{"id":84624,"date":"2026-03-31T08:00:38","date_gmt":"2026-03-31T15:00:38","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=84624"},"modified":"2026-03-31T07:57:47","modified_gmt":"2026-03-31T14:57:47","slug":"cleveland-remains-a-beacon-of-affordability-for-homebuyers","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/cleveland-remains-a-beacon-of-affordability-for-homebuyers\/","title":{"rendered":"Cleveland Remains a Beacon of Affordability for Homebuyers"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">As many Americans consider buying a home this spring, they may want to take a closer look at the Cleveland metro area. Not only is it home to one of Redfin\u2019s latest and <\/span><span style=\"font-weight: 400;\">most unique<\/span><span style=\"font-weight: 400;\"> listings<\/span><span style=\"font-weight: 400;\">\u2014the Cleveland Cavaliers\u2019 <\/span><a href=\"http:\/\/redfin.com\/rocketarena\"><span style=\"font-weight: 400;\">Rocket Arena<\/span><\/a><span style=\"font-weight: 400;\">\u2014<\/span><span style=\"font-weight: 400;\">it\u2019s also one of the most affordable markets in the country.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The typical Cleveland home sold for $230,000 in February, the latest month for which data is available. Among the 50 most populous U.S. metros, only Detroit had a lower median sale price ($181,250).\u00a0<\/span><\/p>\n<p><iframe title=\"Midwest Markets Offer the Most Affordable Homes\" aria-label=\"Bar Chart\" id=\"datawrapper-chart-OOEc8\" src=\"https:\/\/datawrapper.dwcdn.net\/OOEc8\/9\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"559\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">window.addEventListener(\"message\",function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}});<\/script><\/p>\n<p><span style=\"font-weight: 400;\">Eight other Midwest locales<\/span><span style=\"font-weight: 400;\">, including fellow Ohio cities Columbus and Cincinnati, also ranked in the bottom 15 when it came to median sale price in February. This affordability is the beating heart of the <\/span><a href=\"https:\/\/www.theatlantic.com\/family\/2026\/03\/midwest-migration-sun-belt\/686468\/?gift=eTzv9UGTnitRuM72wwzcULQJpnxwWQjFIT2sxStQ0iY\"><span style=\"font-weight: 400;\">great Midwestern migration<\/span><\/a><span style=\"font-weight: 400;\"> that\u2019s been taking place since the pandemic\u2014a trend that Redfin\u2019s own chief economist, <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\"><span style=\"font-weight: 400;\">Daryl Fairweather<\/span><\/a><span style=\"font-weight: 400;\">, has joined in on.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWe initially left to avoid a smoke event from nearby wildfires,\u201d Fairweather said about her family\u2019s 2020 move from Seattle to Wisconsin. \u201cWe ended up staying in Wisconsin because we liked the simpler lifestyle, being close to family, and the lower cost of living. Remote work enabled me to keep my career, too.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Those interested in following a similar path to Fairweather may be wise to act sooner rather than later\u2014especially if Cleveland is their desired Great Lakes destination. Median home sale prices in the city have been growing at a much higher rate than the country as a whole since 2024; the year-over-year growth in Cleveland home prices was 4.6% as of February, nearly five times the 0.9% <\/span><a href=\"https:\/\/www.redfin.com\/news\/homebuyers-taking-their-time-2026\/\"><span style=\"font-weight: 400;\">nationwide rate<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Beyond general demand for affordable homes, another driver of Cleveland\u2019s rapid price growth is low inventory. The number of homes for sale in the area rose by only 0.5% year over year, the smallest positive change among major Midwest metros during the period.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Low inventory is also making Cleveland one of the fastest markets in the region. The typical home that went under contract there in February spent 44 days on the market. Warren, MI (42) and St. Louis (40) were the only other major Midwest metros where homes sold faster.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But despite these signs of heat, the Cleveland median sale price ($230,000) is still roughly half of the national median sale price ($429,259)\u2014further confirmation that the city is a beacon of affordability.