Cleveland Real Estate Market Trends and Statistics
In this section you will learn about the key factors that will make Cleveland one of the strongest real estate markets in 2019, including: job growth, population growth and capital growth potential. Check out Cleveland Housing, Population and Employment Market Trends tabs to learn more.
Sources of information:
Cleveland property values are cheaper 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 $ 202,000 national average.
- In neighborhoods where members of the Wealth Real network 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 particularly cheap, especially in neighborhoods where members of the Wealth Real network invest.
There is an opportunity to generate a strong monthly income in Cleveland.
- In January 2018, the average monthly rent of a 3-room home in the United States 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 $ 129,000 purchase price.
- In neighborhoods where members of the Wealth Real chain invest, the median monthly rent of real estate assets is $ 1,168, which is 1.13% of the purchase price of $ 104,000.
- This shows us that there is an opportunity to generate passive cash flow in Cleveland in relation to a higher-than-average national purchase rent.
The Cleveland real estate market is more stable than many other U.S. markets today.
- In January 2012 the median price of 3-bedroom homes in Cleveland was $ 105,000. This means that in the last 6 years (January 2012 to January 2018), homes with 3 bedrooms in Cleveland have been valued at over 15%. During that time, 3-bedroom homes grew 41 percent nationwide.
- Although the median price of 3-bedroom homes in Cleveland has been lower than the national average, Cleveland equity must still be made at a consistent rate. Over the past 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, the median rent for three-bedroom homes in Cleveland was $ 3. This means that in the last six years (January 1,068 to January 2012) rents have risen by almost 2018%. At that time, rent for 8-bedroom homes rose by 3% nationwide.
- Although the median rent for 3-bedroom homes in Cleveland has risen less than the national average, there is still an opportunity to increase rental income at a steady pace - for example, over the past 6 years, the annual rent growth rate has been 1.27%.
- This is another indication that Cleveland is more stable than the other real estate market and that it offers investors long-term income opportunities.