Cleveland FHA Loan Rates, Closing Costs & Stats

CLEVELAND-ELYRIA, OH

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Cleveland's 176 lenders originated 5,093 FHA loans during 2023. The total origination value was $951,555,000, with an average FHA loan value of $186,836.

    Cleveland FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Cleveland averaged 6.37% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Cleveland's average FHA mortgage closing costs are $6,850.

    The average rate for the prior week (2024-12-06) was 6.54% and one month ago for the week of 2024-11-08, the average rate was 6.6%.

    The average rate one year ago was 7.11%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.98%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Cleveland FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Cleveland level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CROSSCOUNTRY MORTGAGE, LLC 789 6.91% $9,705
    QUICKEN LOANS, LLC 725 6.32% $9,111
    The Huntington National Bank 199 6.74% $7,844
    UNITED WHOLESALE MORTGAGE, LLC 188 6.35% $10,747
    RUOFF MORTGAGE COMPANY, INC. 177 6.80% $5,788
    NVR Mortgage Finance, Inc. 151 6.02% $10,288
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 148 6.97% $5,963
    LIBERTY HOME MORTGAGE CORPORATION 134 6.95% $7,794
    UNION HOME MORTGAGE CORP. 105 6.91% $9,946
    Nations Lending Corporation 80 6.82% $10,019
    HOWARD HANNA FINANCIAL SERVICES, INC. 80 6.72% $8,255
    Fifth Third Bank 78 6.53% $5,744
    DRAPER AND KRAMER MORTGAGE CORP. 77 6.89% $10,107
    American Midwest Mortgage Corporation 75 7.02% $9,088
    Citizens Bank 62 6.41% $7,270
    RELIANCE FIRST CAPITAL, LLC 58 6.65% $9,009
    Mr. Cooper ( Nationstar Mortgage ) 57 6.02% $11,585
    LOANDEPOT.COM, LLC 54 6.51% $10,026
    FREEDOM MORTGAGE CORPORATION 54 7.00% $10,217
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 50 6.95% $10,283
    AMERISAVE MORTGAGE CORPORATION 46 5.92% $11,085
    PENNYMAC LOAN SERVICES, LLC 45 6.39% $9,777
    KeyBank 45 6.43% $7,153
    AMERICAN PACIFIC MORTGAGE CORPORATION 44 6.93% $10,117
    Ixonia Bank 39 6.92% $9,532
    MUTUAL OF OMAHA MORTGAGE, INC. 39 6.78% $11,212
    BROKER SOLUTIONS, INC. 38 6.78% $9,780
    NEWREZ LLC 37 6.78% $8,888
    NORTHERN MORTGAGE SERVICES, LLC 34 6.57% $6,025
    GUARANTEED RATE, INC. 32 6.70% $10,237
    UNION CAPITAL MORTGAGE CORPORATION 28 6.84% $10,376
    U.S. Bank 28 7.02% $7,297
    YOUR HOME FINANCIAL LLC 27 7.19% $9,316
    Dollar Bank, Federal Savings Bank 25 6.51% $5,976
    AMERICAN FINANCIAL NETWORK, INC. 25 7.22% $9,393
    Flagstar Bank, FSB 22 6.77% $7,947
    CALIBER HOME LOANS, INC. 22 6.63% $8,336
