Cleveland, OH Single Family Homes for Sale | realtor.com® (2024)

FAQs

What is the average price of a single family home in Cleveland Ohio? ›

The Cleveland housing market is somewhat competitive. The median home sales price in May 2024 has increased in the past 3 months to $132,000. That's up 20% and $22,000 higher than May 2023 of last year. That is higher than the Ohio state median home sales price of $259,500.

Ohio Housing Market Overview

In May 2024, home prices in Ohio were up 7.5% compared to last year, selling for a median price. On average, the number of homes sold was up 4.5% year over year and there were 12,503 homes sold in May this year, up 11,962 homes sold in May last year.

Median Sold Price

Based on all homes sold in the last 12 months. Homes in Cleveland have sold for 3.3% more than they did a year ago. Summary: The median home sold price in Cleveland was $159,971 in June 2024, up 3.3% from last year, and the median price per square foot was $96.

Find Your Luxury Home in Cleveland

The Cleveland suburbs of Bentleyville, Gates Mills, Pepper Pike, Moreland Hills, and Hunting Valley stand out as some of the most expensive communities in the region.

Sellers in Ohio — and everywhere — should be prepared to cover closing costs, or the expenses associated with finalizing the property sale. According to the most recent data from ClosingCorp, closing costs in Ohio average about 2 percent of the home's sale price (not including real estate commissions).

The current real estate market conditions in Ohio are becoming favorable for home buyers. Here's how: Lower Mortgage Rates: The interest rates for home loans have decreased to 7.05%, marking a decline from approximately 8% in the preceding year of 2023.

You'll find the best inventory of houses in spring. If you're after a bargain, consider searching for a house in late autumn or winter. Inventory is lower, but you have a higher likelihood of getting a house below the asking price.

In June 2024, the median listing home price in Cleveland, OH was $146K, trending up 27% year-over-year. The median listing home price per square foot was $106. The median home sold price was $99.5K.

The average Ohio home value is $231,604, up 7.3% over the past year and goes to pending in around 5 days.

Cleveland's housing expenses are 17% lower than the national average and the utility prices are 2% lower than the national average. Transportation expenses like bus fares and gas prices are 6% lower than the national average. Cleveland has grocery prices that are 5% higher than the national average.

How much does it cost to live in Ohio as a single person? ›

On average, a family of four needs just over $48,000 per year, while a single person needs around $13,730 annually to live in Ohio—though neither of these figures include the cost of housing. Keep in mind that living costs are 11% lower than the national average.