A lot of Clevelanders have been upset about a recent Forbes’ article, “America’s Most Miserable Cities”, that called Cleveland the most miserable city of all. Although Forbes may be wrong about that they did name Bay Village to another list - “Where Home Prices Are Rising”. Forbes ranked Bay Village #2 among cities where the median asking price for houses jumped during the past year.
The report analyzed list prices in cities where at least 100 single-family homes were on the market. The top-performer was Lexington, Mass., where the median asking price rose 36 percent. According to Forbes, the median list price in Bay Village is $240,015. That price was 32 percent higher than a year before. And when measured by the square foot, prices rose 8 percent — meaning that sellers were asking more for their homes, not just putting bigger houses on the market.
Buyers and sellers in Bay Village are becoming more confident. The market regained some balance last fall as first-time buyers snapped up homes. Those deals freed up sellers, many of whom are moving to other houses in the suburb. Demand, particularly for homes priced between $200,000 and $400,000, is outpacing supply. A local realtor even said, “I’ve actually resorted to sending letters to people asking if they have any interest in selling their home.”