    Carrington Mortgage Services, LLC 21 6.53% $9,498
    CARDINAL FINANCIAL 21 6.45% $9,459
    JPMorgan Chase Bank 21 6.48% $5,268
    NFM, INC. 21 6.86% $10,671
    Union Savings Bank 19 6.87% $7,502
    PNC Bank 18 6.56% $6,137
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 17 6.49% $7,942
    RAPID MORTGAGE COMPANY 17 6.57% $8,735
    K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 17 6.39% $11,159
    TOP FLITE FINANCIAL, INC. 15 7.02% $15,170
    Equity Prime Mortgage LLC 15 6.59% $9,955
    Paramount Residential Mortgage Group, Inc. 14 6.30% $7,635
    TOWNE MORTGAGE COMPANY 13 6.56% $9,612
    LAKEVIEW LOAN SERVICING, LLC 13 6.44% $9,018
    MOVEMENT MORTGAGE, LLC 13 7.01% $8,953
    Mortgage Research Center, LLC 12 7.00% $6,528
    POLARIS HOME FUNDING CORP. 12 6.74% $10,290
    First Federal Savings and Loan Association of Lakewood 11 6.66% $7,465
    ENDEAVOR CAPITAL, LLC. 11 7.02% $10,682
    First Federal Bank of the Midwest 11 6.34% $8,400
    First National Bank of Pennsylvania 11 6.27% $9,035
    PRIMARY RESIDENTIAL MORTGAGE, INC. 11 6.88% $9,077
    HOMESIDE FINANCIAL, LLC 11 6.72% $11,244
    AMERICAN FINANCIAL RESOURCES, INC. 10 7.03% $9,010
    ZILLOW HOME LOANS, LLC 10 6.71% $9,208
    VAN DYK MORTGAGE CORPORATION 10 6.93% $5,929
    GUILD MORTGAGE COMPANY 10 7.11% $9,566
    Hometown Equity Mortgage, LLC 8 5.92% $9,934
    PULTE MORTGAGE LLC 8 5.81% $8,560
    M&T Bank 8 6.55% $8,774
    V.I.P. MORTGAGE, INC. 8 6.56% $12,378
    SUN WEST MORTGAGE COMPANY, INC. 8 6.93% $8,277
    PLAZA HOME MORTGAGE, INC. 8 6.58% $7,536
    VILLAGE CAPITAL MORTGAGE 8 6.55% $6,031
    ABSOLUTE HOME MORTGAGE CORPORATION 7 6.34% $11,084
    LOANPAL, LLC 7 6.11% $10,263
    NATIONWIDE MORTGAGE BANKERS, INC. 7 7.02% $11,586
    Neighborhood Loans, Inc. 7 7.21% $10,346
    ROYAL UNITED MORTGAGE LLC 7 6.86% $9,362
    T2 FINANCIAL LLC 7 6.95% $9,339
    The Federal Savings Bank 7 6.61% $13,884
    FIRST CENTENNIAL MORTGAGE CORPORATION 6 7.23% $8,927
    Century Mortgage Company DBA Century Lending Company 6 6.25% $13,139
    Plains Commerce Bank 6 6.75% $9,435
    AMERICAN FINANCING CORPORATION 6 6.71% $8,210
    NATIONS DIRECT MORTGAGE, LLC 6 6.69% $9,613
    MLB RESIDENTIAL LENDING, LLC 5 6.70% $9,496
    Northwest Bank 5 6.20% $8,784
    MID AMERICA MORTGAGE, INC. 5 6.45% $4,652
    Western Ohio Mortgage Corporation 5 7.33% $8,046
    NBKC BANK 5 6.35% $9,178
    Barrington Bank & Trust Company, N.A. 5 6.73% $6,766
    KELLER MORTGAGE, LLC 5 5.68% $8,350
    PRIMELENDING, A PLAINSCAPITAL COMPANY 5 6.55% $14,531
    Prosperity Home Mortgage, LLC 4 6.50% $13,837
    LEADERONE FINANCIAL CORPORATION 4 6.62% $7,086
