The Cleveland, OH metro area housing market in January 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price has decreased by 10.9% year-over-year, settling at $205,000. This decline contrasts with the Median List Price, which has increased by 10.0% to $219,900, indicating a potential gap between seller expectations and buyer willingness.

In terms of Price Per Square Foot, the market shows an upward trend. The median Price Per Square Foot has risen by 11.2% to $145.70, while the Median List Price per square foot has increased by 10.3% to $151.98. These figures suggest that while overall sales prices have dropped, the value attributed to each square foot of property has appreciated.

The volume of Homes Sold has remained relatively stable, with a slight increase of 0.3% year-over-year, totaling 1,480 homes. However, Pending Sales have decreased by 4.8%, indicating a potential slowdown in future transactions. New Listings have also declined by 3.2%, contributing to a reduced inventory, which is down by 6.2% from the previous year, now standing at 3,276 homes.

The Months of Supply, a critical indicator of market balance, has decreased significantly by 20.0% to 2.20 months. This reduction suggests a tighter market, potentially favoring sellers despite the drop in Median Sales Prices. The Median Days on Market remain unchanged at 40 days, indicating a consistent pace in the time it takes for homes to sell.

The average sale to list ratio has improved slightly by 0.4%, reaching 97.5%, suggesting that homes are selling closer to their list prices. However, the percentage of Homes Sold above list price has decreased by 1.0% to 27.2%, reflecting a possible shift in buyer leverage. Price Drops have increased by 5.5%, affecting 31.7% of listings, which may indicate sellers adjusting expectations in response to market conditions.

Finally, the percentage of homes going off the market within two weeks has decreased by 2.5% to 38.0%, suggesting a slight slowdown in the speed of transactions. Overall, the Cleveland housing market in January 2025 is characterized by a decline in sales prices amidst rising list prices and Price Per Square Foot, with a tighter inventory and mixed signals in buyer and seller dynamics.