For the longest time, people have looked down on Cleveland real estate… but not anymore. The Cleveland real estate market has shown significant growth, creating a multitude of opportunities for both residents and investors. This new dawn is all thanks to an increase in the median income, a stable job market, and a rise in home values in Ohio.
According to Alexandra Lee, an economist at Zillow Group, 2022 could see the highest number of houses sold in almost two decades.
“We’re seeing home price appreciation at the highest it’s ever been,” Lee said. “The housing market is tough out there. Expect a little bit more breathing room, but buyers should really be prepared for a competitive market to continue in 2022.”
All signs are positive when it comes to the future of Cleveland’s real estate market. Below are some real estate trends in Cleveland, Ohio you should know about.
2022 Real Estate News in Cleveland
Here is the current state of the Cleveland real estate market.
- Median home value: $110,000
- Median sales price: $120,500
- 1-year appreciation rate: 9.41% growth
- Number of sales: 1,593
- Type of market: Balanced (same number of supply and demand)
- Median days available on the market: 57
- Median rent: $1,350 (13% growth)
- Price-to-rent ratio: 15
- Cleveland population: 1,760,000
- Median Cleveland household income: $49,041
The Cleveland real estate markets, although balanced, tends to favor sellers over buyers. This is because there are always fewer sellers than there are buyers.
What This All Means
Because of the increase in home value, it won’t be surprising that more people will be keen to make the most out of rise in home value. We expect that there will be more sellers as compared to previous years. Since there is a lack of sellers at the moment, it shouldn’t upset the balance too much.
This lack of sellers combined with the lowest interest rate we’ve had in years has led to buyers becoming more aggressive in their strategies. If a seller puts their house on the market before everybody else does, it is likely that they will be able to sell the home for more than what they had initially asked for.
SELL TO A PROFESSIONAL HOME BUYER
If you want to get ahead of the competition and strike while the iron is hot, you can sell your home for cash in Cleveland, Ohio. This guarantees that you will be able to sell your home while home prices are high and before the other homeowners decide to put their home on the market.
You can do this by selling to a professional cash home buyer. When you sell to a professional cash home buyer, you don’t need to renovate or do any repairs on your home. Cash home buyers purchase homes as-is, where-is. This saves you valuable time and money.
If you choose to sell to a professional cash home buyer, make sure you partner with one who has a strong local presence. These kinds of companies understand the local market and will be able to give you a fair market price on your home.
NEED TO LEARN MORE?
RC Home Buyers is a residential redevelopment and real estate solutions company. We’re a veteran and family-owned business with a mission to help homeowners like you find solutions for your problem whether you’re going through a foreclosure, can’t sell your property, or just need to sell their house for all kinds of reasons. We buy houses in Cleveland, Ohio no matter what state, condition, or situation its in. If you’re looking to sell your home, we’re here for you.
CONTACT US TODAY
RC Home Buyers helps property owners just like you, in all kinds of situations. From divorce, foreclosure, death of a family member, burdensome rental property, and all kinds of other situations. Sometimes, those who own property simply have lives that are too busy to take the time to do all of the things that typically need to be done to prepare a house to sell on the market… if that describes you, just let us know about the property you’d like to be rid of and sell your house fast for cash. Call us today at (614) 714-1794.