The Best Location in the Nation!

Today, the National Association of Realtors (NAR) released their second quarter report on median sale prices for existing single family homes in 183 metropolitan markets. It’s no surprise that low housing inventory, record low mortgage rates and high demand resulted in double digit price growth in 94% of survey’s metro markets. If you are a buyer in 2021, you know this story all too well. But, the real story is affordability in these markets and how Cleveland stacks up.

I looked at six markets that are either geographically close to Greater Cleveland or are often a relocation destination for Clevelanders. While the price of a single family home in Cleveland jumped 15.4% from the first quarter of 2021 to the end of the second quarter (June 30), of these six markets, it is still the most affordable metro area to purchase a home. Cleveland home prices actually had the smallest percentage increase of these six markets and Cincinnati saw the largest increase at 25%!

Predictions for the third quarter? I’ve definitely seen a shift in the market since July 1. The frantic pace of the first two quarters has calmed a bit. There seem to be fewer buyers and some homes are on the market slightly longer. NAR releases the third quarter report on November 10. We’ll see if the nationwide numbers indicate a shift. Meanwhile, now is a great time to explore Greater Cleveland’s housing market. Let’s start a conversation!