2024 Housing Market Overview for Real Estate Investors

Cleveland Real Estate Market 2024

Get insights about the 2024 Cleveland real estate market to determine if it’s the best location for your next single-family or multi-family home investment.

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    Cleveland Real Estate Market Trends and Statistics for Real Estate Investors 2024

    Real estate market trends in Cleveland, Ohio.

    Cleveland is the second-largest city in Ohio, with 372,000 people living in the city and over two million in the metro area. Cleveland has a stable economy supported by strong manufacturing, healthcare and finance sectors. The city also boasts high-caliber institutions like the Cleveland Clinic, University Circle and University Hospitals. 

    So, is Cleveland a good place to invest in real estate? Yes! Cleveland’s housing market is stable, avoiding the boom-and-bust cycles common in large markets. Its healthcare sector, led by the world-class Cleveland Clinic, employs the largest number of workers. The healthcare industry is recession-proof, making Cleveland real estate investment properties particularly appealing.

    The Cleveland housing market also offers affordable entry points for investors, leading to solid cash flow. Its location on Lake Erie attracts water sports lovers, a rarity in the Midwest.

    However, Cleveland’s job growth has been slow. The area lost 7% of jobs during the pandemic and has not fully recovered. As of Q3 2023, job growth remains at least 2% below pre-pandemic levels.

    While Cleveland’s job market and population growth lag behind the national average, Zillow ranks it the eighth hottest housing market in 2024 due to its unbeatable affordability.

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    In January 2023, the Cleveland-Elyria metro area had the fourth-highest year-over-year price growth for single-family homes in the U.S. The Cleveland median home price for single-family dwellings reached $215,000, surpassing the 1.4% national average across the top 50 U.S. metro areas.

    Let’s delve deeper into the trends shaping the Cleveland housing market and real estate market predictions for 2024. In the following sections, we’ll look closely at Cleveland’s median home value and rent trends in 2024 and over the last ten years. Understanding these trends is crucial for investors who want to capitalize on the Cleveland real estate market’s affordability and equity growth opportunities in 2024.

    Home prices in Cleveland are below the national average.​

    Median Home Value

    Cleveland vs United States

    The data in this chart is based on the average single-family home in Cleveland and the United States as of February 2023. 

    Cleveland’s single-family home prices average $211,496, 39% lower than the national average. In neighborhoods where RealWealth members invest, the average home price is much lower, at just $140,000, 60% lower than the national average. 

    This affordability persists despite recent double-digit appreciation rates. Redfin reported that Cleveland home prices were up 26% year-over-year last month. In April, homes sold for a median price of $125,000 within 33 days, compared to 41 days in March 2024, indicating that home prices here are rising. 

    Foreclosures are also rising in Cleveland, with the highest foreclosure rate in the country at 0.4%, which is 0.23% above the national average. This is drawing the attention of investors interested in distressed properties. 

    Cleveland rents are affordable compared to many markets around the nation.

    Median Monthly Rent

    Cleveland vs United States

    The data in this chart is based on the average single-family home in Cleveland and the United States as of February 2023. 

    The average rent in Cleveland, Ohio, is $1,335. In RealWealth’s investment neighborhoods, the average rent is $1,350. Both of these are over 30% lower than the national average rent. In addition, the price-to-rent ratio of 13 favors buying over renting, signaling cash flow opportunities for real estate investors.

    Cleveland’s rent-to-value ratio also supports this. The average rent-to-value ratio in the Cleveland metro area is 0.63%, higher than the national average of 0.57%. In neighborhoods where RealWealth invests, the rent-to-value ratio is even higher at an average of 0.96%. This is a testament that most of RealWealth’s Cleveland real estate market investments meet the 1% rule

    Cleveland homes have been appreciating at a steady rate.

    Median Home Value (2014-2024)

    Cleveland vs United States

    +76%

    10-YEAR EQUITY GROWTH

    -11%

    BELOW NATIONAL AVG.

    In the past decade, the average home price in Cleveland, Ohio, has grown 6.5% yearly. Since 2014, Cleveland real estate has appreciated by 76%. While this growth rate is slower than the national average, it represents a balanced rate of home appreciation.

    Recently, home prices have been growing much faster. In March, the median price of single-family homes in Cuyahoga County increased to $163,900, up from $160,000 in February. That’s almost a $4,000 month-to-month difference. Compared to March 2023, the difference was about $10,000, as March 2023’s median home price was $154,000.

