PARMA, Ohio — Across the country, homes continue to sell at record speed and for record prices, as a housing inventory shortage continues.
Brian Barczyk just sold his house for double what he paid for when he first moved in back in 1998.
“Very few houses in Brunswick sell for over $400,000; now it’s happening left and right,” he said. “We had a line out the door at 7:30 in the morning for the open house. We ended up receiving 14 offers, 9 of which were 20-30% over the asking price.”
In Medina County, it’s no surprise homes continue to move fast; experts told News 5 it’s been that way for a while.
It's the other neighborhoods in Northeast Ohio that now share the home sales spotlight.
Data provided by Zillow, the online real estate marketplace, shows how homes in the Cleveland metro area are seeing a rise in value by more than 13%.
These zip codes all outperformed the metro area average and including places such as Parma, Parma Heights, South Euclid, Cleveland Heights, and Bedford:
|Zip Code||City||YoY % Growth|
Data provided by Zillow
Sam LoFaso serves as a Realtor in Northeast Ohio, and sees these increases firsthand.
“The housing shortage has helped the entire area gain,” he said. “In recent years, there would be 400 houses for sale in Parma. Right now, there’s 26. You’re seeing houses hit the market and go off the market as soon as they go live.”
MLS Now, a realty listing service serving Northeast Ohio, highlighted how much has changed already when it comes to home sale prices in 2021 compared to the same stretch of time in 2020.
In addition to rising home prices, the amount of time a home stays on the market is decreasing at a rapid pace.
Going forward, LoFaso told News 5 to expect these trends to continue, helping lift Cleveland in line with the rest of the Midwest.
“Where we live has always been an affordable market to live in,” he explained. “What we’re seeing is we’re starting to catch up with areas like Illinois, Indiana and Pittsburgh.”
An American dream for any homeowner looking to sell.