for Cleveland, OH as of September 2022:
General data and statistics on Cleveland, OH
Located right across the Canadian border, the Forest City has plenty to brag about. Last 2019, Forbes listed the city as one of the best places in the country for businesses and careers. Here are some of the reasons why:
Population
With around three and a half million residents, Cleveland has been considered as the 15th largest metropolitan area in the United States. Nevertheless, this marks a roughly 5% decrease in the city’s population.
Unemployment rate and GDP
A smaller population also leads to more job opportunities. As of April 2022, the unemployment rate in Cleveland has gone down to just 5.5%. This decrease can also be credited to the growth in the different job sectors of the city. Overall, these factors have resulted in an increase in the city’s GDP by 6% in the past 10 years.
Real estate trends in Cleveland, OH
Cleveland’s positive numbers are also indicative of a healthy real estate market. Despite being one of the country’s most recession-resistant cities, it’s still one of the more affordable places to live in with a median home value of $221,200. Here is a quick overview of the city’s real estate trends:
Growing renters market
The rent for single-family properties have seen a constant increase over the past few years. This is great news for rental property investors since renters occupy 55% of the households in the city.
Low supply and high demand
Cleveland, OH is also the perfect place for long-term real estate investments. The demand for properties consistently stays high while the active listings keep getting smaller every year.
Current development trends in Cleveland, OH
And while Cleveland’s real estate market continues to look more and more promising, its ongoing development initiatives are also adding more value to the city. Here is a quick rundown on the development trends that are boosting the city’s status:
Redevelopment initiatives
Old and underutilized buildings are currently being brought back to life in Cleveland, OH. Brownfield industrial sites are being transformed into mixed-use buildings. On the other hand, unoccupied commercial properties are being repurposed into residential spaces to address its increasing demand.
Growing focus on the medical field
With roughly around 400 bioscience companies and 27 area colleges, Cleveland is slowly becoming one of the country’s leading cities in the field of medicine. Properties are being turned into medical facilities to accommodate the boom in medical tourists. Moreover, the rental market is kept alive by medical students from all over the country and the world.
Sell to a professional home buyer!
If there’s one thing to be learned here, it’s that now is a good time to be a homeowner and investor in this city. Strike while the iron is hot and sell your Cleveland, OH house fast with RC Home Buyers!
RC Home Buyers is a no-nonsense house buying company that can give you the best possible dollar for your property! As one of the most trustworthy cash home buyers in Cleveland, we understand the real estate market and we respect the value of your home. We can offer you the best possible without any of those hidden fees and commissions!
The numbers are clear and they are saying, “Sell your Cleveland, OH house fast with RC Home Buyers.” Give us a call or visit our site so we can get you started on that fair cash offer today!