    Magnolia Bank 4 6.28% $13,680
    Mercantile Bank of Michigan 4 7.03% $8,252
    Lakeview Community Capital, LLC 4 6.25% $8,439
    NORWICH COMMERCIAL GROUP, INC. 4 6.38% $9,669
    FIRST EQUITY MORTGAGE INCORPORATED 4 6.84% $12,773
    CMG MORTGAGE, INC. 4 6.97% $9,232
    Civista Bank 4 6.50% $8,780
    AmeriHome Mortgage Company, LLC 4 6.25% $9,995
    PENTAGON FEDERAL CREDIT UNION 4 5.63% $8,394
    ALLIED MORTGAGE GROUP, INC. 4 6.50% $10,919
    PLANET HOME LENDING, LLC 4 6.00% $5,836
    First Savings Bank 4 5.97% $13,234
    NETWORK CAPITAL FUNDING CORPORATION 3 6.25% $7,950
    Evolve Bank & Trust 3 7.50% $12,855
    PHH Mortgage Corporation 3 5.96% $8,820
    Northpointe Bank 3 6.75% $11,577
    WEST PENN FINANCIAL SERVICE CENTER, INC. 3 6.67% $8,663
    US MORTGAGE CORPORATION 3 7.25% $7,470
    CREDIT UNION MORTGAGE ASSOCIATION, INC. 3 6.21% $6,390
    GENEVA FINANCIAL, LLC 2 7.56% $13,008
    BM Real Estate Services, Inc. 2 5.31% $19,424
    SECURITYNATIONAL MORTGAGE COMPANY 2 7.19% $9,691
    RESIDENTIAL BANCORP 2 6.19% $10,788
    SUMMIT FUNDING, INC. 2 6.50% $17,778
    Bank of England 2 7.13% $8,864
    SWBC MORTGAGE CORPORATION 2 6.44% $7,187
    AMCAP MORTGAGE, LTD. 2 6.69% $8,947
    MICHIGAN MUTUAL, INC. 2 7.31% $8,943
    Wells Fargo Bank 2 6.88% $6,211
    First Commonwealth Bank 2 5.94% $7,423
    Princeton Mortgage Corporation 2 7.06% $10,160
    MILEND, INC. 2 7.13% $11,382
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 6.88% $10,428
    PREMIER LENDING, INC. 2 7.13% $13,569
    GSF Mortgage Corporation 2 6.06% $6,435
    Republic Bank & Trust Company 1 7.13% $6,738
    First Internet Bank of Indiana 1 6.50% $4,293
    LAND HOME FINANCIAL SERVICES, INC. 1 5.50% $11,061
    FIRST COMMUNITY MORTGAGE, INC. 1 7.63% $15,011
    Meridian Bank Corporation 1 7.00% $5,594
    MIDLAND MORTGAGE CORPORATION 1 6.75% $18,816
    MORTGAGE CENTER L.C 1 7.13% $15,697
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.75% $16,151
    FIRST ALLIANCE HOME MORTGAGE, LLC 1 6.25% $14,104
    EMBRACE HOME LOANS, INC. 1 6.75% $7,469
    DIAMOND RESIDENTIAL MORTGAGE CORPORATION 1 8.00% $10,701
    DEVELOPER'S MORTGAGE COMPANY 1 7.25% $9,035
    WesBanco 1 5.25% $9,821
    NEW DAY FINANCIAL, LLC 1 7.75% $11,069
    DELMAR FINANCIAL COMPANY 1 5.63% $8,142
    DAS Acquisition Company, LLC 1 6.63% $6,972
    CONTOUR MORTGAGE CORPORATION 1 7.25% $7,934
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 5.75% $10,460
    CHURCHILL MORTGAGE CORPORATION 1 6.75% $13,071
    PLUS RELOCATION MORTGAGE, LLC 1 7.75% $9,010
    CHERRY CREEK MORTGAGE, LLC 1 5.50% $6,424
    PREMIA MORTGAGE, LLC 1 6.75% $17,848
