By Nora Tooher
Cleveland’s real estate market is as cold as its winters.
C-City scored only 0.61 on Zillow's new Market Health Index, which uses a measure of 0 to 10 to illustrate the current health of a region's housing market relative to similar markets nationwide. Calculated monthly at the ZIP code, neighborhood, city, county, metro and state levels, it’s a key component of Zillow's newly re-designed local information pages.
Cleveland was No. 27 in a ranking of the market health of the 30 largest metros covered by Zillow.
The real estate market temperature in C-Town is rated “cool,” with the city’s median home value of $53,100 down 1.5 percent over the past year. The median list price per square foot in Cleveland is $44, which is much lower than the Cleveland metro figure of $82. The median price of homes currently listed in Cleveland is $55,000, while the median price of homes that sold is $63,635.
Zillow stated that foreclosures will be a factor impacting home values in Cleveland over the next several years. In Cleveland, 13 homes are foreclosed per 10,000. This is greater than the Cleveland metro value of 7.6 and also greater than the national value of 5.1.
St. Louis had the lowest market health score of the 30 metros with only 0.27. Also at the bottom of the pack were Chicago, 0.77; Baltimore, 0.90; Columbus, 1.23; Atlanta, 1.34; Tampa, 1.65; Las Vegas, 1.75; and Cincinnati, 1.92.
In October, among the country's top 30 largest metro markets covered by Zillow, the 10 healthiest were San Jose, Calif., 9.04; San Francisco, 8.85; Los Angeles, 8.6; San Diego, 8.41; Denver, 8.1; Boston, 7.43; Pittsburgh, 7.37; Portland, Ore., 6.49; New York City, 6.01; and Sacramento, Calif., 5.99.
But there are robust real estate markets throughout the heartland, as well. Omaha, Neb., for example, is rated “very healthy,” with a score of 8.7 out of 10 – higher than Los Angeles’ 8.6 score.