    Some Cleveland areas see even higher home appreciation rates. In the last five years, the city with the fastest-growing home price in the Cleveland metro area was Litchfield, Ohio (+56.8%). Within the same period, Hunting Valley, Ohio, the most expensive city in the Cleveland metro area, saw the most significant growth in home prices of $326,452 (+30.2%).

    Cleveland rents are also rising consistently.

    Median Monthly Rent (2014-2024)

    Cleveland vs United States

    40%

    10-YEAR RENT GROWTH

    -5%

    BELOW NATIONAL AVG.

    Over the last 10 years, the average rent in the Cleveland metro area has grown by 39.5%, at an annual rate of 3.77%. This is a slow rent growth rate compared to the national average, but rents have grown faster in recent years.

    Cleveland ranked third nationally for the highest rent increases between March 2023 and March 2024. During this time, rents in Greater Cleveland rose by 6.5%. The metro area topped the nation for single-family rent increases during the same period, with single-family rentals rising 9.4%.

    Cleveland Population Trends

    Population growth is one of the most promising signs of a solid real estate market. In this section, we’ll discuss what’s happening in the Cleveland metro in that area.

    Cleveland's population is slowing, but stable.

    Population Growth

    Cleveland Metro Area

    0%

    CHANGE 2010-2022

    -108%

    BELOW NATIONAL AVG.

    Why is Cleveland real estate so affordable? It is partially due to its population decline, which has decreased slowly over the last 12 years. Since then, Cleveland has seen a marginal population decrease of 0.59%. The metro area’s population is currently 2.06 million. 

    Looking deeper at county-level data, Cuyahoga County has seen the most considerable population loss. Between mid-2021 and mid-2022, this county lost 11,767 residents. Other counties with population losses during that period were Summit (-1,365), Lake (-381), and Geauga County (lost 80 residents). 

    Conversely, some counties are seeing population growth driven by an influx of college-educated millennials. These include Portage (+2,767), Lorain (+2,013), and Medina (80 new residents).

    Cleveland Employment Trends

    A strong economy is another sign of a good place to invest in real estate. In this section, we’ll discuss what’s happening with jobs in Cleveland. Ohio.

    Cleveland has been experiencing some job growth.

    Job Growth

    Cleveland Metro Area

    16,200

    NEW JOBS 2022-2023

    2%

    ANNUAL GROWTH

    Cleveland’s economy is stable because it has two strong pillars: healthcare and education. These two industries make up 19% of the metro area’s workforce. Cleveland boasts 3% more workers in these sectors than the national average.

    Cleveland Clinic, with about 38,000 workers, is the largest employer in the region. The city is attracting even more jobs in healthcare, biotech, and technology through its Health-Tech Corridor, which connects Midtown to the Campus District. This area has about 170 biomedical and healthcare companies. Another major employer in the area is Case Western Reserve University, with about 6,500 workers. 

    Cleveland’s job growth has been slow and steady. Between November 2022 and November 2023, the region added 16,200 jobs (a growth rate of 1.54%). 

    Cleveland has become a financial center, with companies like Progressive Insurance and KeyBank. Manufacturing and logistics are also vital components of Cleveland’s economy, and these two sectors are witnessing significant investments. 

    Amazon has acquired over 2.3 million square feet of space in Cleveland. Sherwin-Williams, the paint manufacturer, is also building its global headquarters with plans to invest over $600 million in Northeast Ohio.

    Why Investors Should Consider Investing in the Cleveland Real Estate Market

    If you’re considering investing in real estate, the Cleveland real estate market is worth examining. With affordable home prices, a strong rental market, and a recession-resilient employment market, Cleveland offers many opportunities for real estate investors. Let’s see what makes this Midwest city one of the best places to buy real estate in 2024.

    1. Affordable real estate

    The average home price in Cleveland, Ohio, is 39% lower than the U.S. average, making it a big draw for real estate investors. Compared to other major metros with populations of over 2 million, home buyers and investors can easily find properties in Cleveland for under $200,000. The median prices in areas like North Collinwood and South Broadway are $89,000 and $71,000, respectively.

    2. Strong rental market

    More than half (59% of renters) of housing in Cleveland is renter-occupied. These tenants include young professionals (primarily in healthcare), families and students. Cleveland’s affordability extends to its rental market. Rents in Cleveland are still cheap despite fast appreciation in recent years. More than 60% of rental units in the Cleveland metro area are priced below $1,500 per month. 

    3. Strong cash flow potential

    Because of affordable home prices, Cleveland real estate investing can yield substantial returns. The average rent-to-value ratio in the metro area is 0.63%, above the national average. In some Cleveland neighborhoods, like those in which RealWealth invests, the average rent-to-value ratio is 0.96%. In these neighborhoods, you can easily find properties that satisfy the 1% rule, where the rent equals or exceeds 1% of the property’s value.

