Cleveland's luxury homes are still a bargain

Zoom in: The 2026 median sale price is $833,228 for a local luxury home (those priced in the top 5% of the market), according to new Redfin data.

• Only Detroit has a lower median price.
• Pittsburgh, Cincinnati and San Antonio are the only other metros with median prices under $1 million.

Yes, but: Cleveland's year-over-year median luxury sale prices are up 11%, far higher than the national median increase (4.7%).

The big picture: Across the country, demand and prices for luxury homes are rising faster than for middle-market houses.

• This is the "K-shaped economy" in action, where high earners are thriving while everyone else stagnates or falls behind.

Reality check: Mayor Justin Bibb has acknowledged to Axios that even though Cleveland may technically be affordable, many homes are still out of reach for residents without stable, good-paying jobs.

• The United Way of Greater Cleveland released a report last month showing over 40% of Cuyahoga County households cannot consistently afford basic necessities and are "one unexpected expense away from crisis."