Cleveland, TN Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q4 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Cleveland, TN Housing Market Trends

With 45,504 people, 16,669 houses or apartments, and a median cost of homes of $223,699, Cleveland real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Cleveland, accounting for 55.96% of the city's housing units. Other types of housing that are prevalent in Cleveland include duplexes, homes converted to apartments or other small apartment buildings ( 18.29%), large apartment complexes or high rise apartments ( 17.81%), and a few row houses and other attached homes ( 4.00%).

People in Cleveland primarily live in small (one, two or no bedroom) single-family detached homes. Cleveland has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Cleveland built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Cleveland built between 1940-1969 ( 25.85%). A lesser amount of the housing stock also hails from between 2000 and later ( 21.76%). There's also some housing in Cleveland built before 1939 ( 5.53%).

Cleveland Home Appreciation Rates

Appreciation rates for homes in Cleveland have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 34.23%, which ranks in the top 50% nationwide. This equates to an annual average Cleveland house appreciation rate of 2.99%.

Appreciation rates are so strong in Cleveland that despite a nationwide downturn in the housing market, Cleveland real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Cleveland appreciation rates continue to be some of the highest in America, at 7.74%, which is higher than appreciation rates in 94.40% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Cleveland. Cleveland appreciation rates in the latest quarter were at 2.85%, which equates to an annual appreciation rate of 11.88%.

Importantly, this makes Cleveland one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Tennessee, our data show that Cleveland's latest annual appreciation rate is higher than 90% of the other cities and towns in Tennessee.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Cleveland differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Cleveland - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Cleveland real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$223,699

Cleveland, TN HOME PRICES

> $1,181,000
0.9%
0.9%
$886,001 - $1,181,000
0.9%
0.9%
$590,001 - $886,000
1.5%
1.5%
$472,001 - $590,000
2.5%
2.5%
$354,001 - $472,000
6.9%
6.9%
$237,001 - $354,000
17.8%
17.8%
$118,001 - $237,000
42.8%
42.8%
$59,001 - $118,000
17.6%
17.6%
$0 - $59,000
9.0%
9.0%
0.0% 100.0%
% OF HOMES
Value Relative To State

High for Nation

Very High for TN

Value Relative To Nation

Number Of Homes And Apartments:
16,669

Cleveland Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
TN*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
63.94% 2.38%
3
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$998 / per month

Homeownership Rate

Owners
44.4%
44.4%
Renters
55.6%
55.6%
Vacant
8.2%
8.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
21.8%
21.8%
1970 - 1999
46.9%
46.9%
1940 - 1969
25.9%
25.9%
1939 or Older
5.5%
5.5%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
56.0%
56.0%
Townhomes
4.0%
4.0%
Small Apt. Buildings
18.3%
18.3%
Apt. Complexes
17.8%
17.8%
Mobile Homes
3.9%
3.9%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
3.0%
3.0%
1 Bedroom
9.2%
9.2%
2 Bedrooms
36.5%
36.5%
3 Bedrooms
36.6%
36.6%
4 Bedrooms
11.3%
11.3%
5 or more bedrooms
3.4%
3.4%
0.0% 100.0%
% OF HOMES