What's Happening?
Cleveland, Ohio, is gaining attention as a 'refuge' market for homebuyers seeking affordability in a high-cost environment. According to the November 2025 Housing Trends Report by Realtor.com, while national
home prices have softened, Cleveland's market remains robust. The city's median list price held steady at $250,000 year-over-year, and the price per square foot (PPSF) increased by 4.5%, contrasting with the national average where PPSF fell by 1.0%. This trend highlights Cleveland's appeal to budget-focused buyers, with the city experiencing a 20.3% surge in PPSF since 2022, the highest among similar markets except Milwaukee. The report also notes a 6.6% increase in active listings year-over-year, with homes selling faster than the national average.
Why It's Important?
Cleveland's housing market is significant as it offers a viable option for buyers priced out of more expensive metros. The city's affordability and strong price appreciation make it attractive to those seeking long-term value. As mortgage rates rise, Cleveland's stable pricing and faster sales pace provide a buffer against broader market cooling. This trend underscores the importance of 'refuge markets' in the current economic climate, where affordability is a key concern for many buyers. The city's performance also reflects the broader resilience of the Midwest, which is the only U.S. region showing price growth amid national declines.
What's Next?
Cleveland's housing market is likely to continue attracting buyers seeking affordability, potentially leading to further price appreciation. As inventory remains tight and demand persists, the city could see continued growth in PPSF and stable listing prices. This trend may encourage more buyers to consider Cleveland as a viable alternative to pricier markets, further solidifying its status as a refuge market. Additionally, the city's performance could influence other Midwest metros to capitalize on similar opportunities, potentially reshaping regional housing dynamics.
