What’s Really Happening in Slavic Village 📈

🏚️ Section 8, Crime, and Growth

April 23, 2025

Slavic Village/Miles Fulton & Stockyards/Clark Fulton/West Boulevard

Focused Market Analysis – Excluding Morgana Run & Millcreek (44105)

by MK Irao

🔹 Slavic Village / Miles Fulton

Single-Family Homes

  • 2020: $40,370 (148 sales)
    ‣ High: $153,000 | Low: $8,000

  • 2022: $57,186 (201 sales)
    ‣ High: $150,000 | Low: $10,500

  • 2024: $64,038 (301 sales)
    ‣ High: $189,900 | Low: $9,000

Wide pricing range reflects significant variation in property condition. Section 8 presence remains a strong influence on values.

Duplexes

  • 2020: $44,789 (67 sales)

  • 2022: $69,503 (95 sales)

  • 2024: $79,693 (109 sales)

🔹 Stockyards / Clark Fulton / West Boulevard

Single-Family Homes

  • 2020: $59,115 (122 sales)

  • 2022: $87,946 (160 sales)

  • 2024: $107,463 (169 sales)

Duplexes

  • 2020: $66,431 (101 sales)

  • 2022: $101,095 (134 sales)

  • 2024: $141,765 (113 sales)

Duplexes in this zone showed particularly strong appreciation, outpacing single-family properties and pointing to growing investor interest.

🔍 Neighborhood Dynamics & Observations

by MK Irao

  • Home Conditions Vary Widely: Price disparities stem from diverse property upkeep levels.

  • Section 8 Housing: Especially prevalent in Slavic Village, impacting both rent control and tenant dynamics.

  • Investor Interest is Rising: Despite elevated crime and eviction rates, steady price appreciation suggests long-term revitalization potential.

💡 Insights for Buyers & Investors

🏠 Homebuyers

  • Entry-level affordability exists, but thorough inspections are crucial due to property condition variability.

💼 Investors

  • Strong appreciation in duplexes, particularly in Stockyards/Clark Fulton/West Boulevard, presents high-ROI rental opportunities.

  • Strategic upgrades and tenant management can elevate both rental income and resale value.

✅ Key Takeaways

by MK Irao

  • Affordability Meets Opportunity: Among the most accessible Cleveland markets, ideal for first-time buyers and emerging investors.

  • Duplexes Lead the Way: Especially in Stockyards/Clark Fulton/West Boulevard, where appreciation has outpaced single-family homes.

  • Revitalization In Progress: Though still grappling with systemic challenges, sales trends show slow but steady improvement.

  • Section 8 Considerations: Investors must be mindful of housing program regulations and neighborhood-specific dynamics.

  • Market Momentum Through Upgrades: Targeted renovations and stable tenancy can further accelerate community development.

The C.R.E.I Off-Market Deals 🔍💰

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  • Duplex | 4b/2b | 2,068sf | 1928

  • Purchase Price is $110,000

  • Current Income is $900 + $650

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Red-hot housing market isn’t so hot anymore, but Cleveland leads nation

Chart courtesy Redfin

U.S. homes are selling at the slowest pace since 2019, according to a new study by Redfin.

High prices, soft demand and rising supply have conspired to cool down the market. While Cleveland has shown signs slowing, it is more resilient compared to other markets.

Houses are sitting for 42-46 days in the Cleveland metro area, but it leads the country in YOY price appreciation at 11.8% -- because it’s one of the top five undervalued housing markets in the country, with houses selling at an average median price around $135k.

The data:

  • The typical U.S. home under contract in March was on the market for 47 days—the longest period for any March since 2019. The typical home was selling in less than half that time during the peak of the pandemic homebuying frenzy.

  • Only 27% of homes sold above list price, the lowest share since 2020.

  • The median sale price hit $431K, up 2.5% year-over-year -- the slowest price growth in 18 months.

  • The typical home sold roughly 1% less than its list price in March.

  • List prices are growing faster than sale prices, as sellers overprice their homes, causing them to sit on the market. 

  • The total number of homes for sale hit the highest level in five years in March. They climbed 0.1% month over month and 14.1% year over year.

  • With active listings at a five-year high and mortgage rates still elevated; buyers have more choices—but sellers clinging to peak pricing are missing the mark.

“Tariff fears and widespread economic uncertainty are making homebuyers nervous, so if sellers don’t lower their price expectations, home sales may slow in the coming months,” according to Redfin.

Until next week,
Cleveland Real Estate Investors
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