    4. Recession-resilient employment market

    Cleveland’s economy is heavily diversified. The metro area has a strong presence in healthcare, banking, education, insurance, manufacturing, sports and tech. Job growth is still recovering, but companies seeking more affordable places to operate are driving significant development activity. Examples include Ford’s new plant for switching autos to electric, creating 1,800 jobs; the new 11-story 270-room MetroHealth hospital; and the $200 million expansion of University Hospitals Ahuja Medical Center.

    5. Landlord-friendly laws

    Ohio is generally a landlord-friendly state and doesn’t impose a limit on how much rent or security deposit you can charge. While Ohio’s 1.48% average property tax rate and up to 2.51% in Cuyahoga County might deter some investors, lease agreements and evictions in Ohio are straightforward.

    Newsworthy Building Developments and Projects in Cleveland

    As an investor, planned developments can help you estimate how the value of your investment properties in Cleveland might change over time. Here are some notable projects in the Cleveland real estate market right now.

    An image of the improvements along the Opportunity Corridor in Cleveland, Ohio.

    1. The Opportunity Corridor

    The Opportunity Corridor aims to revitalize an area of Cleveland that used to be known as “The Forgotten Triangle.” Announced 10 years ago and completed in 2022, it stretches 3 miles from East 55th Street to East 105th Street. Both ends of the Opportunity Corridor are already seeing new development projects. One is a 156,000-square-foot cold storage facility expected to create 70 new jobs. Another called Innovation Square is on the eastern end and is a joint project between Fairfax Renaissance Development Corporation, The Cleveland Clinic and other stakeholders. The project will feature mixed-income apartments, single-family homes and new streets.

    The Flats East Bank Apartments have improved the Cleveland real estate market.

    2. Flats East Bank

    Located at the mouth of the Cuyahoga River in Cleveland, the Flats East Bank is a $500 million 3-phase waterfront development. Phase one of the project opened over a decade ago in May 2013. It includes an 18-story, 500,000-square-foot office tower that houses companies like Ernst & Young, Tucker Ellis LLP, Kelley and Ferrero LLP, McKinsey & Company and the Aloft Hotel. The second phase, valued at $133 million, added the 241-unit Flats at East Bank apartments, a 1,200-foot riverfront boardwalk, and popular restaurants such as Alley Cat Oyster Bar, Big Bang Dueling Piano Bar, FWD Day & Nightclub, Magnolia, and more. Phase three plans include more apartments, retail space and possibly a movie theater. Flats at East Bank offers pet-friendly luxury apartments with a rooftop deck, lounge, and dog trail within the larger Flats East Bank development.

    Rendering of the Watterson-Lake Redevelopment project in Cleveland, Ohio.

    3. Watterson-Lake Redevelopment

    Vacant since 2019, the Watterson-lake redevelopment project by the city of Cleveland is moving forward after delays due to funding. This 202,633-square-foot redevelopment project will bring 136 apartments, a five-story apartment building, rental townhomes, and 80 parking spaces to the area. The project’s cost is $50.8 million. Co-developed and managed by the Cuyahoga Metropolitan Housing Authority (CMHA) and Bridging the Gap LLC of Pittsburgh, this project aims to provide affordable housing on the Detroit-Shoreway, near the Gordon Square Arts District.

    Propose Sherwin Williams Master Plan development concept rendering.

    4. Sherwin-Williams new headquarters

    Sherwin-Williams plans to build HQ2, a second tower on the west side of their recently completed headquarters site (along West 6th Street between the Superior and St. Clair neighborhoods). HQ2’s project reveal might align with employees moving into the new 616-foot HQ tower by the end of 2024. Plans for HQ2 include a low-rise mixed-use development and a 5-level, 920-space parking garage. Construction of HQ2 may begin in 2025 if costs are favorable, especially as interest rates are predicted to drop. Photo credit: Sherwin Williams

    Cleveland Harbor Eastern Embayment Resilience Strategy map rendering. This project will add to the Cleveland real estate market.

