The Cleveland, OH metro area housing market in February 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price has increased to $218,000, marking a 6.3% rise year-over-year (YoY). This upward trend in sales prices is mirrored by the Median List Price, which stands at $225,000, reflecting a more modest YoY increase of 2.5%.

Price Per Square Foot has seen a significant rise, with the median Price Per Square Foot reaching $150.81, up by 11.2% YoY. Similarly, the Median List Price per square foot has increased to $155.37, a 10.4% YoY growth. These figures suggest a strong demand for housing, driving up prices despite other market challenges.

However, the number of Homes Sold has decreased to 1,469, representing an 8.4% decline YoY. Pending Sales have also dropped to 2,074, a 13.2% decrease YoY. New Listings have fallen to 1,810, down by 11.3% YoY, indicating a tightening supply in the market.

Inventory levels have slightly decreased to 3,264, a 3.3% reduction YoY. Despite this, the Months of Supply have increased to 2.20, a 10.0% rise YoY, suggesting that homes are staying on the market longer. The Median Days on Market have increased to 40 days, a 5.0% rise YoY, further indicating a slowdown in the pace of sales.

The average sale to list ratio remains relatively stable at 98.1%, with a slight YoY increase of 0.1%. The percentage of Homes Sold above list price has slightly decreased to 31.3%, a 0.2% decline YoY. Price Drops have become more common, with 25.7% of listings experiencing a reduction, a 4.0% increase YoY.

Finally, the percentage of homes going off the market within two weeks has slightly decreased to 48.0%, a 0.1% decline YoY. This suggests that while some homes are still selling quickly, the overall market is experiencing a slowdown in activity.

In summary, the Cleveland, OH metro area housing market in February 2025 is characterized by rising prices and a decrease in sales activity. While demand remains strong, as evidenced by the increase in Price Per Square Foot, the decline in sales and New Listings indicates a more cautious market environment.