April 12th, 2017 8:35 PM by Nour Ailan
At the beginning of 2016, Cleveland State University published a study titled “The Fifth Migration: A Study of Cleveland Millennials” that dissected the very real trend of millennials moving to downtown and surrounding Cleveland neighborhoods, as well as how to implement policies to sustain this growth in our urban core. It’s really well done, an insightful read for any Clevelander, and it helps explain why the Lakewood housing market is heating up.
As it relates to Cleveland housing, this migration is marked by at least three things: lack of homeownership opportunity (12% of housing units downtown are owner-occupied), inflation of rental prices and a desire for a more connected, walkable community. Enter Lakewood, a Cleveland neighborhood-ish suburb with a Walk Score rivaling any Cleveland community, small businesses, bustling restaurant and art scenes, quick commutes and a lakeside lifestyle. It’s no surprise it’s the hottest neighborhood in Cleveland
This is a quite a sight for a sellers’ eyes, a consistent trend of dwindling of inventory ending 2016 with about three months of supply. This means it would take only three months for all the current homes for sale on the market to sell, where four to five months of supply is average. If the number is smaller, this means that buyers are dominating the market and there are relatively few sellers.
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