The home values in Cleveland and its surrounding areas rose again in 2014, gaining about 3.5%, according to a recent report in real estate industry website Zillow. Although slightly less than 2013’s gain of 3.7%, the numbers show a positive increase for the second straight year, and, the first two-year positive growth for the Cleveland area since the recession hit the housing market a few years ago.
In another positive statistic, housing data website RealtyTrac estimated that Cleveland’s home sales price appreciation accelerated 16% in 2014, compared to 8% in 2013.
Experts are hopeful for continued growth in this area, as young adults (aka millennials) begin to enter the housing market in force for the first time, thanks to increased growth in job opportunities for the 18-34 demographic and first-time home buyer mortgage incentives.
The Wall Street Journal this month mentioned Cleveland by name when talking about midsize U.S. cities experiencing growth, especially in it downtown areas.
In describing why some cities are seeing strong urban growth, the Wall Street Journal said: “…the trend is spreading to midsize cities, such as Nashville and Cleveland, where a long-struggling downtown is beginning to draw residents seeking city life without the high cost they would face in New York or Boston. Developer Doug Price, for example, once focused on apartments in the suburbs. Now he is the biggest converter of downtown Cleveland office buildings to apartments.”