Northeast Ohio Real Estate Market Update: What Buyers & Sellers Need to Know

The Northeast Ohio real estate market is always shifting, and if you’re thinking about buying or selling a home in 2025, you probably have questions like:

• Are home prices going up or down?
• Is it a buyer’s market or still a seller’s game?
• Will mortgage rates finally stop messing with everyone’s plans?

Let’s break down what’s happening in Cleveland, Akron, and the surrounding areas so you know what to expect this spring.

Current Market Trends in Northeast Ohio

The housing market in Cuyahoga, Summit, Geauga, Medina, and Lake counties has been through some wild ups and downs over the past few years. Here’s where things stand right now:

1. Home Prices Are Holding Steady—For Now

After the sky-high appreciation during the pandemic, home prices in Northeast Ohio have leveled off, but they haven’t crashed like some predicted.

• The median home price in the region sits around $190,000 - $230,000, depending on the county.
• High demand for well-maintained homes is keeping prices firm, while older homes needing updates may sit longer.
• Bidding wars still exist, but mainly in hot suburbs like Westlake, Hudson, Solon, Chagrin Falls and Rocky River.

💡 What this means for sellers: You can still get a great price—if your home is priced right and looks good.

💡 What this means for buyers: You won’t see crazy overbidding like 2021, but don’t expect deep discounts either.

2. Mortgage Rates Are Playing Games with Everyone

Interest rates have been the biggest wildcard in the market.

• As of early 2024, mortgage rates are hovering around 6.5% - 7.2% (up from the 3% glory days).
• Higher rates mean buyers can afford less, slowing the frenzy of the last few years.
• Some buyers are waiting it out, hoping for rate drops later in the year.

💡 For buyers: Get pre-approved and run the numbers. A 1% rate difference can mean hundreds more per month on your mortgage.

💡 For sellers: Price competitively—buyers are picky when their monthly payment is higher.

3. Inventory Is Still Tight, But Improving

For years, the biggest issue in Northeast Ohio was a lack of homes for sale. That’s still true, but we’re seeing a slight increase in inventory.

• More sellers are listing as they adjust to higher mortgage rates.
• New construction is picking up, but still not enough to meet demand.
• Well-priced homes in desirable areas are selling fast, while others may linger.

💡 For buyers: Be ready to act quickly on a good deal—but don’t be afraid to negotiate on homes that have been sitting.

💡 For sellers: If your home isn’t moving, re-evaluate pricing, staging, and marketing.

4. Suburbs Are Still the Hot Spots

Cleveland’s downtown market has seen slower demand, but suburbs are thriving. The most competitive areas include:

• West Side: Strongsville, Avon, Westlake, Lakewood
• East Side: Solon, Hudson, Shaker Heights, Beachwood
• South: Medina, North Royalton, Brecksville

💡 For buyers: The best deals might be in areas just outside the hottest suburbs.

💡 For sellers: If you’re in a high-demand suburb, you can still sell fast—if priced right.

What’s Next? Predictions for the 2025 Housing Market

🔮 Here’s what we expect in Northeast Ohio for the rest of 2025:
✔ Mortgage rates may drop slightly, but don’t expect them to hit 3% again anytime soon.
✔ Home prices will stay stable—no crash, but no huge appreciation either.
✔ More listings will hit the market, giving buyers more options.
✔ Sellers will need to price realistically—overpricing will lead to price cuts.

Should You Buy or Sell Right Now?

✅ Sell Now If:

• You have a move planned and don’t want to wait on rate changes.
• Your home is market-ready (clean, updated, and priced right).
• You’re in a high-demand area and can still get a strong offer.

✅ Buy Now If:

• You find a home you love and can afford at today’s rates.
• You’re tired of renting and want to start building equity.
• You’re willing to refinance later if rates drop.

Final Thoughts

The Northeast Ohio real estate market is still active, but different than the chaos of 2021-22. Sellers can still do well with the right strategy, and buyers have more choices than they did a year ago.

Thinking about selling your home or buying this year? Let’s chat! I’ll help you navigate the market and make the best move for your goals.