Cleveland, OH Metro Area Housing Market Analysis - November 2024
The Cleveland, OH metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes stands at $220,000, reflecting a decrease of 1.8% year-over-year. This decline suggests a slight cooling in the market compared to the previous year. In contrast, the Median List Price remains relatively stable at $219,900, showing no significant change from last year.
Interestingly, the median Price Per Square Foot has increased by 9.2% to $151.18, indicating a rise in property value on a per-square-foot basis. Similarly, the Median List Price per square foot has seen an even more substantial increase of 11.0%, reaching $150.84. These figures suggest that while overall sales prices have slightly decreased, the value of properties in terms of space has appreciated significantly.
The number of Homes Sold in November 2024 is 1,943, marking a 3.5% decline from the previous year. However, Pending Sales have increased by 4.0%, totaling 2,173. This rise in Pending Sales could indicate a potential uptick in future transactions, despite the current decrease in completed sales. New Listings have decreased by 5.8% to 1,919, which may contribute to the limited inventory levels, remaining unchanged year-over-year at 4,138 units.
The Months of Supply, a critical indicator of market balance, remains steady at 2.10 months, suggesting a continued seller's market. Homes are spending a median of 25 days on the market, a slight increase of 2.0% from last year, indicating a marginal slowdown in the speed of transactions.
The average sale to list ratio has improved slightly by 0.3%, now at 98.7%, suggesting that homes are selling closer to their asking prices. However, the percentage of Homes Sold above list price has decreased by 0.5% to 35.9%, indicating a slight reduction in competitive bidding situations. Price Drops have increased marginally by 0.2%, affecting 30.0% of listings, which may reflect sellers adjusting expectations in response to market conditions.
Finally, the percentage of homes going off the market within two weeks has decreased by 3.1% to 43.1%, suggesting a slower pace in the market's turnover compared to the previous year.
Overall, the Cleveland housing market in November 2024 exhibits a mix of stability and change, with certain indicators pointing towards a cooling trend, while others suggest ongoing demand and value appreciation in specific areas.
