Real Estate Market Cleveland, GA
May 2024
Hello, I’m Shannon Sanborn, your trusted local REALTOR here in Cleveland. In today’s blog post, we’re delving into the city of Cleveland as a whole.
However, if you’re curious about the specific details for your ZIP Code within White County, simply click on the ZIP Code below for tailored insights.
Join me as we explore the trends, opportunities, and insights shaping our vibrant community’s housing landscape.
White County Zip Code Real Estate Market Information
The real estate landscape in Gainesville, GA, is experiencing notable changes as we continue through April 2024.
The Charts below are live information and will update weekly based on the market. You can also subcribe to get weekly market updates.
According to recent data, the real estate market in Cleveland, GA has seen some changes in May 2024. The median list price for homes in Cleveland, GA 30528 is currently $382,000, which is slightly lower than last month’s market action index of 34, hovering around 33 . Inventory levels have increased to 122, which could be an indication of a buyer’s market.
Real estate sales trends have been fluctuating in Cleveland, GA. The median listing home price in Cleveland, GA was $365.8K in April 2024, trending down -6.2% year-over-year .
However, the market action index for Georgia, GA has remained steady at 47, which is about the same as last month’s market action index of 47 . It is important to note that the future projections and investment opportunities in the Cleveland, GA real estate market could be influenced by a variety of factors such as interest rates, demand dynamics, and regulatory environment, among others.
Key Takeaways
- The median list price for homes in Cleveland, GA 30528 is currently $382,000, which is slightly lower than last month’s market action index of 34, hovering around 33.
- Real estate sales trends have been fluctuating in Cleveland, GA with the median listing home price in Cleveland, GA trending down -6.2% year-over-year.
- Future projections and investment opportunities in the Cleveland, GA real estate market could be influenced by a variety of factors such as interest rates, demand dynamics, and regulatory environment, among others.
Market Overview
The real estate market in Cleveland, GA in May 2024 is showing signs of stability. According to Altos Research, the median list price for homes in Cleveland, GA 30528 is $382,000, which is slightly higher than the median listing home price of $365.8K in April 2024.
However, this price is still 6.2% lower than the previous year.
The market action index, which measures the current supply and demand conditions, is hovering around 33, indicating a balanced market.
The inventory has increased to 122, giving buyers more options to choose from. These figures suggest that the Cleveland real estate market is stable and has not been affected by any significant fluctuations.
According to Steadily, the Cleveland housing market has experienced robust activity in January 2024 with a significant increase in homes sold compared to the same period last year.
This growth suggests a steady uptick in demand, while the supply of homes keeps pace, offering ample opportunities for homebuyers and investor entry.
Sales Trends
The real estate market in Cleveland, GA has seen a slight decrease in the median list price for homes in May 2024. According to Altos Research, the median list price for homes in Cleveland, GA 30528 is $382,000, which is a decrease of 0.3% from last month’s median list price of $383,000.
Despite this slight decrease in median list price, the market action index for Cleveland, GA remains stable at 33, which is only a slight decrease from last month’s market action index of 34.
This indicates that the market is still in a balanced state, with neither buyers nor sellers having a significant advantage.
Inventory in Cleveland, GA has increased to 122, which is a 7.0% increase from last month’s inventory of 114.
This increase in inventory could be a contributing factor to the slight decrease in median list price.
It is worth noting that the median listing home price in Cleveland, GA was $365.8K in April 2024, which is a decrease of 6.2% year-over-year.
This suggests that the real estate market in Cleveland, GA may be experiencing a slight cooling off period.
Overall, the real estate sales trends in Cleveland, GA for May 2024 show a stable market with a slight decrease in median list price and an increase in inventory. It will be interesting to see how the market develops in the coming months.
Price Analysis
As of May 2024, the median list price for homes in Cleveland, GA 30528 is $382,000.
This represents a slight decrease from last month’s median list price of $385,000. The market action index, which measures supply and demand, is hovering around 33, which is slightly lower than last month’s index of 34.
This suggests that the Cleveland real estate market is currently leaning towards buyers.
Inventory has increased to 122, up from 114 last month. This increase in inventory may provide more options for buyers, however, it may also lead to longer days on market for sellers.
The days on market (DOM) for homes in Cleveland, GA 30528 is currently 61, which is up from 59 last month.
It is important to note that these market trends may vary depending on the specific neighborhood or property type.
For example, the Altos Research report shows that the median list price for single-family homes in the Cleveland, GA 30528 zip code is $382,000.
Overall, the Cleveland, GA 30528 real estate market appears to be stable, with a slight decrease in median list price and a slightly lower market action index compared to last month.
Buyers may have more options with the increase in inventory, but sellers may need to be patient as homes are taking slightly longer to sell.
Inventory Levels
As of May 31, 2024, the inventory levels in Cleveland, GA 30528 have increased to 122, according to Altos Research. This is an increase from the previous month’s inventory levels, indicating a more balanced market.
The increase in inventory levels suggests that there are more homes available for sale in Cleveland, GA 30528.
This can be beneficial for buyers, as they have more options to choose from and may have more negotiating power. However, it can also mean that sellers may need to adjust their expectations and pricing strategies to remain competitive in the market.
It is important to note that inventory levels can fluctuate based on a variety of factors, such as seasonal changes, economic conditions, and local market trends.
Therefore, it is crucial to stay up-to-date on the latest market data and consult with a local real estate professional to make informed decisions.
Demand Dynamics
The demand for real estate in Cleveland, GA has remained steady in May 2024. According to Altos Research, the market action index is hovering around 33, which is lower than last month’s index of 34.
