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24/7 Wall St.: The 10 Markets with the Most Empty Homes

8. Cleveland, Ohio

Vacancy rate: 6.2%
Median price per square foot: $78
Unemployment: 6.5%

Unlike metropolitan areas in Florida and Nevada, the housing market crash was not nearly as bad in Ohio. In Cleveland, the price drop from peak to trough was 17.6%, a far more modest decline compared to cities such as Las Vegas. Despite faring better than many markets, Cleveland is not yet showing many signs of turning a corner. On top of high vacancy rates, the average price per square foot is unchanged on a year-over-year basis, and the number of sales have dropped by nearly 20% in the same period. Further, while 1,754 resale and new homes are for sale in Cleveland, as per Trulia’s site, another 5,451 homes are in some phase of the foreclosure process.


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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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