Cleveland, Ohio has long been known as one of the most affordable large city housing markets in the country, and the changes in recent years have been relatively mild compared to other areas.

According to Zillow, the average home value in Cleveland is currently around $168,000. This represents an increase of about 26% over the past five years compared to around $133,000 in 2021. However, it is advisable to consider that there may be variations in figures depending on the research agency.

When compared to the national average increase of 35 to 45 percent, Cleveland's growth is notably lower. It remains one of the most affordable markets among major U.S. cities.

Looking at the yearly trends, from 2021 to 2022, there was a gradual increase amid low interest rates, and even after the rate hikes in the second half of 2022, it did not experience the same sharp corrections as other areas. In the last one to two years, there has been a stable increase of around 4 to 6 percent annually.

Characteristics of the Cleveland market include still low absolute prices, a stable employment base centered around healthcare and manufacturing, and relatively low demand pressure due to limited population growth.

While it is difficult to predict future trends, the nature of the market, with limited population influx, suggests that a gradual upward trend is more likely than a sharp spike.

For Korean households considering Cleveland for investment or relocation, the low entry price is an advantage, but it may be safer to assess population growth and rental demand before making a decision.

If you already have assets in the area, given the modest increase rates, it may be reasonable to approach it from a long-term holding perspective.