Home price trends in Cleveland

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City-by-city price comps
Cleveland, Ohio

Cleveland, home of the Rock and Roll Hall of Fame, needs some uplifting tunes to lift it out of the depressed housing and job market. The large number of foreclosures reportedly is causing lenders to turn their backs on some homes. Job growth fell 4.2 percent last year in Cleveland, according to Local Market Monitor, which expects another 5 percent loss in jobs this year.

Median price end of 2008: $88,300
Median price end of 2007: $118,600
Percent change: -25.5
Projected change through Q3 2009: -1.4%
Affordability rating: 0.0
Foreclosures in 2008:
(1 for every 34 households)
Foreclosures in 2007:
(1 for every 34 households)
Change in foreclosures: -0.6%
Expected to hit bottom: Q4 2009
Percent drop needed to reach bottom: -13.4%
Current rate comparison
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Price trends
Q1 2008 national median price: $196,100
Q2 2008 national median price: $206,400
Q3 2008 national median price: $200,400
Q4 2008 national median price: $180,100
Q1 2008 local median price: $102,100
Q2 2008 local median price: $117,500
Q3 2008 local median price: $116,400
Q4 2008 local median price: $88,300

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