CLEVELAND, Ohio – The strong nationwide home price increases over the past year were particularly noticeable on the Near West Side of Cleveland, where the median for single family homes in the Detroit-Shoreway, Ohio City and Tremont neighborhoods exceeded $ 200,000.
Cleveland.com’s annual analysis of home sales found that all three areas saw price increases in 2020, but Ohio City and Detroit-Shoreway in particular when they joined Tremont in the $ 200,000 club, well above the median for suburban homes Cuyahoga County.
The average price rose in the last year in these parts of the city:
* 63.5% in Ohio City, from $ 156,250 in 2019 to $ 255,500 in 2020.
* 19.6% in Detroit Shoreway, increasing from $ 169,250 to $ 202,500.
* 4% in Tremont, increasing from $ 250,000 to $ 260,000.
Among those neighborhoods of Cleveland that had at least 50 sales – enough to provide more reliable trends than places with fewer sales – these were the three most expensive areas in the city.
The closest price was Kamm’s Corners in far west Cleveland, where the median for 367 deals was $ 159,925, up 14.2% from $ 140,000 last year.
See related story: House prices in Cuyahoga County rose faster in 2020 than ever since the apartment broke. View details for each city
According to analysis by cleveland.com, single-family home prices rose in most of Cleveland’s neighborhoods in 2020.Rich Exner, cleveland.com
The Edgewater neighborhood between the Detroit Shoreway and Lakewood was $ 147,000, up 38% from $ 106,500. That included the highest sales price of the year, just over $ 2.2 million for a lakefront home on 10522 Edgewater Drive.
However, across the city, the median was only $ 56,550, which is due to large parts of the city where the median price was below $ 35,000. These included $ 25,000 Union Miles, Hough $ 25,750, Forest Hills $ 25,750, and Stockyards $ 25,900, though at least 50 sales were made in each location.
Across the metropolitan area, the median rose 19.1% from $ 47,500 in 2019, making it the eighth consecutive year of price increases after falling to $ 25,000 in 2012.
Of the 517 Cleveland single-family homes sold above the suburb median of $ 167,500, 161 were in Kamm’s Corners, 100 in Detroit-Shoreway, 61 in Tremont, 59 in Ohio City, 28 in Old Brooklyn, and 27 in Edgewater.
Excluded from cleveland.comThe annual property development analysis covers transactions involving sheriff’s deeds and properties that are sold under $ 1,000 because they do not reflect the normal buyers market. In some cases, new homes sold on newly created parcels are not included because they are not marked as single family homes in the county transfer data.
The neighborhood boundaries in the analysis are SPAs (Statistical Planning Areas) used by the city until 2014. Updated SPAs for 2014 were not used to stay in line with historical tracking.
The housing market
Aside from the 4,920 single-family home sales in the analysis, an additional 198 Cleveland homes, classified by County Records as condos, were sold last year at an average price of $ 190,000.
This included 48 condos for at least $ 300,000 with peak prices of $ 990,000 and $ 1.1 million downtown on 701 Lakeside Ave.
Following an analysis by cleveland.com of single family home sales, here are price trends in the Cleveland neighborhoods over the past three years. The districts shown are the SPAs (statistical planning areas) used by the city until 2014. The new SPAs were not used to enable tracking of previous years.Rich Exner, cleveland.com
Before: See trends for every city, village, and parish in Cuyahoga County.
Rich Exner, Data analysis editor, writes cleveland.compersonal finance column of ‘s and The Plain Dealer – This is rich! Follow on Twitter @ RichExner.
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