<\/span><\/p>\n<p><iframe title=\"Cleveland Homes Remain Far More Affordable Than the National Median\" aria-label=\"Line chart\" id=\"datawrapper-chart-c57k7\" src=\"https:\/\/datawrapper.dwcdn.net\/c57k7\/5\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"449\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">window.addEventListener(\"message\",function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}});<\/script><\/p>\n<p><span style=\"font-weight: 400;\">Cleveland is also one of only a <\/span><a href=\"https:\/\/www.redfin.com\/news\/homebuying-affordability-improving-2026\/\"><span style=\"font-weight: 400;\">handful of U.S. metros<\/span><\/a><span style=\"font-weight: 400;\"> where the average household currently earns enough money to afford the median-priced home. <\/span><span style=\"font-weight: 400;\">What\u2019s more<\/span><span style=\"font-weight: 400;\">\u2014the margin between its median income ($76,912) and the amount needed to buy the typical home there ($66,725) is quite healthy at over $10,000.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Jerry Quade, a Redfin principal agent based in Cleveland, weighed in on what else makes the city\u2019s affordability unique: \u201cCleveland has simply always been an affordable place,\u201d he said. \u201cWe don\u2019t have big ups and downs like some markets in Texas or Florida or Las Vegas. Everyone says nothing is affordable anymore, but Cleveland is\u2014and it\u2019s just a nice place to live.\u201d<\/span><\/p>\n<h3><b>February 2026 Housing Market Highlights: Cleveland<\/b><\/h3>\n<p>&nbsp;<\/p>\n<table>\n<thead>\n<tr>\n<th><\/th>\n<th><b>February 2026<\/b><\/th>\n<th><b>Year-over-year change<\/b><\/th>\n<\/tr>\n<tr>\n<th><b>Median sale price<\/b><\/th>\n<th><span style=\"font-weight: 400;\">$230,000<\/span><\/th>\n<th><span style=\"font-weight: 400;\">4.6%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Pending home sales<\/b><\/th>\n<th><span style=\"font-weight: 400;\">1,938<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-7.6%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Homes sold<\/b><\/th>\n<th><span style=\"font-weight: 400;\">1,364<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-8.6%\u00a0<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>New listings<\/b><\/th>\n<th><span style=\"font-weight: 400;\">1,774<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-4.5%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Total homes for sale (active listings)<\/b><\/th>\n<th><span style=\"font-weight: 400;\">5,659<\/span><\/th>\n<th><span style=\"font-weight: 400;\">1.9%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Inventory<\/b><\/th>\n<th><span style=\"font-weight: 400;\">3,708<\/span><\/th>\n<th><span style=\"font-weight: 400;\">.5%<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Months of supply<\/b><\/th>\n<th><span style=\"font-weight: 400;\">2.7<\/span><\/th>\n<th><span style=\"font-weight: 400;\">0.2<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Median days on market<\/b><\/th>\n<th><span style=\"font-weight: 400;\">44<\/span><\/th>\n<th><span style=\"font-weight: 400;\">4<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Share of homes that sold above final list price<\/b><\/th>\n<th><span style=\"font-weight: 400;\">27.9%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-3.4 ppts<\/span><\/th>\n<\/tr>\n<tr>\n<th><b>Average sale-to-final-list-price ratio<\/b><\/th>\n<th><span style=\"font-weight: 400;\">97.7%<\/span><\/th>\n<th><span style=\"font-weight: 400;\">-0.4 ppts<\/span><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"text-align: center;\"><b>Pending sales that fell out of contract, as % of overall pending sales<\/b><\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">16.4%<\/span><\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">0.3 ppts<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><i><span style=\"font-weight: 400;\">This report is based on a Redfin analysis of MLS data across the 50 most populous U.S. metropolitan areas.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As many Americans consider buying a home this spring, they may want to take a closer look at the Cleveland metro area. Not only is it home to one of Redfin\u2019s latest and most unique listings\u2014the Cleveland Cavaliers\u2019 Rocket Arena\u2014it\u2019s also one of the most affordable markets in the country.\u00a0 The typical Cleveland home sold [&hellip;]<\/p>\n","protected":false},"author":13583,"featured_media":84627,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[27,8,763,45],"tags":[20],"dashboard":[],"coauthors":[766],"class_list":["post-84624","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-market-news","category-lifestyle","category-regional-trends","tag-housing-affordability"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Cleveland Remains a Beacon of Affordability for Homebuyers<\/title>\n<meta name=\"description\" content=\"Cleveland is also one of only a handful of U.S. metros where the average household currently earns enough money to afford the median-priced home. 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