Current Real Estate Market Trends:
Average price per square foot for Cleveland OH was $47, an increase of 14.6% compared to the same period last year. The median sales price for homes in Cleveland OH for Feb 10 to Apr 10 was $45,000 based on 705 home sales. Compared to the same period one year ago, the median home sales price increased 8.3%, or $3,448, and the number of home sales decreased 21.6%.
The average listing price for homes for sale in Cleveland OH was $125,577 for the week ending May 12, which represents an increase of 1.5%, or $1,860, compared to the prior week. Popular neighborhoods in Cleveland include Old Brooklyn and Tremont, with average listing prices of $90,687 and $216,200.
History of Cleveland:
The second-largest city in Ohio and the seat of Cuyahoga County. It is located in the northeast part of the state on Lake Erie.
In the colonial era, the Cleveland area was known as the Connecticut Western Reserve, part of a land grant made to Connecticut by King Charles II in 1662. The city was founded in 1796 by Gen. Moses Cleaveland, who was the head surveyor of the Connecticut Land Company. This company had bought 3 million acres in what is now northern Ohio. A permanent settlement was founded in 1799, named after the general, and the spelling was shortened to Cleveland. The city was incorporated in 1836.
Cleveland’s industrial growth was stimulated by the opening of the Ohio and Erie canals in 1832 and, later, by the advent of the Civil War, with the increasing demand for machinery, railroad equipment, ships, and other items. Today, the port of Cleveland is the largest overseas general cargo port on Lake Erie.
Greater Cleveland has long been famous as a durable goods manufacturing area. Following the national trend, however, Cleveland has been shifting to a more services-based economy. Greater Cleveland is a world corporate center for leading national and multinational companies in industries ranging from transportation, insurance, retailing, and utilities, to commercial banking and finance.
The city’s cultural attractions include the Cleveland Museum of Art and the Cleveland Orchestra, one of the country’s most highly acclaimed symphony orchestras. Jacobs Field, a major league ballpark, and the Rock & Roll Hall of Fame also draw thousands of visitors to the city.