Cleveland, Ohio Real Estate Market Update – February 2025

Cleveland, Ohio Real Estate Market Update – February 2025

Cleveland, Ohio Real Estate Market Update – February 2025


Cleveland’s real estate market in February 2025 continues to reflect shifting economic trends, fluctuating mortgage rates, and evolving buyer demand. Whether you're a homebuyer, investor, or seller, understanding the latest data can help you make informed decisions.


Current Market Overview

As of February 2025, the Cleveland housing market remains moderately competitive, with a balanced dynamic between buyers and sellers. Inventory levels have increased slightly, providing more opportunities for buyers, while home prices remain stable, driven by steady demand.


Key Market Trends:

✔ Median Home Price: $235,000 (a 2.8% increase year-over-year)
✔ Average Days on Market: 49 days (slightly longer compared to January 2025)
✔ Active Listings: 3,850 homes (5% increase from last month)
✔ Median Rent: $1,650 (stable compared to Q4 2024)
✔ Mortgage Rates: 30-year fixed rates hovering around 6.5%-6.8%


Cleveland Real Estate Market Segments
Market Segment
Median Price
Avg. Days on Market
Price Trend
Single-Family Homes
$245,000
52 days
+3.1% YOY
Condos & Townhomes
$205,000
47 days
+2.4% YOY
Luxury Properties
$750,000+
68 days
+4.0% YOY
Investment Homes
$185,000
45 days
+1.8% YOY

The single-family home market remains strong, with demand from both local buyers and investors. Condos and townhomes are also gaining traction, particularly in downtown and lakefront areas.


Neighborhood Insights: Where to Buy in Cleveland
1. Downtown Cleveland – Urban Growth & Investment Opportunities

🏡 Best For: Professionals, young buyers, and investors
💰 Average Price: $275,000
📈 Market Trend: Rising demand for condos & mixed-use developments


Downtown Cleveland continues to attract buyers looking for modern high-rises, loft-style condos, and mixed-use properties. With new commercial developments and job growth in tech and healthcare, the area remains a solid choice for urban real estate investments.


2. Tremont & Ohio City – Historic Homes & Thriving Social Scene

🏡 Best For: First-time buyers, creatives, and professionals
💰 Average Price: $310,000
📈 Market Trend: High demand for renovated historic homes


Tremont and Ohio City remain some of the hottest neighborhoods for buyers who appreciate walkability, trendy restaurants, and historic charm. Demand for updated townhomes and renovated homes continues to push prices upward.


3. Lakewood – Lakefront Living & Suburban Appeal

🏡 Best For: Families, retirees, and waterfront buyers
💰 Average Price: $320,000
📈 Market Trend: Moderate price growth with steady appreciation


Lakewood is one of the most desirable lakefront communities, offering a blend of suburban tranquility and proximity to downtown. Properties near Edgewater Park and Lake Erie tend to appreciate the fastest.


4. Shaker Heights & University Circle – Luxury & Historic Estates

🏡 Best For: Upscale buyers, professionals, and investors
💰 Average Price: $450,000
📈 Market Trend: Stable with strong long-term appreciation


Shaker Heights and University Circle attract luxury buyers and professionals seeking proximity to Cleveland Clinic, Case Western Reserve University, and cultural attractions. Historic homes and new-build mansions dominate this upscale market.


Should You Buy or Sell in Cleveland in 2025?
For Buyers:

✔ More Inventory: Buyers have more options compared to last year.
✔ Lower Competition: Fewer bidding wars, meaning better deals.
✔ Rising Interest Rates: Buying now may prevent higher costs later.


For Sellers:

✔ Home Values Are Rising: Median home prices continue to appreciate.
✔ Stable Demand: First-time buyers and investors are still active.
✔ Proper Pricing Is Key: Overpricing may lead to extended time on the market.


Cleveland Real Estate Outlook for 2025

Cleveland’s real estate market remains strong and stable, with growing interest in both urban and suburban housing. Rising property values and increasing inventory create opportunities for both buyers and sellers. Investors are also keeping an eye on rental properties and new developments, making Cleveland a top Midwest market to watch in 2025.


Whether you're looking to buy, sell, or invest, now is the time to explore Cleveland’s evolving real estate landscape.


https://agentsgather.com/cleveland-ohio-real-estate-market-update-february-2025/

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