With difficult economic times the expectation is that development of new supply will slow down. While there are still projects completed as a result of people finding good deals and financing before the conditions took a turn for the worst, markets with a significant increase in supply growth in 2023 compared to 2022 are worth taking a closer look at.
One such market would be the Cleveland-Elyria, OH CBSA which is boasting 3.5% supply growth in 2023 so far, compared to 1% supply growth for the entire year of 2022.
It is interesting that supply is growing at such an increased pace as the average price per square foot in the first half of 2023 was $1.23 over a 15% decrease when compared to the average price per square foot in the first half of 2022 at $1.46. Which is around the same decrease that we’ve seen in other urban markets.
With 2023 kicking off to a strong start for supply growth, the Cleveland-Elyria, OH CBSA will be a market to be on the lookout for!
