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Is the Cleveland Housing Market Hot?

Cleveland Housing Market

With everything that has happened over the course of the past 2 years, how has this impacted buying homes, rent prices, demand on homes, and time to sell? Let’s take a closer look at each of the categories and explain how things have changed and how they are expected to change in the future. 

Rent prices in Cleveland 

Since 2014, the median rent price has increased by roughly 15% from a median rent price of $1,103 to a median rent price of $1,212. Compared to the national averages over this same period, the rent cost in Cleveland is much lower than in other areas across the country. The median rent price for the entire United States from 2014 to 2020 increased by 23%. This indicates that the Cleveland market is more stable which provides a number of benefits to owners, renters, and investors. 

Demand for Homes in Cleveland

When looking at the demand for homes in Cleveland, Ohio, we should explore the competitiveness of the market. With the way, things currently sit, the market is somewhat competitive. The average home in Cleveland goes for about 3% below the list price and typically takes 30 days to enter a pending status. For hotter homes, they tend to go at about 3% above list price and enter pending status in as a little as 9 days. 

Home Relief Providers

When it comes to selling a home or property, there are a number of reasons why one might be selling. A few of the common reasons we see include: downsizing, relocating, inheriting the home, upsizing, vacant properties, or even damaged properties. We also understand that selling can be a lengthy and stressful process to navigate which is why have made our process simple and straightforward. All you need to do is share some information about the home with us and we will make an offer on the home within just a few days. Once you have the offer, we put the power in your hands to choose the terms so that your needs are met. 

Regardless of the situation, we oftentimes do not require any repairs to be made to the home before selling which is another thing that sets us apart from the traditional real estate agencies who come with a lot of red tape and requirements. 

If you want fast, easy, and stress-free when selling your home, get started with us today in a matter of minutes and get an offer in a matter of days! 

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