CLEVELAND, Ohio – A national study ranks the Cleveland-area 47th among the 50 largest metro areas as a housing market this year.
Bankrate, a financial comparison service, released its “2023 Housing Heat Index,” which included 212 metropolitan markets around the country. The study ranked these markets by hottest overall, coldest overall and the top 50 for both criteria.
Factors taken into account included one-year home appreciation, one-year of job and population growth, the number of active residential listings and median days listings stayed on the market.
This low ranking nationally comes despite a cleveland.com analysis showing the median home price in Cuyahoga County was up in April for the third consecutive month, and the median of $173,000 countywide topping the $158,600 median at the same time a year ago.
The Cleveland metro area, which is what was used for the Bankrate ratings, consists of Cuyahoga, Geauga, Lake, Lorain and Medina counties.
“Economic woes continue for Northern Ohio. Cleveland tied for 48th in unemployment and ranked 41st in job growth,” the study said.
The Bankrate study said the Southeast region has been seeing the hottest seller’s market, with Georgia, Tennessee, Florida and North Carolina with the strongest markets.
Among markets of all sizes, Gainesville, Georgia, north of Atlanta, took the top spot as a “hot” housing market.
Among the 50 largest metros, the top five were Charlotte, Nashville, Tampa, Dallas-Fort Worth, and Orlando.
The bottom five in this grouping – tagged as “cold” markets, were Portland, Oregon at 46th; Cleveland at 47th; Detroit at 48th; New Orleans at 49th; and Pittsburgh at 50th.
Megan Sims covers real estate for cleveland.com. See previous work at this link.
How hybrid work has changed the real estate market for both offices and apartments
Ohio City’s Vitrolite Building reopening with new businesses