Northeast Ohio

Real Estate

June 20, 2025

Happy Friday!

Hope you're doing well and had a great week!

Thank you for checking out this email. If you have any questions, please don't hesitate to reach out. Enjoy the weekend!

-Pat

While National Home Prices Slow, Cleveland Stays Hot

Nationally, home price growth is cooling—but Cleveland is bucking the trend. In April, home prices in Greater Cleveland jumped 10.5% year-over-year, fueled by tight inventory and a steady local economy.

According to new data from Homes.com, price growth across the U.S. continued to slow last month, rising just 1.3% compared to the previous year. That marks the fourth straight month of deceleration since the market peaked at 5.6% growth in late 2024.

In dollar terms, the median price for all home types—single-family homes, townhomes, and condos—was $385,000 in April, only $5,000 higher than the same time last year. It’s a notable shift from the rapid appreciation seen in recent years and a sign the national market may be gradually shifting from a seller’s market to a more balanced—or even buyer-friendly—environment. Increased inventory is also giving buyers more options.

But here in Northeast Ohio, it’s a different story. Homeowners continue to gain solid equity year after year, while buyers benefit from more affordable entry points compared to many other parts of the country. The result? A rare “win-win” moment: sellers still have a strong opportunity to capitalize on demand, and buyers can succeed with the right strategy and guidance.

If you’re considering making a move—or know someone who is—I’d love to help you navigate this evolving market. Let’s connect!

Mortgage News

· Inflation is Cooling: CPI data shows inflation slowing to about 2.4% annually. That's typically a sign the Fed could begin cutting rates.

· The Labor Market is Still Strong: Unemployment remains low at 3.8%, and job growth is steady — giving the Fed reason to stay cautious.

· Trade Tensions Heating Up: Proposed tariffs and ongoing supply chain issues are keeping inflation risks on the table.

· Bond Yields Reflect Uncertainty: The 10-year Treasury is holding around 4.40%, signaling the market's uncertainty about where rates are headed.

The takeaway? We may not see much movement in rates right away, but we're watching key indicators closely. Markets forecasting September as the the next Fed Rate Cut. (Forecast is always changing)

Today's mortgage rates

Here are the current mortgage rates, according to the latest

data:

30-year fixed: 6.73%
20-year fixed: 6.38%
15-year fixed: 5.96%
5/1 ARM: 6.90%
7/1 ARM: 6.88%
30-year VA: 6.34%
15-year VA: 5.68%
5/1 VA: 6.26%

CLICK HERE TO SEE A LIST OF MY BUYERS AND SELLERS AND THEIR CURRENT NEEDS

LISTINGS OF THE WEEK

It's been a busy week at Barmann Homes! Excited to bring these two new homes to market. Who do you know looking for a wonderful maintenance free option? Let me know!

1569 E 118th St B,

Cleveland, OH 44106

$439,900

Experience elevated city living in this sleek and stylish townhome, perfectly situated in one of Cleveland's most dynamic and walkable neighborhoods. Overlooking Case Western Reserve University, you can catch a baseball game from the comfort of your own home-arguably the best seat in the house! Just steps from Cleveland Clinic, University Hospitals, Little Italy, and some of the city's best museums, this home offers unmatched access to culture, education, and innovation. Designed with modern living in mind, this spacious multi-level unit features an open-concept main floor with soaring ceilings, oversized windows, and rich hardwood floors that bathe the space in natural light. The chef's kitchen is both functional and timeless, featuring stainless steel appliances, elegant countertops, abundant cabinetry, and a generous island that makes meal prep and entertaining a breeze. Upstairs, discover well-appointed bedrooms, including a luxurious primary suite with a spa-inspired bathroom and walk-in closet. A versatile bonus room provides the perfect space for a home office, gym, movie room, or guest suite. One of the home's most impressive features is the private rooftop deck-an ideal retreat for morning coffee, evening cocktails, or simply taking in the tree-lined views and surrounding green spaces. This home is loaded with thoughtful, high-end touches including a custom exposed brick wall, extensive storage (a rare find!), and convenient second-floor laundry near the primary suite. ALSO available for rent!

LISTING LINK

3212 Richmond Rd, Beachwood, OH 44122

$369,900

Welcome to 3212 Richmond Road - an exceptional home nestled in the heart of Beachwood, offering the perfect blend of refined elegance, modern convenience, and low-maintenance living. Ideally situated just moments from the East Side's premier shopping, acclaimed dining, and world-renowned medical institutions, this thoughtfully designed residence caters to those who appreciate upscale living without compromise. Step inside to discover over 2,000 square feet of light-filled living space, where soaring ceilings, expansive windows, and a seamless open-concept layout create a warm and inviting ambiance. The spacious living area flows effortlessly into the gourmet kitchen - a chef's haven featuring quality stainless steel appliances, stunning countertops, a generous center island with bar seating, and timeless cabinetry that pairs beauty with function. The luxurious first-floor primary suite is a private retreat, complete with a spa-inspired ensuite bath featuring dual vanities, a soaking tub, a glass-enclosed shower, and a spacious walk-in closet. A second generously sized bedroom offers flexibility for guests, a home office, or whatever suits your lifestyle, with abundant closet space and serene surroundings.

LISTING LINK

Pat Barmann

pat@barmannhomes.com

KWOhio.com

216.990.5719