Cheap Homes For Sale in Cleveland OH | Zillow (2024)

FAQs

Are home prices dropping in Cleveland, Ohio? ›

The Cleveland housing market isn't that competitive. The median home sales price in July 2024 has decreased in the past 3 months to $127,500. That's up 9.4% and $11,000 higher than July 2023 of last year. That is higher than the Ohio state median home sales price of $260,500.

How should I pay? Cleveland, Ohio's cost of living is 9% lower than the national average. The cost of living in any area can vary based on factors such as your career, its average salary and the real estate market of that area.

Rocky River sits just west of Cleveland and along the banks of Lake Erie. It's considered one of the top spots for families, especially families who love outdoor activities. Rocky River proudly features beautiful homes, quiet and safe streets, and proximity to downtown's action.

The historically high interest rates averted buyers in 2023. But the easing inflation and stabilizing rates will bring back house hunters. Home Prices Will Continue to Rise: Home prices rose steadily in the top metros across OH YoY, reaching $265K in July 2024.

Cleveland lost an estimated 2,523 residents in 2022 and 6,477 in 2021. City estimates from the Census Bureau sometimes prove inaccurate later, but they are the only official numbers between the actual census every 10 years. Cleveland's population was 372,624 as of the 2020 census, the lowest total since 1890.

Beachwood. Beachwood is a highly-desirable suburb located in the eastern part of Cleveland. The town is known for its excellent schools and safe neighborhoods, making it a great place to raise a family. Beachwood is also home to some great shopping and dining options.

1. Broadview Heights. The safest neighborhood in the Cleveland metro area is Broadview Heights. This charming suburb of Cleveland has a population of 19,686, and stands out for its safe, tranquil streets.

Why is rent so expensive in Cleveland? ›

“It's just infuriating to pay more money for things that I can't even see reflected in the house.” “Lack of supply, when supply is limited, prices go up,” explained Sally Martin O'Toole, director of Building and Housing for the City of Cleveland, when discussing factors behind rising rents.

Real Estate Investment in Cleveland

Investors looking at the Cleveland real estate market can expect to find a landscape characterized by significant growth in home values, alongside a favorable environment for rental investments due to a higher rental yield compared to the national average.

Median Home Price

The median price of a home in Ohio as of April 2024 was $238,700, according to Redfin's monthly housing data. This is an increase of 4.7% from April 2023, accurately reflecting predictions of continually increasing housing prices in the state.

Cleveland will be one of the hottest housing markets in 2024, though we've slipped from the 2023 No. 2 spot, according to an annual Zillow report.

The Cleveland real estate market presents many opportunities for real estate investors. It's an affordable market with above-average appreciation and high demand for rental properties. Cleveland is also considered a low-risk market. As a result, the demand for housing is rapidly increasing.