What’s going on in the Cleveland real estate market as the winter season winds down? We may be headed for a shift in the market, and here’s why.
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As winter draws to a close, what’s going on in the greater Cleveland market?
Here in northeast Ohio, we’re in a seller’s market in all price ranges for homes under $400,000, meaning demand for homes is high and supply is low. The local market survived the recession from 2006 to 2011, and Ohio had its recovery years beginning in 2012. We’re back to pre-recession prices and values.
Interest rates have remained low, but have also gone up this year. They’re also predicted to go up over the next few years as supply continues to fall and demand for homes stays strong.
We’re back to pre-recession home prices in the Cleveland market.
Economists who study the national housing market are beginning to see a shift thanks to several factors like softening demand, businesses holding onto profits, new construction supply being low, and not being able to keep up with housing demand. Locally, this means we’re likely to experience a shift in the market. This means appreciation would slow down and demand would decline as we push into a buyer’s market.
If you’d like any more information about home values in your area or you’re thinking about buying a home, give us a call or send us an email. We’d love to help you out.