Real Estate Market Update: Cleveland, Cincinnati, and Columbus

Cleveland

More than 50% of the households in Cleveland rent instead of own. This makes Cleveland the ideal spot to buy an investment property in Ohio. It’s on the list for top #5 houses markets to watch in 2022. The median list price in Cleveland is $100,000 so homes are still affordable even with low inventory. In the last year, the overall home value has increased in Cleveland by 25.1% over last year. The average number of days on market in Cleveland in 2021 is 57 days. Of the 40 most popular neighborhoods in Cleveland, Tremont is the most expensive with a median listing price of $339,000. The most affordable neighborhood in Cleveland is Forest Hills, with a median listing price of $50,000.

Cincinnati

The single-family homes in Cincinnati are selling faster than any other city in the United States besides one other place. Nashville is the fastest home selling in the market in 2021. The workforce has increased by 6% in Cincinnati over the past year. The population of Cincinnati has had a steady population growth for the past 3 years. The median home price in Cincinnati is $240,000. The most affordable place to buy a house in Cincinnati is Price Hill with a median home price of $126,500.

Columbus

Home prices in Columbus are continuing to skyrocket. It’s a great city for investors because of the huge number of renters brought in by Ohio State University. The economy is diversified with major industries such as technology, finance, and education. The median list price in Columbus is like Cincinnati, at $225,000. The most expensive area is Germen Village and the most affordable in South Linden. The average number of days on market in Columbus for a typical single-family listing is 47 days.

Ohio has strong rental markets and growing economies. Historical home prices have been increasing but remain affordable in comparison to the average household income. Check back in on the Career Corner for more market trends and agent tips.