    CALCON MUTUAL MORTGAGE LLC 1 7.25% $16,637
    BNC National Bank 1 6.13% $6,769
    BETTER MORTGAGE CORPORATION 1 5.63% $6,923
    BAY EQUITY LLC 1 5.75% $8,295
    FLAT BRANCH MORTGAGE, INC. 1 7.25% $8,518
    Residential Mortgage Solutions, Inc. 1 6.99% $11,524
    S1L, Inc. 1 7.63% $12,009
    Servion, Inc. 1 7.38% $6,445
    SIRVA MORTGAGE, INC. 1 6.63% $6,237
    STOCKTON MORTGAGE CORPORATION 1 6.25% $8,605
    Advisors Mortgage Group, L.L.C. 1 6.49% $6,136
    The Farmers National Bank of Canfield 1 6.75% $7,690
    ACADEMY MORTGAGE CORPORATION 1 7.25% $5,645
    Bank of America 1 5.38% $5,172
    The Loan Store, Inc. 1 7.13% $8,444
    The Union Bank Company 1 6.38% $14,889
    Associated Bank 1 6.00% $5,589
    Arvest Bank 1 6.88% $10,927
    ARC HOME LLC 1 6.13% $10,599
    AmRes Corporation 1 7.50% $8,143
    Ameris Bank 1 6.63% $8,669
    American Mortgage & Equity Consultants, Inc. 1 6.99% $6,715
    VERITAS FUNDING, LLC 1 7.13% $14,704
    GVC MORTGAGE, INC. 1 7.13% $11,362
    GUARANTEED RATE AFFINITY, LLC 1 6.50% $10,956
    Florida Capital Bank 1 6.63% $5,239

    The top Cleveland FHA lender as defined by loan originations is CROSSCOUNTRY MORTGAGE, LLC, with 789 FHA loans originated. Their average total fees are $9,705, which is $594 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Cleveland FHA lenders (with over 10 loans originated) are JPMorgan Chase Bank ($5,268), Fifth Third Bank ($5,744), RUOFF MORTGAGE COMPANY, INC. ($5,788), VAN DYK MORTGAGE CORPORATION ($5,929) and FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($5,963).

    The lowest rate Cleveland FHA lenders (with over 10 loans originated) are AMERISAVE MORTGAGE CORPORATION (5.92%), NVR Mortgage Finance, Inc. (6.02%), Mr. Cooper ( Nationstar Mortgage ) (6.02%), First National Bank of Pennsylvania (6.27%) and Paramount Residential Mortgage Group, Inc. (6.30%).

    Cleveland FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CLEVELAND-ELYRIA, OH CUYAHOGA 2022 $420,680 $538,650 $651,050 $809,150
    CLEVELAND-ELYRIA, OH GEAUGA 2022 $420,680 $538,650 $651,050 $809,150
    CLEVELAND-ELYRIA, OH LAKE 2022 $420,680 $538,650 $651,050 $809,150
    CLEVELAND-ELYRIA, OH LORAIN 2022 $420,680 $538,650 $651,050 $809,150
    CLEVELAND-ELYRIA, OH MEDINA 2022 $420,680 $538,650 $651,050 $809,150
    CLEVELAND-ELYRIA, OH CUYAHOGA 2023 $472,030 $604,400 $730,525 $907,900
    CLEVELAND-ELYRIA, OH GEAUGA 2023 $472,030 $604,400 $730,525 $907,900
    CLEVELAND-ELYRIA, OH LAKE 2023 $472,030 $604,400 $730,525 $907,900
    CLEVELAND-ELYRIA, OH LORAIN 2023 $472,030 $604,400 $730,525 $907,900
