Greater Cleveland Registered Home Price Increases in the Third Quarter

Greater Cleveland, as well as more than 80% of metro markets, posted home price gains in the third quarter of 2023 as the 30-year fixed mortgage rate ranged from 6.81% to 7.31%.

The monthly mortgage payment on a typical, existing single-family home with a 20% down payment was $2,192 – up 19.2% from a year ago.

Homeowners have accumulated sizable wealth, with a typical homeowner gaining more than $100,000 in overall net worth since 2019 and before the height of the pandemic. However, the persistent lack of available homes on the market will make the dream of homeownership increasingly difficult for younger adults unless housing supply is significantly boosted

Compared to a year ago, the national median single-family existing-home price climbed 2.2% to $406,900. In the previous quarter, the year-over-year national median price declined 2.4%..

Although owning is more expensive than it has been, renters are also paying significantly more than a year ago. Inflation is a part of it, as well as the lack of new construction keeping pace with demand, and primarily the number of owners who feel "locked" into an interest rate below 4% who aren't selling.

It's still beneficial for many buyers to move forward in this market. And, it still makes sense for sellers due to limited inventory. If you have any thoughts of buying or selling before the New Year, there's still time for me to assist. Let me know if there's any goals I can help you meet in 2023!