    5. CHEERS Project

    The CHEERS (Cleveland Harbor Eastern Embayment Resilience Strategy) project is a $300 million project by the Cleveland Metroparks. The project aims to improve public access to the lake, improve public health and boost the economy while benefiting the natural habitat. The CHEERS project, which is slated to take 20 years, includes revamping Gordon Park south of I-90, extending the lakefront bikeway from East 55th to Downtown, and building a new waterfront and island. CHEERS is a partnership between multiple organizations, including the City of Cleveland, Cleveland Metroparks, Ohio Department of Natural Resources, Port of Cleveland, Ohio Department of Transportation, and Black Environmental Leaders. If funding is secured, construction on the first phase, including additions to the E. 55th St. Marina, could begin in fall 2025. Photo credit: Cleveland Metroparks

    Best Places to Buy Investment Property in the Cleveland & Surrounding Areas

    If you’re considering investing in the Cleveland real estate market in 2024, you’re in the right place. This Midwest city and surrounding areas offer diverse neighborhoods with solid investment potential. Here are some of the best neighborhoods to invest in right now.

    The 5th Street Arcades in the downtown Cleveland real estate market.

    1. Cleveland

    When it comes to investing in Cleveland, Ohio, the city is a top contender. The metropolis offers a high-quality, diverse lifestyle with excellent schools, healthcare and affordable living. It also boasts a top-notch public transportation system. The city of Cleveland has a population of about 362,000 residents. Cleveland ranks among the top 50 startup-friendly locations in the U.S. It is also home to major professional sports teams, such as the Cleveland Cavaliers (NBA), Browns (NFL), and Guardians (MLB). The city is one of the most affordable places in the U.S., with the Cleveland median home price at $125,000. Large companies are also investing in the city. Bedrock Enterprises recently purchased 3.17 acres of land in Downtown Cleveland’s Gateway District, which is part of a $3.5 billion vision for the Gateway District. Bedrock’s project, in partnership with the city and the city council, will connect the riverfront to downtown, adding housing, offices, shops and entertainment venues.

    Euclid, Ohio mural with the words Euclid spelled out and a bike in front of the mural.

    2. Euclid

    Euclid offers easy access to Cleveland’s amenities and attractions, with a commute time of 14 minutes (12 miles) to downtown Cleveland. Plus, airport travel is convenient, thanks to the nearby Cleveland Hopkins International Airport. Euclid’s economy is diverse and stable, and it is supported by major employers like Cleveland Clinic and Amazon. Located on Lake Erie with the Euclid Lakefront Trail, Euclid offers water activities and scenic beauty. Popular parks in the area include Euclid Creek Reservation and Sims Park. Popular attractions in Euclid include the Briardale Golf Course and the Polka Hall of Fame. Real estate investing in Euclid promises strong rental yields. The area boasts a high rent-to-value ratio, meaning you get more for your housing investment. Zillow reports an average home price of $131,160 and an average monthly rent of $1,125 in Euclid. Photo credit: Ed Chenock

    An image of the front of the Lakewood Civic Auditorium in Cleveland, Ohio.

    3. Lakewood

    Lakewood, located approximately six miles west of Cleveland, with over 49,000 residents, offers solid investment potential. The average monthly rent in Lakewood is $1,696. The median list price of a single-family is $282,500. Homes are appreciated quickly, and the competitive housing market makes Lakewood ideal for long-term and short-term rental strategies. Lakewood's location along Lake Erie and easy access to highways like I-90 and Route 2 make it appealing to homeowners, renters and investors. Note that rental properties in Lakewood require an annual fee (the cost varies by property type) and annual inspections.

    A row of houses in Maple, a prime neighborhood in the Cleveland real estate market.

    4. Maple Heights

    Located nine miles from Downtown Cleveland and University Circle, Maple Heights offers convenient access to I-480, I-271 and I-77. Home to the Norfolk Southern Intermodal rail yard, it links freight traffic to and from the Port of Cleveland and beyond. The city has 25,000 residents and a variety of locally-owned shops, eateries, and national grocery chains. Maple Heights has seen tremendous appreciation lately. The median home sale price has risen by 80%, from $52,000 in 2019 to $95,000 in 2023, outperforming Cuyahoga County’s 33% increase.

    The shops at Pharma, Ohio, near Cleveland, Ohio.

    5. Parma

    Once an agricultural hub, Parma is Ohio’s seventh largest city, with 20 square miles and more than 81,000 residents. It is a blend of suburbs containing over 5,000 businesses, including automotive manufacturing companies. The city is known for its safety, with constant patrols and five full-time fire stations offering complete emergency medical services. Affordable housing keeps Parma’s population stable. The local economy is also diverse and stable, supported by healthcare, manufacturing, and retail.

    Metro Population
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    Median Household Income
    $ 0 K
    Unemployment Rate
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    Median Home Price
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    Median Monthly Rent
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