    CLEVELAND-ELYRIA, OH MEDINA 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Cleveland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $160,975 (13.1%) $248,945 (7.4%) 0.60 5,646
    2018-02-01 $165,345 (13.1%) $256,958 (7.2%) 0.60 5,425
    2018-03-01 $173,950 (10.7%) $265,793 (6.3%) 0.61 5,333
    2018-04-01 $184,950 (16.3%) $275,814 (10.0%) 0.63 5,316
    2018-05-01 $191,500 (15.4%) $282,420 (9.2%) 0.64 5,516
    2018-06-01 $197,945 (13.6%) $283,679 (8.6%) 0.66 5,974
    2018-07-01 $190,000 (8.6%) $277,551 (5.8%) 0.63 6,461
    2018-08-01 $189,350 (11.5%) $272,120 (4.8%) 0.63 6,843
    2018-09-01 $185,000 (8.9%) $270,640 (5.3%) 0.62 6,917
    2018-10-01 $185,000 (10.5%) $269,040 (7.6%) 0.63 6,882
    2018-11-01 $184,600 (11.9%) $270,802 (8.9%) 0.63 6,722
    2018-12-01 $179,900 (10.4%) $269,088 (9.0%) 0.62 6,056
    2019-01-01 $179,900 (11.8%) $269,222 (8.2%) 0.62 5,642
    2019-02-01 $185,000 (11.9%) $277,995 (8.2%) 0.63 5,396
    2019-03-01 $198,471 (14.1%) $289,480 (8.9%) 0.65 5,402
    2019-04-01 $208,334 (12.6%) $296,862 (7.6%) 0.66 5,464
    2019-05-01 $202,450 (5.7%) $290,019 (2.7%) 0.63 5,637
    2019-06-01 $209,900 (6.0%) $291,670 (2.8%) 0.66 5,975
    2019-07-01 $204,923 (7.9%) $288,367 (3.9%) 0.64 6,278
    2019-08-01 $199,182 (5.2%) $286,500 (5.3%) 0.63 6,418
    2019-09-01 $197,955 (7.0%) $283,286 (4.7%) 0.63 6,466
    2019-10-01 $193,450 (4.6%) $279,747 (4.0%) 0.62 6,498
    2019-11-01 $184,900 (0.2%) $276,516 (2.1%) 0.61 6,216
    2019-12-01 $179,900 (0.0%) $274,374 (2.0%) 0.60 5,555
    2020-01-01 $179,575 (-0.2%) $275,499 (2.3%) 0.60 4,970
    2020-02-01 $184,950 (0.0%) $289,302 (4.1%) 0.61 4,432
    2020-03-01 $202,400 (2.0%) $303,186 (4.7%) 0.63 4,252
    2020-04-01 $199,900 (-4.1%) $303,372 (2.2%) 0.63 4,114
    2020-05-01 $215,000 (6.2%) $317,557 (9.5%) 0.65 3,759
    2020-06-01 $226,950 (8.1%) $329,082 (12.8%) 0.67 3,514
    2020-07-01 $235,000 (14.7%) $333,595 (15.7%) 0.68 3,349
    2020-08-01 $231,145 (16.1%) $330,186 (15.3%) 0.66 3,275
    2020-09-01 $215,950 (9.1%) $316,802 (11.8%) 0.62 3,273
    2020-10-01 $199,999 (3.4%) $305,114 (9.1%) 0.57 3,401
    2020-11-01 $199,450 (7.9%) $305,866 (10.6%) 0.58 3,294
    2020-12-01 $198,500 (10.3%) $301,803 (10.0%) 0.59 2,941
    2021-01-01 $189,900 (5.8%) $307,380 (11.6%) 0.57 2,471
    2021-02-01 $196,975 (6.5%) $324,274 (12.1%) 0.57 2,024
    2021-03-01 $210,500 (4.0%) $337,690 (11.4%) 0.60 1,962
    2021-04-01 $225,000 (12.6%) $339,382 (11.9%) 0.61 1,934
    2021-05-01 $221,389 (3.0%) $332,864 (4.8%) 0.59 2,312
    2021-06-01 $219,894 (-3.1%) $319,852 (-2.8%) 0.58 2,709
    2021-07-01 $214,900 (-8.6%) $312,462 (-6.3%) 0.57 3,060
    2021-08-01 $199,950 (-13.5%) $304,674 (-7.7%) 0.53 3,264
