This Issue August 2026 edition
214 vs 373
Flips sold this edition vs. the same period last year, while investor purchases held at 2,153 vs 2,220
Flip exits have thinned by 43% while investor buying holds near last year's pace
Recorded flip exits fell to 214 from 373 a year ago and from 288 in the prior period, while investor purchases held at 2,153 against 2,220 a year ago. The exits that did close were cheaper: median $62,100 versus $74,700 a year ago, with single-family flips clearing $49/sqft against a $107/sqft single-family purchase basis. The constraint is showing up on the resale side, not the acquisition side. Counts lag 4–8 weeks and June's 95 flips can still grow up to about 15% as late records arrive.
Investor Playbook
What this issue's numbers suggest checking, by investor type. Observations from recorded data — not investment, legal, or tax advice.
Price to landlord math, not flip math
With 6 assignments surfacing at a $19,575 median spread against 24 at $37,500 a year ago, and flip exits down to 214 from 373, the flipper bid is thinner. The data suggests routing low-basis east side product — 44105 at a $45,000 median buy, 44108 at $50,000, 44120 at $73,334 — toward the 767 landlords who added 1,468 units this period, and underwriting spreads closer to the current $19,575 median.
Check the gap between a $107/sqft basis and a $49/sqft exit
Median flip exit fell to $62,100 from $74,700 a year ago, and single-family flips cleared $49/sqft while single-family purchases ran $107/sqft. Worth re-testing acquisition offers against that exit, particularly in the zips carrying the most flip volume — 44128 (11 flips on 68 buys), 44108 (11 on 62), 44109 (11 on 60), 44110 (11 on 46). Hold time on the last measurable cohort ran a median 5.3 months, with 13% over a year.
2–4 unit basis is the standout at $51/sqft
Small multifamily traded 286 times at a $103,000 median and $51/sqft, against $107/sqft for the 1,246 single-family purchases. With flip exits down 43% year over year, some of that product is likely to reach the market unfinished; the data suggests testing bids on stalled rehabs in 44105, 44120 and 44128, where median buys sit between $45,000 and $73,334.
Fill the small 2–4 unit ticket the record shows missing
Only 11 private loans recorded at a $60,000 median, against 62 at $128,000 a year ago, while 90 seller-financed notes recorded at a $134,000 median. The loans that did record cluster small and on 2–4 unit Cleveland collateral — $100,000 on Stoughton Ave, $93,000 on E 132nd St, $93,000 on W 81st St. Worth checking whether borrowers in that band are taking seller paper because bridge capital is not being offered.
Per-foot basis remains lowest in industrial and 5+ apartment
Retail/service traded 74 times at a $314,750 median ($77/sqft), Apartment 5+ 40 times at $340,500 ($52/sqft), and industrial 30 times at $373,500 ($45/sqft). The largest recorded purchases this period were commercial — $8.0M retail on Som Center Rd and $7.5M industrial on E 49th St. With builder new-build closings at 9 versus 50 a year ago, residential-lot competition from builders is materially lighter than last year.
Factoids
Numbers from this period a practitioner would repeat to a colleague. Each computed directly from recorded instruments.
31% out of state — Out-of-state share of investor purchases, at a $157,100 median
665 of 2,153 purchases came from out of state, and they paid a higher median than local buyers. CA (130), FL (77) and MI (51) led the feeder states.
11 private loans — Recorded private loans in the period, median $60,000
Recorded private debt is close to absent, and the loans that did record are smaller. Seller-financed notes ran 90 at a $134,000 median over the same window.
$51/sqft — Median price per square foot on 2–4 unit purchases (286 deals, $103,000 median)
Small multifamily continues to trade at roughly half the single-family basis per foot. Flipped 2–4 units cleared even lower at $18/sqft on 33 sales.
1,468 units added — Units added by 767 local landlords since the last data drop
Hold demand is absorbing far more product than the flip channel is releasing. Another 1,298 first-time local landlords appeared in the records.
6 assignments — Wholesale assignments surfacing on recorded deeds, median spread $19,575
Both the count and the spread have compressed. Treat this as a floor, since most assignments never touch a recorded deed.
9 new-build sales — Builder new-build closings, median $336,400
New construction volume has all but stopped while pricing held. Builders remain active on land, with residential lots trading 107 times at a $111,000 median.
