Cleveland is one of the few home seller's markets in the U.S.
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It may be a buyer's market in most of the U.S., but the real estate game in Cleveland currently favors sellers.
The intrigue: Cleveland is one of just seven seller's markets in the U.S. tracked by Redfin.
- There were an estimated 6,659 sellers to 8,855 buyers in the metro area as of April, or 24.8% fewer sellers than buyers — the fourth-highest percentage difference among seller's markets in the country.
The big picture: That goes against the norm with nearly 500,000 more home sellers than buyers across the U.S. housing market, the widest gap on record.
- There are 33.7% more sellers than buyers nationally. A year ago, sellers outnumbered buyers by just 6.5%, and two years ago, buyers outnumbered sellers.
Where it stands: The one-two punch of still-high home prices and high mortgage rates is making it hard for buyers, especially first-timers, to find a place they can afford.
- Add to that, the extreme economic uncertainty of 2025. Tariff news, layoff fears and, for many federal workers, layoff realities, are tamping down buyer demand.
The other side: Cleveland is uniquely positioned with a median home sale price that is 68% lower than the national average, according to Redfin.
- This despite local prices being up 3.6% over last year.
Zoom out: The other six seller's markets are Nassau County, New York; Montgomery County, Pennsylvania; New Brunswick, New Jersey; Newark, New Jersey; Providence, Rhode Island; and Baltimore, Maryland.
The bottom line: The balance of power in most of the U.S. housing market has shifted toward buyers, but in Cleveland, sellers still have the advantage.