Cleveland homes are selling much faster than national average
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Cleveland area homes spent a median of 33 days on the market before going under contract in December, data shows.
Why it matters: Earlier this year, U.S. houses were selling at the slowest pace since March 2020, Redfin reports.
- But Cleveland's houses are getting gobbled up 16 days quicker than the national average.
The big picture: "Homes are taking a long time to sell largely because housing costs are so expensive — but for buyers who can afford it, there are a fair amount of homes to choose from," Redfin's Dana Anderson wrote in the report.
Reality check: Sales are still moving fast in relatively affordable parts of the country where competition is hot, Zillow senior economist Orphe Divounguy tells Axios.
- That's Cleveland's music.
What's next: As inventory continues to climb nationally, house hunters could gain negotiating power.