According to Cleveland.com, the median selling price for single-family homes in Cuyahoga County, which encompasses Cleveland, fell in August for the first time since February but still remained above 2018 levels. The median price of $132,000 was down from the $140,000 recorded in July and was computed by crunching the numbers from more than 2,000 sales. The median price had gone up each month since dropping to $90,000 in February.
Yet, despite the drop to $132,000 in August, the median countywide was still 6.5% above the August 2018 median of $124,000, and higher than every other month last year.In the city of Cleveland, the median last month was $51,700, nearly unchanged from $51,967 in July, but 15.1% above the August 2018 median of $44,900.
In the suburbs, the July median was $155,000. This was down from $166,000 in July and the monthly high for the year of $172,137 in June. Yet the selling price in the latest month was 6.9% above the $145,000 median in August 2018. The analysis of county property transfer records includes single-family homes only, excluding both condos and duplexes, as well as sheriff’s deed transactions.
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