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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Cleveland, OH Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Cleveland, OH Housing Market Trends

With 361,607 people, 167,829 houses or apartments, and a median cost of homes of $112,483, house prices in Cleveland are some of the most affordable in Ohio as well as the nation.

Single-family detached homes are the single most common housing type in Cleveland, accounting for 47.01% of the city's housing units. Other types of housing that are prevalent in Cleveland include large apartment complexes or high rise apartments ( 24.74%), duplexes, homes converted to apartments or other small apartment buildings ( 21.51%), and a few row houses and other attached homes ( 6.13%).

People in Cleveland primarily live in small (one, two or no bedroom) single-family detached homes. Cleveland has a mixture of owner-occupied and renter-occupied housing.

The housing in Cleveland was primarily built before 1939 ( 49.48%), making the housing stock in Cleveland some of the oldest overall in America, although there is a range of ages of homes in Cleveland. The next most important housing age is between 1940-1969 ( 31.73%), followed by between 1970-1999 ( 11.47%). There's also some housing in Cleveland built between 2000 and later ( 7.31%).

Vacant housing appears to be an issue in Cleveland. Fully 16.39% of the housing stock is classified as vacant. Left unchecked, vacant Cleveland homes and apartments can be a drag on the real estate market, holding Cleveland real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Cleveland Home Appreciation Rates

Real estate appreciation rates in Cleveland's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 5.82% during the period.

NeighborhoodScout's data show that during the latest twelve months, Cleveland's appreciation rate, at 5.02%, has been at or slightly above the national average. In the latest quarter, Cleveland's appreciation rate has been -0.78%, which annualizes to a rate of -3.07%.

Notably, Cleveland's appreciation rate in the latest quarter is one of the lowest in America.

Relative to Ohio, our data show that Cleveland's latest annual appreciation rate is lower than 90% of the other cities and towns in Ohio.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Cleveland differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Cleveland - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Cleveland real estate investment or home purchase decisions.

Average Home Values

Median Home Value

$112,483

Cleveland, OH Home Prices
> $1,226,000
$920,001 - $1,226,000
$613,001 - $920,000
$490,001 - $613,000
$368,001 - $490,000
$245,001 - $368,000
$123,001 - $245,000
$61,001 - $123,000
$0 - $61,000
0.3%
0.3%
1.2%
1.2%
1.9%
1.9%
2.8%
2.8%
3.5%
3.5%
6.4%
6.4%
25.8%
25.8%
35.1%
35.1%
23.0%
23.0%
0% 100.0%
% of Homes
Very Low

for Ohio

Very Low

for nation

Number of Homes And Apartments:

167,829

Cleveland Appreciation Rates

Rent & Ownership

Average Market Rent:

$1,304 / per month

Homeownership Rate

Owners
Renters
39.6%
39.6%
60.4%
60.4%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
16.4%
16.4%
83.6%
83.6%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
7.3%
7.3%
11.5%
11.5%
31.7%
31.7%
49.5%
49.5%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
47.0%
47.0%
6.1%
6.1%
21.5%
21.5%
24.7%
24.7%
0.6%
0.6%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
3.9%
3.9%
17.2%
17.2%
34.5%
34.5%
30.6%
30.6%
10.5%
10.5%
3.2%
3.2%
0% 100.0%
% of Homes