October 3, 2025

Cleveland Home Prices Surge, Affecting Affordability

News Summary

Cleveland’s housing market has seen a significant increase in home prices, with the average cost now at $440,000 and starter homes approaching $300,000. This trend reflects a growing issue of affordability for many potential homebuyers. Properties listed below $500,000 remain attractive in a sluggish market, even as national housing trends indicate a lack of affordable options. Factors such as a revival in manufacturing have contributed to rising home values, making Cleveland one of the more affordable major markets compared to others across the U.S.

Cleveland

Home prices in Cleveland have surged significantly, reflecting a broader trend that has made homeownership increasingly unattainable for many Americans. A recent analysis reveals that the average home price in Cleveland has reached $440,000, with starter homes nearing $300,000. This trend follows a period where spending $500,000 on a house was considered common for high earners, with the typical U.S. home priced at $159,000 in 2014 and starter homes averaging $101,000.

The housing market in Cleveland is currently described as sluggish, especially when compared to previous years during the spring and summer buying seasons, which are typically bustling. In many major cities, homes priced around $500,000 provide limited options, necessitating a search for alternative markets.

Cleveland stands out as a city worth exploring for homebuyers seeking listings below $500,000. A recent search conducted by Redfin Real Estate has identified several potentially appealing options within the city. These listings include:

13532 Elbur Ln, Lakewood, OH 44107 – $499,500 – 6 bedrooms, 3 bathrooms, 3,284 square feet.
28744 Woodmill Dr, Westlake, OH 44145 – $500,000 – 5 bedrooms, 3 bathrooms, 3,026 square feet.
2165 Stony Hill Rd, Hinckley, OH 44233 – $499,900 – 5 bedrooms, 3 bathrooms, 2,716 square feet.
4872 Leavitt Rd, Lorain, OH 44053 – $500,000 – 5 bedrooms, 3 bathrooms, 1,837 square feet.

Additionally, several other properties in the $499,000 to $500,000 range offer various options in terms of bedroom and bathroom counts. Cleveland has earned recognition as the second most affordable major housing market in the world, with a median multiple of 3.3, slightly trailing behind Pittsburgh, the most affordable major housing market at 3.2.

According to a report from Chapman University, none of the 95 major housing markets analyzed are considered affordable, highlighting a national trend. The U.S. median multiple was 4.8 in Q3 2024, indicating a slight improvement from previous years but still falling short of affordability.

Ohio’s housing trends, including those in Cleveland, have been positively influenced by a revival in manufacturing, which has attracted new jobs and investments to the area. Year-over-year price gains in Cleveland have often reached double digits, reinforcing the city’s reputation for rising home values. In the past, stagnant prices were largely attributed to wealthier sectors and a lack of population growth. However, renewed interest and investment in the Cleveland housing market are changing that dynamic.

The state’s strategic efforts to attract manufacturing jobs have contributed to the increase in home prices in Cleveland, although they remain significantly lower compared to many other regions across the United States. This highlights a noticeable contrast in housing affordability within Cleveland in the context of the continuing rise in prices in the national market, where many potential buyers are being priced out.

As Cleveland continues to attract investment and jobs, the housing market will likely remain an important topic for prospective homebuyers, especially those looking for options under $500,000.

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Additional Resources

Author: STAFF HERE CLEVELAND WRITER

CLEVELAND STAFF WRITER The CLEVELAND STAFF WRITER represents the seasoned team at HERECleveland.com, your premier source for actionable local news and information in Cleveland, Cuyahoga County, and beyond, delivering "news you can use" with in-depth coverage of product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news impacting the region—backed by years of expert reporting and robust community input, including local press releases and business updates, while providing top reporting on high-profile events like the Rock and Roll Hall of Fame inductions, Cleveland International Film Festival, and holiday parades, alongside key organizations such as the Cleveland Clinic, Cleveland Orchestra, and Great Lakes Science Center, plus leading businesses in manufacturing and healthcare like Sherwin-Williams and University Hospitals, and as part of the broader HERE network including HEREDayton.com, offering comprehensive, credible insights into Ohio's vibrant landscape. HERE Cleveland HERE Dayton

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