Cleveland

OHCleveland-Elyria, OH

Real Estate Market Analysis

Q3 2025 Report
$116,771 (Zillow, July 2025); $173,756 (Rocket, June 2025)
Median Home Price
~372,000 (city); ~2 million (metro area)
Population
~$38,000 (city); ~$60,000 (metro, est. 2024)
Median Income
Cleveland Metropolitan School District: 3/10 (GreatSchools, 2025)
School District Rating

Market Overview

Property Values

$116,771 (Zillow, July 2025); $173,756 (Rocket, June 2025)
Median Home Price
$107 (Rocket, June 2025)
Price per Sq Ft
+1.9% (Zillow); +8.8% (Rocket); +10.3% (March 2025, NEOtrans)
YoY Change

Market Performance

Days on Market11 days (Zillow, July 2025)
Market TypeBalanced, affordable yet competitive
Months of SupplyNot specified; inventory up 37.3% YoY in region (Hondros)

Sales Activity

Sales Volume3,346 homes for sale in June 2025 (Rocket)
Metro AreaCleveland-Elyria, OH
Population~372,000 (city); ~2 million (metro area)

Economic Indicators

Employment & Growth

Unemployment RateNot specified for 2025; historically 4.5%-5.5% (metro)
Job Growth RatePositive, driven by healthcare, education, tech, and manufacturing
Median Household Income~$38,000 (city); ~$60,000 (metro, est. 2024)

Major Employers

  • Cleveland Clinic
  • University Hospitals
  • Sherwin-Williams
  • KeyBank
  • Progressive Insurance

Demographics

~372,000 (city); ~2 million (metro area)
Population
36.2 (city, est. 2024)
Median Age
Stable to slight decline in city; stable to slight growth in metro
Population Growth
28% bachelor's degree or higher (city)
Education Level

Family Composition

Mix of singles, young professionals, families, and retirees

Key Industries

HealthcareEducationManufacturingFinancial ServicesTechnology

Education

School District

Cleveland Metropolitan School District: 3/10 (GreatSchools, 2025)
District Rating

Top Schools

  • John Hay Early College
  • Cleveland School of the Arts
  • Hathaway Brown (private)

Higher Education

  • Case Western Reserve University
  • Cleveland State University
  • Cuyahoga Community College

Infrastructure & Development

Major Projects

  • Sherwin-Williams global HQ downtown
  • MetroHealth campus transformation
  • Cleveland Clinic expansions

Transportation

  • RTA transit upgrades
  • Lakefront development planning

Planned Developments

  • Mixed-use projects in Ohio City, Tremont, and Midtown

Lifestyle & Amenities

Recreation

  • Cleveland Metroparks
  • Lake Erie waterfront
  • Cuyahoga Valley National Park

Dining & Entertainment

  • East 4th Street
  • West Side Market
  • Ohio City breweries

Cultural Attractions

  • Rock & Roll Hall of Fame
  • Cleveland Museum of Art
  • Playhouse Square

Investment Analysis

Investment Opportunities

  • Strong rental demand
  • Nation-leading home price appreciation
  • Affordable entry points for investors

Growth Outlook

Steady appreciation expected, especially in revitalizing neighborhoods

Market Risks

  • Slower population growth
  • Aging housing stock
  • Potential for overbuilding in select neighborhoods

Rental Market

Strong demand; attractive yields due to low home prices

Marketing Intelligence

Target Demographics

  • First-time buyers
  • Young professionals
  • Medical staff
  • Investors

Marketing Channels

  • Zillow/Realtor.com
  • Facebook/Instagram ads
  • Local real estate events

Pricing Strategies

Price slightly below recent comps to drive multiple offers

Common Objections & Response Strategies

Objection: School district ratings are low

Response Strategy:

Highlight proximity to top-rated magnet/charter/private schools and educational resources

Objection: Older homes need updates

Response Strategy:

Emphasize renovation potential, available grants, and recent upgrades

Objection: Concerns about crime

Response Strategy:

Provide neighborhood-specific data and highlight active community initiatives

Professional Recommendations

1

Stay updated on neighborhood-level trends and new developments

2

Educate buyers on grant/assistance programs

3

Leverage digital marketing and virtual tours

4

Network with local employers and relocation services

5

Advise investors on high-yield neighborhoods and value-add opportunities

Competitive Analysis

Comparable Markets

  • Detroit, MI
  • Buffalo, NY
  • Pittsburgh, PA

Market Positioning

Affordable, high-growth, investor-friendly

Competitive Advantages

  • Lowest median price among top 40 US metros
  • Nation-leading price appreciation in early 2025
  • Strong rental yields

Price Comparison

Cleveland median home price ($116,771) is significantly below national average and peer metros

Investment Metrics

6-8% (typical for Cleveland SFR, 2025)
Cap Rates
6-9% gross yields, depending on neighborhood
Rental Yields
~10-12 (favorable for investors)
Price-to-Rent
Strong, especially in multi-family and value-add properties
Cash Flow
3-5% annual appreciation expected in 2025
Appreciation

Buyer Journey Insights

First-Time Buyers

Attracted by affordability and down payment assistance programs; competition remains for move-in-ready homes

Move-Up Buyers

Seeking larger homes in suburbs or revitalized city neighborhoods; leveraging equity gains

Downsizers

Looking for low-maintenance condos or townhomes near amenities

Investors

Targeting value-add SFR and multi-family; focus on cash flow and appreciation

Relocators

Drawn by job opportunities in healthcare/education and lower cost of living

This city analysis was generated using comprehensive market data and AI intelligence.

Market conditions change rapidly - consult with local real estate professionals for the most current information.

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