It looks like the Cleveland real estate market 2019 is going to continue growing. With a strong economy and low interest rates, investor demand is high. What else does the new year have in store for the Cleveland housing market?
Cleveland Housing Market Predictions 2019
While some might say that the Cleveland real estate market is a part of the past, others know the true value that still lies within this city. How do they know that? They follow the market trends.
Cleveland Real Estate Market Trends
- Home prices are expected to continue rising steadily, but the Cleveland real estate market remains one of the cheaper cities for owning an investment property.
- The median home value in Cleveland is $54,400, according to Zillow. Home values have gone up 12.2 percent since last year and are expected to increase another 5.6 percent within the next year.
- Median homes sales have increased 8 percent ($6,700) over the past year.
- The median sales price has experienced a 6 percent year-over-year increase.
- The Cleveland real estate market has nearly a 4-month supply of houses for sale. It’s not as balanced as it could be, but it is better than most of the other hot housing markets which have about a 1 or 2 month supply.
As you can see, the major trends all point to a positive forecast for the Cleveland housing market in 2019.
Related: How to Stay on Top of Real Estate Market Trends
Airbnb Cleveland
With new regulations against short term rental properties coming out every day now, it’s important for real estate investors to stay up to date. Most of these new laws are specifically targeting online booking platforms like Airbnb and VRBO. Buying an investment property for Airbnb can prove quite complex if you haven’t read up on your city’s guidelines.
So what’s the latest news for Airbnb in the Cleveland real estate market? Well, you might have heard about a Cleveland councilman proposing a temporary ban on Airbnb back in March of 2018. Councilman Tony Brancatelli wanted to enforce laws which banned short term rentals in residential districts. A public hearing on his legislation hasn’t been scheduled yet, but he doesn’t believe it will get to the point of an actual ban.
Cleveland previously set short term lodging regulations in 2016 and has a tax-collection deal with Airbnb. This ensures that Cleveland’s 3 percent transient-occupancy tax on hotel rooms also gets collected for short term rentals of spare rooms, apartments, condos, and even entire houses.
Now, what does this mean for Airbnb investors in the Cleveland real estate market in 2019? Well, it’s against the law for an off-site real estate investor to operate a full-time Airbnb property in a residential area of Cleveland (without seeking a zoning change and other regulatory approvals). You are only allowed to host short term tenants in your primary residence all year long. However, hosts renting out more than 91 days in a year must pay $35 to add their homes to the city’s rental registry.
Related: Airbnb Regulations 2018: Invest in These Cities Where Airbnb Is Legal
Cleveland Housing Market Forecast: Mashvisor’s Data
Investing in Cleveland real estate could be a lot easier with some accurate and reliable data by your side. Mashvisor’s investment property calculator has summarized the main performance metrics for the Cleveland real estate market 2019. Our calculator includes data for all types of residential rental property so you have data on whatever type of Cleveland real estate you choose. We’ve gathered city-level data for the long term rental strategy (traditional):
- Median Property Price: $186,426
- Price per Square/Foot: $114
- Average Days on Market: 273
- Price to Rent Ratio: 13
- Monthly Traditional Rental Income: $1,202
- Traditional Cash on Cash Return: 1%
Because Cleveland is one of the hottest cities for investing in multi family homes in the Ohio real estate market, we’ve got data for that specifically. Check it out:
- Median Property Price: $117,402
- Price per Square/Foot: $56
- Average Days on Market: 59
- Price to Rent Ratio: 11
- Monthly Traditional Rental Income: $862
- Traditional Cash on Cash Return: 2%
To start your search for multi family homes for sale in the Cleveland real estate market, click here.
Related: How to Buy the Best Multi Family Real Estate Properties for Investing
Best Neighborhoods in the Cleveland Real Estate Market 2019
Before you start your search for Cleveland houses for sale, know where to look first. Our neighborhood analysis helped us put together a list of the most profitable neighborhoods for Cleveland rental property.
Because of the complexities involved with Airbnb investing in Cleveland, the following data is focused on long term rentals. Here are the top-performing neighborhoods in the Cleveland real estate market:
Brooklyn Centre
- Median Property Price: $72,950
- Price per Square/Foot: $43
- Monthly Traditional Rental Income: $829
- Traditional Cash on Cash Return: 4%
Jefferson
- Median Property Price: $88,182
- Price per Square/Foot: $71
- Monthly Traditional Rental Income: $900
- Traditional Cash on Cash Return: 3%
Old Brooklyn
- Median Property Price: $109,675
- Price per Square/Foot: $78
- Monthly Traditional Rental Income: $964
- Traditional Cash on Cash Return: 3%
Cudell
- Median Property Price: $99,463
- Price per Square/Foot: $68
- Monthly Traditional Rental Income: $759
- Traditional Cash on Cash Return: 2%
To start your search for Cleveland rental property for sale, click here.
How to Find Profitable Investments in the Cleveland Real Estate Market
Believe it or not, simply knowing where to invest is usually not good enough for making the best real estate investments in 2019. You need to use the best tool for the job to make sure you’re actually finding a profitable property. If you have a free Mashvisor account, you can use our Property Finder tool to locate listed properties that match your criteria in minutes.
We’ve already used our tool and found some top-performing properties currently listed for sale in the Cleveland real estate market. Check it out:
Property #1:
- Listed Property Price: $349,900
- Estimated Value: $332,718
- Traditional Cash on Cash Return: 15%
Property #2:
- Listed Property Price: $225,000
- Estimated Value: $215,503
- Traditional Cash on Cash Return: 15%
Property #3:
- Listed Property Price: $65,900
- Estimated Value: $62,055
- Traditional Cash on Cash Return: 14%
For more details on these investment properties and others in the Cleveland real estate market, click here.
Related: How to Find Investment Properties Using a Property Finder Tool