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Real estate growth slows as rents continue to rise – Greater Cleveland real estate monthly update –

CLEVELAND, Ohio – What is the state of Greater Cleveland’s real estate market?

The median home sales price in Ohio in August was $230,100, according to the real estate website Redfin, which represents a share of online real estate listings.

While this was a slightly lower median value than the previous month, this was still a 6.23% increase for Ohio from the year prior, while the average increase in home value for the entire country was 7.7%.

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 August at $420,000 based on sales during the week of Aug. 22, $45,000 less than the highest median sale in July. This was followed by Medina County at $324,000 the week of Aug. 15, $11,000 less than in July, and Portage County at $292,000 the week of Aug. 29, $22,000 more than the top sale in July.

Lake County, Summit County, and Cuyahoga County were all below the median home sale price for Ohio in August.

Within the seven counties of Greater Cleveland, the median difference between listing and sales prices on homes in Greater Cleveland was about 1.42%, lower than the 2.35% in July, suggesting that people typically pay close to the listed value of the house.

However, outliers include the Spencer ZIP code 44275 in Medina County, where homes sold on average 6.65% higher than the listing price. This was followed by the Brook Park ZIP codes 44056 at 6.34% and 44126 at 5.03%.

Meanwhile, homes in the Cleveland ZIP code 44103 sold at 12.71% under the listed price. This was followed by the Cleveland ZIP code 44115 at 9.27% under the listed price.

Entering the month of September, 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 12.8%, though this was a 3.4 percentage point drop from August.

The median rent for new renters or those renewing their lease was around $1,310 per month, up from $1,200 in July. More than half of tracked ZIP codes had double-digit percentage increases from the same time last year, with nearly a third having a 25% or higher increase in rent.

The greatest rent increase was in the University Circle ZIP code of 44106, where rent increased 57.71% to $1,995 per month. This was followed by Aurora (44202), Middleburg Heights (44130), and Shaker Heights (44120), each with a 50% or higher increase from September 2021.

Beachwood (44122) was the most expensive rent in the region at $2,250 per month, an increase of 21.29%, joined only by Medina County’s Macedonia (44056), as the two ZIP codes with a median rent of over $2,000 per month.

Meanwhile, Bedford (44146) had a 50.76% drop in asking rent to $805, followed by Bedford Heights (44146) and the Cleveland ZIP code of 44114, which were down over 30% 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.



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