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Cleveland housing seeing growth in supply, demand still overwhelmingly high

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Posted at 7:24 AM, Aug 11, 2021
and last updated 2021-08-11 07:24:27-04

CLEVELAND — If you’ve been holding off on buying or selling your home, now may be the best time to take action and maybe even catch a break.

Since May demand for homes has been higher than the supply across Northeast Ohio, but the market is changing faster than expected.

“In the late spring, it was just a complete frenzy. There was so little inventory that everything went into multiple offers and it was not uncommon to have 10, 15, 20 offers on a property,” said Realtor Jessica Chodaczek with LoFaso Real Estate.

According to a July housing report by Realtor.com, new listings grew 11% across the nation as many metro cities posted double-digit gains, including Cleveland. The city up was more than 35% while trailing Columbus at nearly 43%. Still, Chodaczek says these new listings are going fast.

“The ones that are still selling the quickest and easiest and the highest prices are the ones that are in move-in ready condition that have been well cared for,” she said.

While the report shows volume is up in Cleveland’s metro area. and average prices are down overall, Chodaczek is seeing most home prices holding steady. If this trend continues, first-time buyers looking for smaller homes could catch a break.

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