Cleveland, OH Metro Area Housing Market Analysis - September 2024
The Cleveland, OH metro area housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in the region stands at $230,000, reflecting a year-over-year decrease of 1.9%. This decline suggests a slight cooling in the market compared to the previous year.
Interestingly, the Median List Price remains relatively stable at $224,900, showing no significant change from the previous year. This stability in list prices, despite the drop in sales prices, indicates a potential gap between seller expectations and buyer willingness to pay.
On a per square foot basis, the market shows a different story. The median Price Per Square Foot has risen by 8.7% to $154.92, while the Median List Price per square foot has increased by 11.2% to $154.46. These increases suggest that while overall prices may be slightly down, the value of space is perceived to be higher, possibly due to demand for more efficient or desirable layouts.
The number of Homes Sold in September 2024 is 2,120, marking a 3.8% decrease from the previous year. Similarly, Pending Sales have decreased by 1.6% to 2,430. New Listings have also seen a decline, down 5.4% to 2,511, indicating a potential tightening of available inventory.
Inventory levels have remained relatively unchanged with a slight increase of 0.1%, totaling 4,199 homes. However, the Months of Supply have increased by 10% to 2.0 months, suggesting that while inventory is stable, the pace of sales has slowed, allowing for a slightly longer supply duration.
The Median Days on Market have increased by 4.0% to 22 days, indicating that homes are taking slightly longer to sell compared to the previous year. This could be a reflection of the market adjusting to the changes in pricing and buyer demand.
The average sale to list ratio has decreased by 0.5% to 99.3%, and the percentage of Homes Sold above list price has dropped by 4.5% to 39.8%. These figures suggest that buyers are gaining more negotiating power, and sellers may need to adjust their expectations accordingly.
Price Drops have increased by 4.0% to 32.4%, further indicating that sellers are adjusting their pricing strategies to align with market conditions. Additionally, the percentage of homes going off the market within two weeks has decreased by 5.0% to 52.2%, suggesting a slower pace in buyer decision-making.
Overall, the Cleveland, OH metro area housing market in September 2024 is characterized by a slight cooling in sales prices and volume, with a notable increase in Price Per Square Foot. Buyers appear to be gaining more leverage, and sellers may need to adjust their strategies to align with the current market dynamics.
