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Cleveland Home Values Rise 3.9% as Austin and Dallas Fall, Zillow Data Show
2 min read
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Cleveland-area home values rose 3.9% year over year in September, the fifth-fastest gain among the 50 largest US metro areas, according to Zillow’s Home Value Index. Values nationally rose 1.2%. Austin fell 4.3%, the steepest drop of the 50. Dallas fell 2.0% and Phoenix 1.1%. In all, 16 of the 50 largest markets posted declines.
The median price of an existing home in the Midwest rose 3.1% on the year to $329,600 in September, the National Association of Realtors reported last week. The national median rose 1.3% to $417,500.
Buyers weighing a rental home usually look at three topline numbers: what it costs, what it rents for, and whether its value holds. Cleveland does well on all three.
The typical Cleveland-area home is worth about $250,000, Zillow’s figures show. The national figure is about $366,000. Austin’s is $414,000 and Phoenix’s $441,000. A lower entry price means a smaller down payment and a smaller loan.
Rents are climbing faster than the national pace. Asking rents in the Cleveland metro rose 4.5% on the year in September to about $1,440 a month, according to Zillow’s Observed Rent Index. Rents nationally rose 2.7%. Austin and Dallas rents rose less than 1%.
Cleveland also beats the national figure on rent against price, by Zillow’s measures. A year of rent at Cleveland’s typical level equals 6.9% of the typical home value, according to Zillow’s rent and home-value indexes. The national figure is 6.3%, Dallas 5.6% and Austin 4.6%. The ratio is a rough guide. Zillow’s rent index covers houses, condos and apartments, and the figure comes before property tax, insurance and upkeep.
Cleveland’s value gains have held without a population boom. The metro’s population fell 0.9% between April 2020 and July 2025, Census Bureau estimates show. Austin added people far faster, yet its home values sat 27.6% below their 2022 peak as of August, ResiClub’s Lance Lambert reported in Fast Company last month. Population growth has not protected prices there.
None of this guarantees future gains. It does show which markets are holding value as the national market slows, and which ones offer rent that keeps pace with the cost of the home. On September’s numbers, Cleveland is one of them.
Capstone 72 renovates homes across the Cleveland area and sells them to buyers as rental properties. To learn more about buying a rental home in Cleveland, contact our team.
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