Cleveland Housing Market

Home prices in Cleveland increased faster than the national rate as inventory growth remained measured. Sales among lower-priced housing options increased year over year, suggesting price sensitivity among buyers.

Cleveland home sales declined by 0.1% year over year, a modest decrease compared to the 1.2% drop in national sales. Pricing pressures shaped buyer activity, and condo sales increased year over year, suggesting stronger demand for lower-priced housing options.

Soft demand was reinforced by weak demographic trends, as Cleveland’s population in 2025 was 0.8% below its 2020 level, according to the most recent U.S. Census Bureau estimates. Population growth outperformed in outlying counties. Lorain County’s population increased 3.1% from 2020, while Medina County expanded 1.3% over the same period. Suburbs in these counties accounted for a larger share of market activity, with communities such as Elyria, North Ridgeville, and Brunswick recording stronger home sales relative to the broader market.

Cleveland’s housing inventory increased 6.2% year over year, reaching its highest level for the month since 2020. Despite this increase, homes for sale in Cleveland remained well below pre-pandemic levels, ranking near the bottom among major U.S. markets for inventory.

Inventory growth was mid-range among major U.S. metros but ranked well below Midwest peers such as Pittsburgh and Columbus. Supply growth in Cleveland was concentrated in lower-priced segments, with condos and townhomes recording a higher percentage increase than single-family homes.

As supply remained tight, homes continued to sell relatively quickly. Median days on market held near 45 days, below pre-pandemic norms when listings typically remained on the market for more than 60 days, indicating steady absorption of new inventory.

Cleveland’s median home sale price increased 4.9% in May from a year ago, compared to the national growth rate of 1.8%. Midwest markets were well represented among the top 10 U.S. markets for price growth, which included Cleveland, Detroit, and Pittsburgh.

Cleveland recorded the lowest median sale price among the 40 largest U.S. markets, at $257,000. Prices increased across home types, with the strongest growth among condos, where the median sale price rose 18.9%, compared with a 4.4% increase for single-family homes.

The median home sale price in Cleveland increased by 4.9% compared to the same time last year, while the national median price rose by 1.8%.

Cleveland median home prices rose by $12,000 year over year on a nominal basis in May to $257,000. Meanwhile, the national median home price increased by $7,000 to $395,000.

Cleveland was the 40th highest-priced housing market among the top 40 largest markets last month. The Cleveland median home price of $257,000 was 34.9% below the national median home price. Cleveland's median home price in May compares to the market's peak of $268,000 recorded in July of 2025.

The median price of Cleveland single-family homes rose by $11,000 over the past year to $262,500, while the median townhome price grew by 4.2%, and the median condo price rose by 18.9%.

The number of homes for sale in Cleveland increased by 6.2% in May compared to the same time last year, while national homes for sale rose by 4.3%.

Cleveland homes for sale rose by 355 year over year in May to 6,127 homes for sale. Cleveland ranked 20th, on a percentage basis, for the annual change in the number of homes for sale among the top 40 U.S. markets in May.

Cleveland homes for sale were below their pre-pandemic levels in May. Cleveland homes for sale were 32.4% below the May 2019 total of 9,062.

Cleveland single-family homes for sale grew by 3.6% to 5,159 in May. In comparison, townhome homes for sale rose by 17.2% to 232, and condo homes for sale increased by 24.1% to 736.

The number of home sales in Cleveland decreased by 0.1% in May compared to the same time last year, while national home sales dropped by 1.2%.

Cleveland home sales experienced a minimal year-over-year change in May, with 2,211 sales closing, down from 2,214 in May 2025.

Cleveland ranked 16th for the annual change in home sales out of the top 40 U.S. markets in May on a percentage basis. This year's May decrease of 0.1% compares with the 3.4% year-over-year decrease in May 2025.

Cleveland single-family sales decreased by 0.3% in May to 1,925. In comparison, townhome sales fell by 2.9% to 68, and condo sales rose by 2.3% to 218.

For questions and commentary about this report:

Veronica Miniello, Associate Director of Market Analytics at CoStar and Homes.com, based in Cleveland, is available for interviews to provide expert insights on this data and the broader residential real estate market.

Veronica Miniello

Associate Director of Market Analytics

Homes.com

vminiello@costar.com

Homes.com releases preliminary figures on housing trends on a monthly basis. Although these numbers may change slightly once all transactions are accounted for, they provide an early indication of home price appreciation, inventory changes, and sales volume in Cleveland during May 2026.

For most markets, geographical coverage consists of the Census-defined Core-Based Statistical Area (CBSA). Data for San Francisco, Los Angeles, Miami, and New York is at the Metropolitan Division level.

Definition of Sale Prices

Median home price is the midpoint sale price of homes closed during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Inventory

Inventory is the number of unique active listings that were for sale during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Home Sales

The total number of closed home sales on the MLS during the month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

About the Homes.com Market Analytics Team

The Homes.com Market Analytics group is a team of experienced analysts embedded in nearly 30 markets across North America. These experts reside in and regularly visit the markets they cover, providing local expertise and a national perspective on all sectors of real estate: residential, office, industrial, retail, and multifamily.

About Homes.com Analytics Data

The Homes.com analytic data is compiled by the CoStar Analytics team, the largest and most experienced analytics team in the real estate industry. The team consists of over 50 economists, analysts, and data scientists, who collectively have more than 900 years of real estate experience and over 30 advanced degrees. Analysts on the team live in and around the markets they cover, enabling them to build deep local knowledge and unique insights.

The data set being used by the team is one of the most comprehensive and robust in the industry. It spans all 393 metropolitan markets, 542 micropolitan markets, and over 35,000 local neighborhoods in the U.S. The data set is sourced from almost 500 Multiple Listing Service (MLS) providers around the country, as well as public record data from each market, and is supplemented by proprietary data collected by CoStar's team of over 2,000 researchers. It includes a complete inventory of all homes in the U.S., including homes for sale, homes for rent, new construction homes, as well as sale comps and rent comps.