Cleveland continues to stand out as one of the nation's most affordable major housing markets, with the typical home selling for $230,000 in February, among the lowest of the 50 most populous U.S. metros. Only Detroit's median of $181,250 was lower, according to a Redfin analysis.
Eight other Midwest metros, including Columbus and Cincinnati, also ranked in the bottom 15 for median prices. This affordability is fueling the ongoing Midwestern migration that has accelerated since the pandemic.
Cleveland's median sale price, while low nationally, is rising faster than much of the country. Year-over-year, prices grew 4.6% as of February, nearly five times the national rate of 0.9%. Limited inventory is helping drive this pace, with the number of homes for sale increasing just 0.5% year-over-year, the smallest gain among major Midwest metros.
Low inventory and steady demand are making Cleveland one of the fastest-moving markets in the region as well. Homes that went under contract in February spent a median of 44 days on the market, outpaced only by Warren, Michigan and St. Louis. Yet despite these signs of market heat, the city's median sale price remains roughly half the national median of $429,259, maintaining its reputation for affordability.
Affordability is further reinforced by local incomes. The typical Cleveland household earns $76,912, which is enough to cover the $66,725 needed to buy a median-priced home, leaving a comfortable buffer of more than $10,000.
Most affordable major housing markets were concentrated in the Midwest, according to median home sale prices. Following Detroit and Cleveland, Pittsburgh's median home sale price was $235,000 in February, St. Louis' median price was $269,000 and Philadelphia's was $280,750.
Other Midwest metros such as Cincinnati ($299,900), Warren ($300,000), Indianapolis ($300,000), Milwaukee ($329,900) and Columbus ($332,000) also rank among the 15 lowest-priced metros nationwide. Even Kansas City ($339,900) and Chicago ($360,000) fall below the national median, highlighting the region's enduring affordability relative to coastal and Sun Belt markets.
Notably, the list includes a few Texas metros, including San Antonio ($295,000), Houston ($325,000) and Fort Worth ($353,783), showing that pockets of affordability exist outside the Midwest.
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