Happy new year! Although 2021 has been challenging for many, it’s time to start a new chapter. If you are planning on investing or selling your real estate property in Cleveland, Ohio this 2022, check out our housing market forecast below. For more information about Cleveland real estate, don’t hesitate to get in touch with me at 440.823.2448 or michellemcquade(at)howardhanna(dotted)com.
The state of the market
2021 had its ups and downs, but for Cleveland real estate, it was a good year. The market ended the year on a great note, with the year-on-year median list price up by 6.4% in October. Homes for sale in Cleveland, on average, sold for about their original asking price and also spent a relatively short time on the market—57 days.
Cuyahoga County as a whole also had a great year. By August of last year, the market saw a total of 1,728 homes sold across the county. This represented a 2.4% increase from 2020 figures. Around the same time, the median price was $194,250 while the average sales price clocked at $240,326. Homes stayed on the market for an average of 38 days within that period.
In Chagrin Falls, 2021 ended with higher home prices and a slightly better inventory. The median price was $450,000, which was an impressive 23.3% increase from last 2020. Homes for sale in Chagrin Falls spent more time on the market, however, and averaged 42 days compared to 2020’s 37 days. About 51 homes were sold in the community, which is a 30% year-on-year boost.
What to expect in 2022
Real estate experts all agree that 2022 seems to be in Cleveland real estate’s favor. Cuyahoga County, which saw an overall 18% increase in home values, will likely see even higher numbers this year. The same goes for the Cleveland metro area, where home values climbed by 25.1%.
Things also look optimistic for Chagrin Falls real estate this year. We expect the market to still be competitive. There still may be some hurdles regarding the local housing stock, making the market favor sellers more. If you are selling your Chagrin Falls, it’s highly likely that you’ll receive multiple offers on your property. Furthermore, you may be able to sell your home for at least 3 to 5% over your original asking price if you play your hands right.
But if you are buying a home in Chagrin Falls or other parts of Northeast Ohio, competition is unavoidable. To increase your chances of finding your dream home in Chagrin Falls and anywhere else in Cuyahoga County, get a mortgage pre-approval from your preferred lender or banker. Better yet, consider including a larger down payment with your offer.
Everything’s possible with a Cleveland Realtor by your side
2022 might be the year you finally buy your dream home or sell your property in Cleveland and Northeast Ohio. And with a local Realtor by your side, the odds are in your favor.
Learn more about your real estate opportunities in Cuyahoga County this year with me, Michelle McQuade. Call at 440.823.2448 or send me an email at michellemcquade(at)howardhanna(dotted)com today!