This indicates that the market is slightly cooling down, but still in favor of sellers.
The median list price for Cleveland, GA in May 2024 is $382,000, which is higher than the median home price of $365.8K in April 2024, as reported by Realtor.com.
However, this price is still down by 6.2% compared to the previous year. Despite the slight downturn in home prices, Cleveland remains an attractive option for potential homebuyers due to its modest median price of $110K, as reported by Norada Real Estate.
The increase in demand for real estate in Cleveland, GA can be attributed to several factors. First, Cleveland is a small town located in the foothills of the Appalachian Mountains, which offers a peaceful and scenic environment for residents.
Second, Cleveland is home to several parks and outdoor recreational areas, such as the Chattahoochee-Oconee National Forest and the Yonah Mountain Trail, which attract outdoor enthusiasts. Third, Cleveland has a low cost of living compared to other cities in Georgia, which makes it an affordable option for families and retirees.
Overall, the demand for real estate in Cleveland, GA is expected to remain steady in the coming months, as the town continues to attract homebuyers due to its natural beauty, outdoor recreational opportunities, and affordable cost of living.
Interest Rates Impact
Interest rates play a significant role in the real estate market, affecting both buyers and sellers.
The current interest rates in Cleveland, GA, in May 2024, are higher than they have been in recent years. According to Marketplace.org, high mortgage rates have frozen the real estate market, and it is unclear when it will thaw.
Higher interest rates mean that buyers will have to pay more for their mortgages, resulting in higher monthly payments.
As a result, some potential buyers may decide to delay their home purchase or opt for a smaller home than they initially planned. This decrease in demand can lead to a decline in home prices, making it a buyer’s market.
On the other hand, sellers may have to reduce their asking price to attract potential buyers. This can result in a decrease in their profits or lead to a loss if they are unable to sell their property.
According to Bankrate, the effects of interest rates are even more significant for larger loans.
For instance, at a 4% interest rate, a $500,000 mortgage would cost $2,390 per month. At 6%, the same loan would cost $3,028 per month. This increase in monthly payments can have a significant impact on a buyer’s budget, making it more challenging to afford a home.
In conclusion, interest rates have a significant impact on the real estate market in Cleveland, GA, in May 2024.
Higher interest rates can lead to a decline in demand, resulting in a buyer’s market. However, sellers may have to reduce their asking price to attract potential buyers, resulting in a decrease in their profits. It is essential to consider the current interest rates when buying or selling a property in Cleveland, GA, in May 2024.
Neighborhood Highlights
Cleveland, GA is a small city located in the state of Georgia with a population of 3,548 people.
The city has seven associated neighborhoods, making it the 193rd largest community in Georgia NeighborhoodScout. The city’s real estate market is thriving, and in May 2024, the median list price for Cleveland, GA 30528 was $382,000 with the market action index hovering around 33 altos.re.
Over the last ten years, Cleveland has experienced some of the highest home appreciation rates of any community in the nation.
Cleveland is a great place to live for families and retirees. The city has excellent schools, including the White County School District, which is highly rated for its academics and extracurricular activities. The city also has a low crime rate, making it a safe place to live NeighborhoodScout.
In addition to its excellent schools and low crime rate, Cleveland offers residents a suburban feel with plenty of parks, restaurants, and coffee shops.
The city is surrounded by beautiful mountain ranges, making it an ideal location for outdoor enthusiasts. Residents can enjoy hiking, fishing, camping, and other outdoor activities in the nearby Chattahoochee-Oconee National Forest.
Frequently Asked Questions
What trends are currently shaping the Cleveland, GA real estate market as of May 2024?
As of May 2024, the Cleveland, GA real estate market is experiencing a slight slowdown in growth compared to the previous month, with the market action index hovering around 33. This is less than last month’s market action index of 34. However, the inventory has increased to 122, indicating that there are still plenty of homes available for sale in the area.
How have property values changed in Cleveland, GA over the last year?
According to Realtor.com, the median listing home price in Cleveland, GA was $365.8K in April 2024, trending down -6.2% year-over-year.
This suggests that property values have decreased slightly over the last year. However, it’s important to note that this is just a general trend and that property values can vary widely depending on the location and type of property.
What are the predictions for housing demand in Cleveland, GA for the second half of 2024?
There is no crystal ball to predict the housing demand in Cleveland, GA for the second half of 2024.
However, based on the current trends and the overall economic outlook, it’s likely that the demand for housing will remain steady in the area.
Which neighborhoods in Cleveland, GA are experiencing the highest growth in real estate sales?
There is no specific data available on which neighborhoods in Cleveland, GA are experiencing the highest growth in real estate sales.
However, based on the overall trends in the area, it’s likely that neighborhoods with newer homes and better amenities will continue to be in high demand.
What is the average time on market for homes in Cleveland, GA during May 2024?
DOM is between 57-61 for Cleveland, GA during May 2024. However, based on the current trends and the overall economic outlook, it’s likely that homes in good condition and priced competitively will sell quickly, while those that are overpriced or in poor condition may take longer to sell.
How are interest rates affecting the Cleveland, GA real estate market in May 2024?
As of May 2024, interest rates are relatively low, which is generally good news for the real estate market in Cleveland, GA.
Low interest rates can make it easier for potential buyers to afford a home and can also encourage existing homeowners to refinance or upgrade their properties.
However, it’s important to note that interest rates can fluctuate quickly and unexpectedly, so it’s always a good idea to keep an eye on the market and be prepared for any changes.
