Categorized | Residential

Signs of Recovery Evident in Cleveland Housing Market

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The city of Cleveland was hit particularly hard by the housing crash, and has struggled to show any kind of recovery since its market entered a freefall. However, all signs are now pointing to the city starting to begin the recovery process.

 

For the first time in years, buyers are starting to buy residential properties at a strong rate. While the increase in prices has not exactly been at levels seen prior to the recession, there are some good signs of growth in the market. Inventory levels are declining. As inventory falls, buyers have no choice but to make a strong offer if they want a home. For the reason, many buyers are even paying the full asking price on homes.

 

Real estate agents have certainly benefitted from the improving market. They are finally seeing multiple offers on each home, and in some cases, are sometimes in the middle of bidding wars.

 

Investors have targeted the Cleveland market, as the general consensus is that the city’s residential real estate market has finally hit its bottom. While the market is still a long ways from complete recovery, it does look as if the process is starting to finally take place.

 

As inventory declines, economists are confident that housing prices will finally stop falling, and will eventually begin to rise. Northeast Ohio had struggled immensely over the past few years, and the overall outlook had been quite dismal in recent years. However, with inventory levels eight percent below where they were last year, and buyers competing for profits, the market may finally be seeing some recovery.

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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