End of Year Report: Cleveland, OH Metro New Construction Median Sale Price Per Square Foot (Jan-Nov 2023)

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End of Year Report: Cleveland, OH Metro New Construction Median Sale Price Per Square Foot (Jan-Nov 2023)

Introduction:
In this report, we analyze the median sale price per square foot for newly constructed houses in Cleveland, OH, from January to November 2023. The data, provided by Zillow, offers insights into the trends and fluctuations within the local real estate market.

Analysis:
Below is the monthly median sale price per square foot in USD, rounded to two decimal places:

Month Median Sale Price Per SF (USD)
January 184.78
February 200.00
March 205.45
April 211.96
May 195.18
June 194.02
July 209.23
August 178.93
September 195.83
October 198.33
November 215.83

Trends and Relationships:

  • Highs and Lows: The highest median sale price per square foot was observed in November at $215.83, while the lowest was recorded in August at $178.93.
  • Monthly Fluctuations: There are notable fluctuations throughout the year, indicating a dynamic market influenced by various factors such as economic conditions, demand-supply dynamics, and seasonal variations.
  • Overall Trend: Despite fluctuations, there seems to be an overall upward trend in median sale prices from January to November, with occasional dips in between.

Monthly Percentage Changes:
To better understand the market dynamics, let’s analyze the monthly percentage changes:

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Month Percentage Change
January
February +8.25%
March +2.72%
April +3.17%
May -7.81%
June -0.59%
July +7.85%
August -14.48%
September +9.84%
October +1.27%
November +8.78%

Annual and Quarterly Averages:

  • Annual Average: The annual average median sale price per square foot for 2023 is $198.80.
  • Quarterly Averages:
    • Q1: $196.08
    • Q2: $200.20
    • Q3: $194.31
    • Q4: $204.33

Closing and Ending Figures:

  • Closing Figure: The median sale price per square foot at the end of November 2023 is $215.83.
  • Ending Figure: The median sale price per square foot at the end of November 2023 is $215.83.

Market Analysis and Forecast:
Based on the trends observed in 2023, it can be inferred that the real estate market in Cleveland, OH, experienced significant fluctuations but maintained an overall positive trajectory. The market witnessed peaks and troughs, reflecting the influence of various internal and external factors.

For potential buyers, 2023 presented opportunities for both buying and selling. The market showcased periods of growth, particularly in the first and fourth quarters, which could have been advantageous for sellers looking to capitalize on higher prices. Conversely, buyers might have found value during periods of decline, such as in May and August.

Looking ahead to 2024, the market forecast remains optimistic but cautious. Economic indicators suggest continued growth, which could further drive demand for housing. However, factors like inflation, interest rates, and geopolitical events could introduce uncertainties and impact market dynamics.

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In conclusion, while 2023 offered opportunities for both buyers and sellers in the Cleveland, OH real estate market, a thorough understanding of market trends and dynamics is essential for making informed decisions as we transition into 2024.


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