What age are Greater Cleveland Homes?

Cleveland's housing stock is unique when compared to the United States as a whole. With 22% of current housing stock being constructed before 1940 (the national average is a shade over 10%). Indeed, our housing situation is a little different than surrounding areas.

Why it matters: The slow pace of new housing construction over the past 50 years has created pent-up demand higher in Northeast Ohio than most of the country. Older homes provide an opportunity for first time buyers, real estate investors, developers, and more. This is part of the reason why it's so much more affordable to live here than most places!

State of play: Nearly one-quarter of the city's housing stock was built before 1940, per the latest census data. That's double the national average. And since the 1970s, new home construction has lagged behind the rest of the country.

The big picture: This opens the window for a remodeling wave, according to the National Association of Home Builders. Given existing supply constraints, this can be seen as a huge opportunity for the region. I have seen families build huge amounts of equity in the last few years. I have worked (and currently work) with investors from all over the country who are keen on the unique opportunity we have in this region.

The bottom line, this is a market where a homeowner can build equity quickly, renting often costs more than owning, and there are houses to be had for low numbers compared to the rest of the Midwest. Lastly, I always recommend a home inspection, and doubly so on older homes!

Anything I can help with real estate wise, please reach out.

-Pat