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Cleveland Real Estate Market Update July 2022

Cleveland Real Estate Market Update for July 2022

Hey Cleveland, Rich Ganim here with the Cleveland Home Specialists, and this is your monthly real estate update. June was a Seller’s market! The number of for-sale listings was up 14.1% from one year earlier and up 26.1% from the previous month. The number of sold listings decreased 7.2% year over year and increased 7.8% month over month. The number of under contract listings was up 7.2% compared to the previous month and up 3.1% compared to the previous year.

The Months of Inventory based on Closed Sales is 1.1, up 22.3% from the previous year. That means that if not another home hit the market it would take just over a month until there weren’t any homes left for you to buy. The Average Sold Price per Square Footage was up 3.5% compared to the previous month and up 13.1% compared to last year.

The Median Sold Price increased by 7.2% from last month. The Average Sold Price also increased by 4.5% from last month. Based on the 6-month trend, the Average Sold Price trend is “Appreciating” and the Median Sold Price trend is “Appreciating”.

The Average Days on Market showed a downward trend, a decrease of 24% compared to the previous year. The ratio of Sold Price vs. Original List Price is 102%, which was the same compared to the previous year. Meaning that on average homes are selling for 2% over list price this year than they did last year.

As always the real estate market is hyper local to your specific neighborhood so if you’re wondering what your house is worth, give me a call at 440-781-1374 or visit us only at ClevelandHomeSpecialists.com

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