
Cleveland Market Trends & Statistics 2018-2019
In this section, you’ll learn about the top factors that make Cleveland one of the strongest real estate markets of 2019, including: job growth, population growth, and equity growth potential. Explore Cleveland’s housing market, population, and employment trends in the tabs to learn more.
Data Sources:
Cleveland property values are more affordable than other U.S. markets today
- In January 2018 the median price of 3 bedroom homes in Cleveland was $129,000. This is 36% lower than the national average of $202,000.
- In the neighborhoods where Real Wealth Network members invest the median price is only $103,650. This is 49% less than the average 3 bedroom home nationwide.
- This shows us that real estate in Cleveland is uniquely affordable, especially in the neighborhoods where Real Wealth Network members are investing.
There’s an opportunity to generate strong monthly income in Cleveland.
- In January 2018, the median monthly rent of an average 3 bedroom home in the U.S. was $1,427, which is 0.71% of the median purchase price of $202,000.
- In January 2018 the median monthly rent for 3 bedroom homes in Cleveland was $1,152, which is 0.89% of the purchase price of $129,000.
- In the neighborhoods where Real Wealth Network members invest, the median monthly rent of R.E.A.L. Income Properties™ is $1,168, which is 1.13% of the purchase price of $104,000.
- This shows us that there’s an opportunity to generate passive monthly cash flow in Cleveland at higher rent-to-purchase ratio than the national average.
Cleveland’s real estate market is more stable than many other U.S. markets today.
- In January 2012, median price of 3 bedroom homes in Cleveland was $105,000. This means that, in the last 6 years (Jan 2012 to Jan 2018), 3 bedroom homes in Cleveland have appreciated by over 15%. During the same period, 3 bedroom homes increased by 41% nationwide.
- Although the median price of 3 bedroom homes in Cleveland has appreciated less than the national average, there is still equity to be made in Cleveland at a consistent rate. Over the last 6 years, the annual growth rate has been 2.88%.
- This shows us that Cleveland is a more stable real estate market that offers investors a long term opportunity for growth with less risk.
- In January 2012 median rent of 3 bedroom homes in Cleveland was $1,068. This means that, in the last 6 years (Jan 2012 to Jan 2018), rents have risen by almost 8%. During the same period, 3 bedroom home rents increased by 17% nationwide.
- Although the median rent of 3 bedroom homes in Cleveland has risen less than the national average, there is still an opportunity to increase your rental income at a steady rate – for example, over the last 6 years, the annual rental growth rate has been 1.27%.
- This is another indication that Cleveland is more stable than other real estate market and that it offers investors long term income opportunities.