    2021-09-01 $198,950 (-7.9%) $301,804 (-4.7%) 0.53 3,205
    2021-10-01 $189,900 (-5.1%) $292,643 (-4.1%) 0.51 3,243
    2021-11-01 $189,900 (-4.8%) $294,546 (-3.7%) 0.51 2,945
    2021-12-01 $184,950 (-6.8%) $290,283 (-3.8%) 0.50 2,568
    2022-01-01 $179,000 (-5.7%) $298,791 (-2.8%) 0.48 2,072
    2022-02-01 $179,900 (-8.7%) $308,312 (-4.9%) 0.47 1,850
    2022-03-01 $189,900 (-9.8%) $317,053 (-6.1%) 0.48 1,827
    2022-04-01 $194,950 (-13.4%) $315,213 (-7.1%) 0.46 1,908
    2022-05-01 $217,000 (-2.0%) $329,533 (-1.0%) 0.50 2,269
    2022-06-01 $225,000 (2.3%) $332,700 (4.0%) 0.50 2,659
    2022-07-01 $224,950 (4.7%) $324,786 (3.9%) 0.51 3,123
    2022-08-01 $224,900 (12.5%) $315,058 (3.4%) 0.52 3,406
    2022-09-01 $219,700 (10.4%) $308,766 (2.3%) 0.51 3,401
    2022-10-01 $210,000 (10.6%) $306,730 (4.8%) 0.49 3,515
    2022-11-01 $199,900 (5.3%) $304,017 (3.2%) 0.48 3,439
    2022-12-01 $189,900 (2.7%) $290,396 (0.0%) 0.47 3,005
    2023-01-01 $189,950 (6.1%) $298,141 (-0.2%) 0.47 2,648
    2023-02-01 $199,450 (10.9%) $316,817 (2.8%) 0.48 2,365
    2023-03-01 $212,000 (11.6%) $330,431 (4.2%) 0.50 2,170
    2023-04-01 $225,000 (15.4%) $342,391 (8.6%) 0.52 2,197
    2023-05-01 $236,700 (9.1%) $348,652 (5.8%) 0.54 2,258
    2023-06-01 $248,480 (10.4%) $354,638 (6.6%) 0.56 2,409
    2023-07-01 $245,000 (8.9%) $353,877 (9.0%) 0.56 2,490
    2023-08-01 $249,900 (11.1%) $356,113 (13.0%) 0.57 2,583
    2023-09-01 $240,000 (9.2%) $345,200 (11.8%) 0.56 2,781
    2023-10-01 $238,000 (13.3%) $339,451 (10.7%) 0.56 2,968
    2023-11-01 $225,250 (12.7%) $329,962 (8.5%) 0.54 3,095
    2023-12-01 $219,900 (15.8%) $325,497 (12.1%) 0.54 2,901
    2024-01-01 $214,900 (13.1%) $329,269 (10.4%) 0.52 2,531
    2024-02-01 $212,475 (6.5%) $340,372 (7.4%) 0.51 2,229
    2024-03-01 $229,900 (8.4%) $352,490 (6.7%) 0.54 2,179
    2024-04-01 $255,250 (13.4%) $370,851 (8.3%) 0.59 2,145
    2024-05-01 $274,250 (15.9%) $390,168 (11.9%) 0.62 2,315
    2024-06-01 $285,000 (14.7%) $403,214 (13.7%) 0.64 2,543
    2024-07-01 $265,000 (8.2%) $376,121 (6.3%) 0.61 2,750
    2024-08-01 $269,900 (8.0%) $381,127 (7.0%) 0.63 2,936
    2024-09-01 $262,213 (9.3%) $377,101 (9.2%) 0.62 3,105
    2024-10-01 $250,000 (5.0%) $368,514 (8.6%) 0.59 3,282
    2024-11-01 $249,900 (10.9%) $360,746 (9.3%) 0.60 3,323
    Cleveland's median listing price for 2024-11-01 was $249,900, a difference of $24,650 (10.9%) versus the prior year and $-100 versus the prior month.

    Cleveland's median listing price comes in at 60% of the national average.

    Cleveland's average listing price for 2024-11-01 was $360,746, a difference of $30,784 (9.3%) versus the prior year and $-7,768 versus the prior month.

