Greater Cleveland Housing Market Predicted to be #8 in the US in 2024

A widely published analysis comparing the top 50 housing market in the United States has given Cleveland a top 10 ranking (#8). Ohio, as it seems, is trending well in the right direction, as Cincinnati and Columbus have also cracked the top 20% of report. The report is based on an analysis of forecast home value growth, recent housing market velocity and projected changes in the labor market, home construction activity and number of homeowner households.

Vaulting Cleveland to the top 10 is the number of jobs created compared to the number of new home construction projects being approved, the expectation for steady home values, and the speed in which homes being listed for sale are going under contract.

Home value growth slowed in 2023 overall in the US, fueled in large part by the highest mortgage interest rates seen since 2008. Only 15 of the 50 largest markets are expected to see home values grow in 2024, with Cleveland being on of them. Even the fastest-growing markets of 2023 are expected to see significant slowdowns in the year to come. 

The inflow of new listings in 2023 slowed dramatically from last year, keeping for-sale inventory at multi-year lows. It’s likely that these low inventory markets, in which buyers had the hardest time finding a home and homes generally sold very quickly in 2023, will continue to experience outsized demand (relative to supply) in 2024, compared to other markets.

Baby boomers and millennials represent two enormous generations, and both are very active in the housing market. Baby boomers are hardly exiting the market as they age, a departure from previous generations at the same age, and millennials are aging into their prime home buying years as they hit their early and mid-thirties. In 2024, only 14 of the 50 largest markets are expected to see homeownership rise, and one of those is Greater Cleveland.

The bottom line is we're in a great housing market locally. It's a great time to take advantage of the limited inventory and sell your home in 2024. With the recent decreases (and expected more dramatic decreases to come which will lead to a refinance boom), buying still is less expensive than renting for most people in Cuyahoga County. If you're considering making a move this year, I would love to chat to see if it makes sense to achieve your buying/selling/investing goals. Please reach out.

Lastly, 80% of my business comes through my network and referrals, Your referrals are the bloodline of my business and incredible appreciated. I promise to provide the best possible service and guidance to all of my clients, especially those who were referred to me. Who do you know who could use my expertise? Please let me know and I will reach out. Or, they can reach out to me. Thank you!