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.

Among nearby metros, Cincinnati offers the closest comparison. Cincinnati posted a 2.9% PPSF increase year-over-year and 13.3% growth since 2022, while Cleveland outpaced both figures at 4.5% and 20.3%. Both cities appeal to buyers priced out of larger metros, but Cleveland’s deeper affordability base continues to drive stronger long-term appreciation.

As for inventory, the market saw a 6.6% increase in active listings year-over-year, while new listings declined slightly by 2.0%. Homes sold one day faster than last year, a notable contrast to the national trend where time on market increased by three days.

Midwest prices climb as national momentum dips

While national prices softened in November—the U.S. median list price dipped 0.4% year-over-year to $415,000—the Midwest remains the only region showing price growth on both key measures. Median list price and PPSF each increased 1.7% regionally, bucking the broader cooling seen in the South and West.

Cleveland reflects this steady Midwestern performance. The report notes that Midwest metros continue to see faster-than-normal sales thanks to tighter inventory, helping keep prices firm even as buyers adjust to higher borrowing costs. This environment supports Cleveland’s ongoing PPSF gains and stable listing prices, underscoring its appeal for shoppers seeking reliable value.

Inventory expands, but Midwestern supply remains tight

The report shows that inventory rose for the 25th straight month nationwide, up 12.6% year-over-year. All regions posted annual gains, including a 10.3% increase in the Midwest. Even with this improvement, the Midwest still sits 32.9% below pre-pandemic inventory levels—a constraint that continues to shape buyer competition in cities like Cleveland.

Nationally, delistings also remain a major force. Roughly 6% of active listings have been pulled each month since June, with October delistings up 37.9% year-over-year—the highest since Realtor.com began tracking the data. Elevated delistings have outpaced the flow of new listings for much of the year, creating an uneven supply backdrop even as inventory rises.

Against this national landscape, Cleveland’s mix of affordability, moderate supply growth, and long-term appreciation makes it one of the Midwest’s strongest refuge markets and a continued draw for frugal homebuyers navigating 2025’s affordability challenges.

This article was produced with editorial input from Dina Sartore-Bodo and Gabriella Iannetta.