    For the 2024-11-01 period, Cleveland had 3,323 MLS listings, a difference of 41 listings (1%) versus the prior month and 228 listings (7%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Cleveland (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 88 days 1,690 sqft
    2018-02-01 84 days 1,700 sqft
    2018-03-01 60 days 1,730 sqft
    2018-04-01 53 days 1,774 sqft
    2018-05-01 51 days 1,802 sqft
    2018-06-01 50 days 1,838 sqft
    2018-07-01 52 days 2,052 sqft
    2018-08-01 53 days 2,028 sqft
    2018-09-01 59 days 2,025 sqft
    2018-10-01 62 days 2,011 sqft
    2018-11-01 63 days 2,002 sqft
    2018-12-01 71 days 1,968 sqft
    2019-01-01 81 days 1,963 sqft
    2019-02-01 79 days 1,980 sqft
    2019-03-01 63 days 2,021 sqft
    2019-04-01 49 days 2,043 sqft
    2019-05-01 51 days 1,831 sqft
    2019-06-01 52 days 1,846 sqft
    2019-07-01 53 days 1,870 sqft
    2019-08-01 55 days 1,934 sqft
    2019-09-01 58 days 1,986 sqft
    2019-10-01 61 days 2,014 sqft
    2019-11-01 72 days 1,960 sqft
    2019-12-01 80 days 1,926 sqft
    2020-01-01 87 days 1,920 sqft
    2020-02-01 86 days 1,928 sqft
    2020-03-01 63 days 1,966 sqft
    2020-04-01 58 days 1,969 sqft
    2020-05-01 72 days 2,000 sqft
    2020-06-01 63 days 2,041 sqft
    2020-07-01 49 days 2,061 sqft
    2020-08-01 49 days 2,029 sqft
    2020-09-01 54 days 1,962 sqft
    2020-10-01 51 days 1,928 sqft
    2020-11-01 56 days 1,908 sqft
    2020-12-01 66 days 1,870 sqft
    2021-01-01 74 days 1,853 sqft
    2021-02-01 70 days 1,823 sqft
    2021-03-01 44 days 1,834 sqft
    2021-04-01 40 days 1,851 sqft
    2021-05-01 32 days 1,867 sqft
    2021-06-01 33 days 1,885 sqft
    2021-07-01 33 days 1,890 sqft
    2021-08-01 37 days 1,850 sqft
    2021-09-01 42 days 1,849 sqft
    2021-10-01 43 days 1,801 sqft
    2021-11-01 46 days 1,781 sqft
    2021-12-01 53 days 1,770 sqft
    2022-01-01 58 days 1,735 sqft
    2022-02-01 50 days 1,732 sqft
    2022-03-01 40 days 1,757 sqft
    2022-04-01 36 days 1,794 sqft
    2022-05-01 33 days 1,835 sqft
    2022-06-01 34 days 1,842 sqft
    2022-07-01 35 days 1,850 sqft
    2022-08-01 39 days 1,848 sqft
    2022-09-01 45 days 1,813 sqft
    2022-10-01 45 days 1,815 sqft
    2022-11-01 45 days 1,800 sqft
    2022-12-01 55 days 1,779 sqft
    2023-01-01 60 days 1,784 sqft
    2023-02-01 53 days 1,794 sqft
    2023-03-01 44 days 1,800 sqft
    2023-04-01 42 days 1,832 sqft
    2023-05-01 38 days 1,820 sqft
    2023-06-01 38 days 1,855 sqft
    2023-07-01 39 days 1,850 sqft
    2023-08-01 39 days 1,888 sqft
    2023-09-01 40 days 1,849 sqft
    2023-10-01 40 days 1,830 sqft
    2023-11-01 44 days 1,820 sqft
    2023-12-01 51 days 1,806 sqft
    2024-01-01 58 days 1,758 sqft
    2024-02-01 50 days 1,752 sqft
    2024-03-01 42 days 1,800 sqft
    2024-04-01 39 days 1,848 sqft
    2024-05-01 30 days 1,915 sqft
    2024-06-01 31 days 1,956 sqft
    2024-07-01 37 days 1,900 sqft
    2024-08-01 38 days 1,905 sqft
    2024-09-01 39 days 1,898 sqft
    2024-10-01 42 days 1,875 sqft
    2024-11-01 45 days 1,864 sqft
    Cleveland's median listing age (time on market) for 2024-11-01 was 45 days. This is 3% longer than the same period one year ago.

    Cleveland's median square footage for active listings during the 2024-11-01 period was 1,864 sqft. One year prior, the average listing was 1,820 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).