Cleveland, Ohio is the second largest city in the state. It is located on the shore line of Lake Eerie, just west of the border with the state of Pennsylvania. Even though the city has an extensive history in the manufacturing field, the decline of this industry has led Cleveland to enter other aspects of the economy, particularly financial and insurance services.
However, even though the city is continuing to diversify its economy, there has been a steady decline in population over the past the years. In 2000, the city was the 33rd largest in the country, though current population numbers will have it estimated to be the 43rd largest in the United States. The steady decline in population has greatly impacted the real estate market, posing quite a challenge to Cleveland realtors.
In the past decade, Cleveland realtors may have experienced some of the worst trends in the real estate market due to the steady population decline. As more people leave the city, the land and property values have decreased due to a lack of demand.
Though this may prove to be detrimental for Cleveland realtors, it presents a viable business opportunity for buyers. Whether it may be to obtain great property at much lower prices or as an investment opportunity, Cleveland real estate can be said to be a buyer’s market. Average listing prices are just over $120,000, though the actual selling prices will be at about $55,000 when averaged.