Cleveland, Tennessee Housing Market Prices
Cleveland Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 8% below the Tennessee median$234,802
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Median rent 14% below the Tennessee median$1,025
Housing Market Overview
| Metric | Cleveland | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $234,802 | $255,786 | $248,835 |
| Price Trend (Annual %) | 8.6% | 9.9% | 7.5% |
| Median Gross Rent | $1,025 | $1,188 | $1,407 |
| Rent Trend (Annual %) | 4.9% | 5.4% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Cleveland is about 8% lower than in Tennessee. Rent is about 14% lower than the Tennessee average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Cleveland, up about 8.6% and 4.9% a year respectively. Home prices are changing faster.
Median rent in Cleveland rose about 46.3% between 2015 and 2024, from $700 to $1,025. Over the same span, rent in Tennessee rose about 55.6%.
Affordability
On average, housing unit costs 4.0 yearly household incomes in Cleveland.
Buying the median-priced home in Cleveland costs roughly 19.1 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Cleveland. The price-to-rent ratio in Tennessee is about 17.9.
| Metric | Cleveland | Tennessee Avg | US Average |
|---|---|---|---|
| Median Home Price | $234,802 | $255,786 | $248,835 |
| Median Household Income | $58,196 | $69,901 | $80,455 |
| Price-to-Income Ratio | 4.0 | 3.7 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Cleveland rose about 78.4%, while median household income rose about 52.5% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Cleveland | Tennessee Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 44.6% | 60.1% | 58.5% |
| Rental Rate | 46.4% | 29.7% | 31.2% |
| Vacancy Rate | 8.9% | 10.2% | 10.2% |
| Median Tenure (years) | 11.0 | 14.0 | 15.0 |
| Median Year Moved In | 2015 | 2012 | 2011 |
Cleveland has a homeownership rate of 44.6%, lower than the Tennessee average of 60.1%. Its housing vacancy rate is 8.9%, compared with 10.2% in Tennessee.
Housing Stock
| Metric | Cleveland | Tennessee Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.44 people | 2.45 people | 2.53 people |
| Median Structure Built Year | 1980 | 1986 | 1978 |
| Median Number of Rooms | 5.1 | 5.7 | 5.5 |
The typical housing unit in Cleveland was built around 1980. On average, 2.4 people live in a home with about 5.1 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Cleveland, Tennessee.
What is the median home price in Cleveland, Tennessee?
The median home price in Cleveland, Tennessee is $234,802, lower than the Tennessee average of $255,786.
What is the average home price in Cleveland, Tennessee?
The typical home price in Cleveland, Tennessee, reported as the median sale price, is $234,802. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Cleveland, Tennessee?
The median gross rent in Cleveland, Tennessee is $1,025 per month, lower than the Tennessee average of $1,188.
What was the median gross rent in Cleveland in 2020?
In 2020, the median gross rent in Cleveland, Tennessee was $781 per month.
What is the price-to-rent ratio in Cleveland, Tennessee?
The price-to-rent ratio in Cleveland, Tennessee is about 19.1, meaning it would take roughly 19.1 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Cleveland.
Are home prices or rent rising faster in Cleveland, Tennessee?
Both home prices and rent are rising in Cleveland, up about 8.6% and 4.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Cleveland, Tennessee?
44.6% of households in Cleveland, Tennessee own their home, lower than the Tennessee average of 60.1%.
What is the vacancy rate in Cleveland, Tennessee?
The housing vacancy rate in Cleveland, Tennessee is 8.9%, lower than the Tennessee average of 10.2%.
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