Cleveland, OH, Stands Out as a 'Refuge' Market Ideal for Frugal Homebuyers

"Cleveland continues to rock and stand out as a popular place for prospective buyers looking for a bargain. The Realtor.com® November 2025 Housing Trends Report found that more and more buyers nationwide are seeking affordability in a high-cost, high-rate environment. But with national prices slipping and homes sitting longer on the market, more shoppers are redirecting their searches toward "refuge markets"- aka, traditionally lower-priced metros where each dollar goes further."

"Cleveland is one of the most viable opitions, showing some of the strongest long-term price-per-square-foot gains in the country. Cleveland's pricing power reveals strong demand The report puts Cleveland's median list price at $250,000 in November, holding steady year-over-year. Price per square foot, however, rose 4.5% over the same period-far stronger than the U.S. average, where PPSF fell 1.0%. Cleveland's affordability continues to attract budget-focused buyers, and the data shows how that demand is translating into price appreciation."

"Where Cleveland shines most is in its multi-year growth. Since 2022, PPSF has surged 20.3%, the highest long-term gain among the report's highlighted refuge markets except Milwaukee. This places Cleveland firmly in the group of metros seeing lasting benefits from the nationwide affordability squeeze. These cities were traditionally priced well below both national and regional medians, making them resilient even as mortgage rates climbed."

Cleveland's median list price is $250,000 in November, holding steady year-over-year. Price per square foot rose 4.5% year-over-year while the U.S. average PPSF fell 1.0%. Since 2022, PPSF in Cleveland surged 20.3%, the highest long-term gain among highlighted refuge markets except Milwaukee. Cleveland's affordability attracts budget-focused buyers and translates into sustained price appreciation. Nearby Cincinnati posted a 2.9% PPSF increase year-over-year and 13.3% growth since 2022, while Cleveland outpaced both figures. Active listings increased 6.6% year-over-year. These traditionally lower-priced metros remain resilient as mortgage rates climbed.

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