CLEVELAND — Home prices are hitting a new record high across the country, and Cleveland is among the cities that have seen the increase. Nationally, realtor.com reported home prices are up around 6.5% while Cleveland is among the top five cities for housing price increases in the country at 8.8%. 

That’s on par with places like Boston and Los Angeles.

What You Need To Know

  • Real estate agent Maya Hermelin has about eight deals under her belt
  • Home prices are hitting a new record high, even in Cleveland 

  • A real estate agent said prices will not drop anytime soon

Real estate Maya Hermelin was getting one of her new properties ready for a couple moving in next month.

“I definitely wish that there were more spaces like this in the area, finding a four bedroom in Ohio City is not really common,” she said.

She’s been in real estate for three years. Her journey took a lot of hard work and research.

“I’ve been in real estate for about three years now," she said. "I started when I took over for a family property."

But now making things challenging, home prices reached an all time high across the country and even rose about 9% in Cleveland over the last year. 

“I mean, I think that we’ve been expecting home value in the area to increase," she said. "No one has a crystal ball so I think we’ve all been a little surprised to see how much that increase has been."

Hermelin predicted if you’re looking to purchase a home, It could be five to seven years before prices come down.  

“So if you’re a millennial or you’re considering transitioning to a home that fits you better, waiting is definitely not going to be the solution to these home increases,” she said.

Data shows that rising prices are the direct result of insufficient housing supply not meeting the full demand. That’s why Hermelin recommended investing early and said taking risks in this industry can be risky and rewarding.

“We ended up flipping that for a bit of a profit at the end of the summer, and at that point I was hooked,” she said.

With eight deals under her belt, Hermelin is now helping those trying to move to Cleveland to find a new home.

“I would suggest finding a home they can afford, running the numbers to see that if you moved, would you be able to turn it into a rental?" she said. "Because if that's the situation, there's never going to be a time where you're stuck in their home."

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