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Cleveland-Elyria, OH housing market
Housing market indicators
| Indicator | 2022 | 2023 | 2024 | 2025* | Change | 2022 | 2023 | 2024 | YTD |
|---|---|---|---|---|---|---|---|---|---|
| Median Listing Price per Square Feet | $115 | $126 | $143 | $143 | 4.5% | 9.6% | 13.5% | 0% | |
| Active Listing Count | 3,005 | 2,901 | 3,007 | 3,007 | 17% | -3.5% | 3.7% | 0% | |
| Median Days on Market | 55 | 51 | 55 | 55 | 3.8% | -7.3% | 7.8% | 0% |
* last available value
Home prices
Short term housing supply drivers
Long term housing demand drivers
Long term housing supply drivers
Note: 12M MA - 12 months moving average, Permits - New Private Housing Structures Authorized by Building Permits. Source: FRED
Housing market overview
Cities/Towns Included in Cleveland-Elyria, OH MSA
| Area | City/Town | Population | Density | Income (high/low/...) | Quality of Schools (GreatSchools rating range) | Crime Level | Property Tax (%) | Comments |
|---|---|---|---|---|---|---|---|---|
| Core Urban | Cleveland | 372,624 | High (5,000+/sq mi) | Low ($40k median HH) | 3-6 | High | 2.2% | Declining population, industrial legacy |
| Core Urban | Parma | 81,146 | High (4,800/sq mi) | Medium ($60k) | 5-8 | Medium | 2.1% | Suburban, working-class |
| West Side | Lorain | 65,211 | Medium (3,200/sq mi) | Low ($50k) | 4-7 | High | 1.8% (Lorain County) | Lake Erie port, manufacturing |
| West Side | Elyria | 52,656 | Medium (2,900/sq mi) | Low-Medium ($55k) | 4-7 | Medium-High | 1.7% | Lorain County seat, slight growth |
| East Side | Lakewood | 50,942 | Very High (9,000/sq mi) | Medium ($65k) | 6-8 | Medium | 2.3% (Cuyahoga) | Dense suburb, young professionals |
| East Side | Euclid | 49,692 | High (4,200/sq mi) | Low-Medium ($58k) | 4-6 | High | 2.3% | Aging housing stock |
| East Suburbs | Mentor | 47,450 | Medium (2,200/sq mi) | High ($85k) | 7-9 | Low | 1.5% (Lake County) | Family-friendly, stable |
To view all table columns, please open this table on a laptop or desktop screen.
- Cleveland-Elyria MSA spans five counties: Cuyahoga, Lake, Geauga, Lorain, Medina; total population 2.08M in 2022.
- Key regions: Core urban (Cleveland), west side (Lorain-Elyria), east suburbs (Mentor, Lakewood), south suburbs (Parma).
- Urban areas dominate with 93% population; rural pockets in Geauga, Medina.
- Density highest in Lakewood, lowest in outer suburbs.
- No local personal income taxes beyond Ohio state 0-3.99%; column omitted.
- Property taxes effective rates 1.5-2.3% across counties.
- GreatSchools ratings based on typical ranges; crime levels per FBI data trends.
Citizens: Income and Education
- Median household income $66,481 in 2022, up 8.42% from prior year.
- Median age 41.4; 68.4% White, 19.1% Black, 2.78% multiracial, 2.37% Hispanic White, 2.36% Asian.
- Per capita income around $35,000; poverty rate 14-16% MSA-wide, higher in Cleveland (30%+).
- Education: 30% bachelor's or higher MSA; Cleveland city 17%, suburbs like Mentor 40%+.
- High school graduation 90%; workforce skilled in trades, lower college attainment vs national 35%.
- Income disparity: East suburbs high ($80k+), urban core low ($45k).
Key Economic Sectors
- Healthcare dominant: Cleveland Clinic, University Hospitals employ 100k+, 20% workforce.
- Manufacturing: 12% employment, auto (Ford, GM), metals, appliances in Lorain, Elyria.
- Education: Case Western Reserve, Cleveland State, community colleges.
- Financial services: KeyBank, Progressive Insurance headquarters.
- Logistics: Port of Cleveland, airport, rail hubs.
- Retail and government: Stable but shrinking.
- Decline in steel, population loss -0.226% 2021-2022.
Housing Buying Market: Supply Drivers
- Zoning: Suburban openness in Medina, Geauga for single-family; Cleveland strict historic districts limit density.
- Regulatory strictness: Moderate; Ohio streamlined permits, but union labor raises costs 10-15% above national.
- Construction workforce: Available, costs $40-50/hr skilled labor; shortages in electricians.
- New supply low: 5,000 units/year vs 10k needed; aging stock 60+ years old dominant.
- Land availability: Abundant in suburbs, constrained urban infill.
- Material costs elevated post-2022, slowing multifamily.
Housing Buying Market: Demand Drivers
- Migration: Net out -5k/year; in from Rust Belt, out to Columbus, Florida.
- Growing industries: Healthcare +2%/year adds 10k jobs; tech/biotech at Cleveland Clinic driving east side demand.
- Remote work boosts suburbs; Lakewood, Parma see young buyer influx.
- Declining: Manufacturing -1%/year, reduces west side demand Lorain/Elyria.
- Affordability draws first-time buyers; median home $200k vs national $400k.
- Low rates expected 2025 spur demand +3-5%.
Key Challenges on the Housing Market
- Aging infrastructure: 40% homes pre-1960, lead pipes, flood risks Lake Erie.
- Low inventory: 2 months supply, bidding wars urban/suburban.
- Depopulation: MSA flat 2.08M, urban decay Cleveland -1%/year.
- Affordability stress: Property taxes rising 5%/year, insurance up coastal areas.
- Crime disparities: High in Cleveland, Euclid deters families.
- Workforce housing gap: Nurses, teachers priced out core.
- Environmental: Lake Erie algae, industrial brownfields slow development.
Investment Potential Differences Between Geographic Areas/Regions
| Area | Appreciation Potential | Risk | Key Drivers |
|---|---|---|---|
| East Suburbs (Mentor, Willoughby) | High | Low | Healthcare growth, low crime, top schools, new builds |
| Lakewood | High | Medium | Young buyers, urban revival, density value-add |
| South Suburbs (Parma, Strongsville) | Medium | Low | Stable families, affordability, highway access |
| Core Cleveland | Medium | High | Reinvestment, low entry price, but crime/vacancy |
| West Side (Lorain, Elyria) | Low | High | Job losses, flooding, aging population |
- Overall MSA appreciation 4-6%/year past 5 years, suburbs outperform urban 2x.
- East side potential from biotech; west risks industrial decline.
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