Cleveland home prices are surging
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Cleveland home prices climbed nearly 12% in April from a year earlier, the second-largest increase among the country's 50 largest metro areas.
Why it matters: The figures solidify Cleveland as one of the top seller's markets in the country with nearly 25% fewer sellers than buyers, which can create bidding wars.
The big picture: Thirty-eight of the 50 largest metros saw prices increase compared to a year ago, according to Redfin data.
- The only metro with a larger percentage increase than Cleveland was Newark, New Jersey (13%).
Zoom out: Prices are falling or barely changing in parts of Florida, Texas and other areas where more homes are available.
- Prices are mostly rising in the Northeast and Midwest.
Reality check: Home sales have slumped nationally during what's typically the busiest season.
- Still-high prices — they're up around 52% from 2019, per Redfin — and elevated mortgage rates sidelined many homebuyers, especially first-timers.
- Cleveland home prices are up 61% from 2019.
What we're watching: Redfin and Zillow forecast U.S. home prices will edge down by the end of 2025, while other experts expect a slow increase.