2023 Housing Market Overview
Cleveland Real Estate Market 2023
Cleveland Real Estate Market Overview
Metro Population: 2 M
Median Household Income:$32,000
Median Home Price*:$213,457
Median Monthly Rent*:$1,336
Interested in investing in the Cleveland real estate market in 2023? On this page you’ll learn about housing market trends and statistics to help you make that decision.
The city of Cleveland, located along numerous transportation routes as well as near large deposits of coal and iron ore, prospered during the late nineteenth century. In 1867, John D. Rockefeller and his partners began the Standard Oil Company in Cleveland. At the same time, Samuel Mather began steel production in the city, furthering its economic importance.
Since then, many other businesses have been established in Cleveland, including those specializing in banking, insurance and publishing. Its proximity to Lake Erie has also made it a major port for freight ships.
Cleveland is located near the mouth of the Cuyahoga River and covers 100 miles (160 km) along Interstate 90, including parts of Cuyahoga, Lake, Geauga, and Medina counties and more than 70 suburban communities. In recent years, Downtown Cleveland has undergone an economic renaissance with over $19 billion in development completed or planned.
Cleveland’s healthcare economy is also one of the fastest growing in the United States thanks to its world-class hospitals such as University Hospitals Case Medical Center.
Cleveland Housing Market Trends
Cleveland has a population of 372,101 people, making it the second-largest city in Ohio. Cleveland’s growth is driven by industrial, healthcare, and tech companies that are drawn to the metro’s affordable cost of living and friendly business environment. In a recent report by Redfin, Cleveland was named the 5th most resilient housing market in the U.S. This means that Cleveland’s real estate market will continue to grow for years to come.
In this section we explore why Cleveland is one of the strongest real estate markets of 2022. We will look at factors such as job growth, population growth and equity growth potential. Learn more about Cleveland’s housing market, population and employment trends in the tabs above.
Major Employers in Cleveland
Cleveland Housing Market News
- One of 10 cities where most homebuyers pay cash - Moneytalksnews
- One of 10 US cities with the cheapest mansions for sale in 2022 - Realtor
- Investors bought a record share of homes in Cleveland last year - The Washington Post
- More opportunity Zone developers shifting to Cleveland’s East Side - Crains Cleveland
- "#1 City to Buy Home for Best Rental Return" - CNBC
- "#4 City Where Your Paycheck Will Go the Furthest" - Forbes
- "#10 Best City for First Time Home Buyers" - Business Insider
- "Cleveland Real Estate Market Trends" - Movoto
- "Ohio Best State for Start-Up" - Forbes
- "Relocating to Cleveland Guide " - The Schuman Team
- "#84 Best Place to Live" - U.S. News
Disclaimer: The information provided on this page is for educational purposes only. RealWealth makes no warranty or representation as to the accuracy, completeness or reliability of this information. Please be advised that this content may contain errors, is subject to revision at all times, and should not be relied upon for any purpose. Under no circumstances shall RealWealth be liable to you or anyone else for damage stemming from the use or misuse of this information.