Cycle Phase
Normal growth conditions with balanced fundamentals
Cleveland's housing market shows average risk, ranking 94th of 287 metros. The market recently entered Expansion.
Executive Summary
Risk is Neutral, driven primarily by migration and price momentum. The market is in Expansion phase. Liquidity is not yet assessed and valuation is balanced.
Top Risk Drivers (This Month)
Market Signals
Supplementary market indicators.
Valuation
Factor Details
Factor Breakdown
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)
Underlying Values
| Metric | Value | Pctile |
|---|---|---|
| Price Momentum | +4.6% | p84 |
| Permit Growth | +8.7% | p69 |
| Permits/1K Pop | 1.82 | p17 |
| Affordability | 0.21 | p7 |
| Employment | +0.1% | p55 |
| Net AGI Migration | -$369K | p94 |
National ContextDoes not affect score
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.
Internal Structure
Cleveland's 6 counties show moderate divergence — Geauga County carries the most risk (High Risk) while Lake County anchors the lower end.
Cleveland, OH shows Moderate internal divergence — some counties diverge meaningfully from the metro picture. Geauga County contributes the most structural risk (High Risk, driven by permit growth), while Lake County anchors the lower end (Below Average).
| County | Score ▼ |
|---|---|
Geauga CountyRisk Driver | 80 |
Ashtabula County | 53 |
Lorain County | 47 |
Medina County | 47 |
Cuyahoga County | 40 |
Lake CountyStabilizer | 33 |