Zillow Ranks Cleveland Second Hottest US Real Estate Market for 2023

Cleveland came in second just behind Charlotte, North Carolina.

Cleveland - It's no secret that Cleveland dominates.
Just ask anyone who lives here.
But the city is in the national spotlight and earns high marks when it comes to the real estate market and people looking to buy a home.
The real estate site "Zillow" called Cleveland one of the hottest housing markets in the United States.
Cleveland ranks 2nd in the top 10.
Charlotte took first place.
Pittsburgh earned third place (full list: https://www.zillow.com/research/2023-hottest-market-31982/).
According to Zillow, factors behind the ranking include expected growth in home values, expected change in homeownership and job growth compared to new construction.
Local real estate experts say the mere publicity on a national scale is enticing potential homebuyers to invest and plant roots in Northeast Ohio.
Cleveland also gets a lot of attention because the city offers all the amenities at a fraction of the price of other major metropolitan cities, according to experts.
Drive through any neighborhood in Cleveland, and you'll likely spot one "for sale" sign after another.
Despite the economic uncertainty, the Northeast Ohio housing market continues to entice potential buyers.
Zillow looked at buyer demand, expected home value growth and affordability when it compiled the 2023 ranking.
"I guess it's great for Cleveland, right?" Matt Stevens said.
Berkshire Hathaway Stopper estate agent Sarah Halsey says the market has definitely gone through a period of transition, but the past eight years have been consistently busy, whether you're a first-time buyer, transitioning or looking to downsize as a retiree.
"I think people are still interested in the Cleveland market for a few different reasons. One is the cost of living. Two, the job opportunities. And three, the new housing developments."
Halsey says the market has evolved and created a more level and fairer playing field for everyone over the past year.
It's not like it was during the height of the pandemic, when realtors were getting multiple offers $50 over asking price and waiving home inspections, Halsey said.
Halsey says interest rates have also changed the game.
"The prices about a year ago, even less than a year ago, were about 2-3%. We've never seen prices this low, really. And now the rates are about 5-6%," Halsey said.
And as to why so many people are looking to settle here versus a year-round warmer climate–
"I understand that people need a reasonable price, and I would live in a place with my family that was like that," said Barbara Kosi.
Halsey says that although rents are high everywhere, they are manageable here.
And if you buy a house, your mortgage will probably be cheaper.
"The cost of living in Cleveland is significantly lower than other areas. That's 11 percent below the national average, and rent is 11 percent below the Ohio average, being a big city with a big body of water," Halsey said.
The median list price for a home in Cleveland is around $110-115.
Real estate officials say it's tempting first-time home buyers.
For the coolest or worst markets to buy a home – Zillow ranked San Jose, Minneapolis and Sacramento.