Executive Summary
Cleveland's housing market shows average risk, ranking 155th of 274 metros. The market recently entered Expansion. Broad-based growth with healthy fundamentals.
Cleveland has maintained relatively stable market conditions throughout the observation period, currently in Expansion.
Rent growth is roughly keeping pace with price appreciation, suggesting valuations are not stretched.
Cycle Phase
Normal growth conditions with balanced fundamentals
Key Dynamics
Risk is primarily driven by migration and permit growth, while affordability provides the most support.
Top Drivers
Market Signals
Supplementary market indicators.
Valuation
Factor Details
12-month HPI change — higher = overheating
YoY permit change — higher = supply pressure
Permits per 1,000 residents — higher = overbuilding risk
Mortgage payment / income — higher = more burdened
12-month employment change (risk inverted)
Net AGI migration (risk inverted)
National Context
Credit Conditions
Credit Regime
Supply Pipeline
Supply Regime
Supply pipeline is building up while credit remains available. New units are accumulating in the system — watch for delivery pressure in coming quarters.
Local Signals
Employment Concentration
Employment
DiversifiedInternal Structure
Cleveland's 6 counties show moderate divergence — Medina County carries the most risk (Elevated) while Lake County anchors the lower end.
Cleveland, OH shows Moderate internal divergence — some counties diverge meaningfully from the metro picture. Medina County contributes the most structural risk (Elevated, driven by price momentum), while Lake County anchors the lower end (Below Average).
| County | Score ▼ |
|---|---|
Medina CountyRisk Driver | 70 |
Cuyahoga County | 65 |
Lorain County | 50 |
Geauga County<5% | 45 |
Ashtabula County<5% | 40 |
Lake CountyStabilizer | 30 |
Score History
| Month | Score |
|---|---|
| 2026-05 | 50 |
| 2025-12 | 56 |