Market Activity — Investor Purchases
Monthly count of investor purchases of MSA properties (left axis) and the median purchase price (right axis), trailing 13 months. The most recent month can grow up to ~15% as late recordings arrive.
Where the Money Went
The geography of the period's investor activity: which zip codes saw the most recorded deals, and the largest individual transactions at street level.
The 8 busiest zip codes for investor deals
Each numbered pin is one zip code, ranked by recorded investor deals (purchases + flips of existing homes) this period; pin 1 corresponds to row #1 below, pin 2 to #2, and so on.
| # | Zip | Area | Purchases | Flips | Median buy |
|---|---|---|---|---|---|
| #1 | 44105 | Slavic Village / Union-Miles | 119 | 12 | $45,000 |
| #2 | 44102 | Detroit-Shoreway / Cudell | 93 | 5 | $115,000 |
| #3 | 44120 | Shaker Square / Buckeye | 79 | 8 | $73,334 |
| #4 | 44060 | Mentor | 80 | 7 | $222,500 |
| #5 | 44077 | Painesville | 78 | 4 | $175,700 |
| #6 | 44128 | Lee-Harvard / Warrensville | 68 | 11 | $67,546 |
| #7 | 44108 | Glenville | 62 | 11 | $50,000 |
| #8 | 44109 | Old Brooklyn | 60 | 11 | $101,000 |
Largest recorded deals of the period, at street level
$9.5M · Purchase
9153 LONGBROOK DR, North Ridgeville 44039
Street View Apr 2026 — before the purchase
$8.0M · Purchase
1237 SOM CENTER RD # 1277, Cleveland 44124
Street View Sep 2021 — before the purchase
$7.3M · Purchase
33725 WALKER RD, Avon Lake 44012
Street View May 2026 — same month as the purchase
$6.8M · Purchase
6268 WILSON MILLS RD, Mayfield Village 44143
Street View Sep 2022 — before the purchase
$5.9M · Purchase
22979 STELFAST PKWY, Strongsville 44149
Street View Apr 2026 — before the purchase
$5.1M · Purchase
614 W SUPERIOR AVE, Cleveland 44113
Street View Aug 2024 — before the purchase
Deal sheet — largest recorded transactions
| Date | Type | Amount | Property | Use |
|---|---|---|---|---|
| Jun 17 | Flip | $1.2M | 26117 N Woodland Rd, Beachwood 44122 | Single family |
| Jun 18 | Flip | $505,000 | 2560 Snowberry Ln, Cleveland 44124 | Single family |
| Jun 3 | New build | $610,700 | 7667 Springfield Dr, Valley City 44280 | New construction |
| May 27 | Purchase | $9.5M | 9153 Longbrook Dr, North Ridgeville 44039 | Residential lot |
| Jun 25 | Purchase | $8.0M | 1237 Som Center Rd # 1277, Cleveland 44124 | Retail / service |
| May 12 | Private loan | $327,617 | 2850 Center Rd, Brunswick 44212 | Retail / service |
Largest flip margin deals of the period, at street level
Gross margin = recorded sale price minus the flipper's recorded purchase price. Purchase deeds are recoverable for roughly 4 in 10 flips; rehab and carry costs are not public record.
$799,000 gross · bought $400,000 (May 2025) → sold $1.2M
26117 N WOODLAND RD, Beachwood 44122
Street View Apr 2023 — before the flip (pre-renovation)
$120,000 gross · bought $42,000 (Jun 2025) → sold $162,000
3438 MARTIN LUTHER KING JR DR, Cleveland 44104
Street View Sep 2022 — before the flip (pre-renovation)
$119,800 gross · bought $145,100 (Apr 2025) → sold $264,900
3065 CORYDON RD, Cleveland 44118
Street View Jul 2022 — before the flip (pre-renovation)
$104,000 gross · bought $63,000 (Mar 2025) → sold $167,000
975 N RIDGE RD E, Lorain 44055
Street View Aug 2025 — during the flip
$93,500 gross · bought $22,000 (Apr 2026) → sold $115,500
7619 OTTAWA RD, Cleveland 44105
Street View Sep 2022 — before the flip (pre-renovation)
$92,500 gross · bought $48,750 (Aug 2025) → sold $141,250
1878 COLONNADE RD, Cleveland 44112
Street View Aug 2022 — before the flip (pre-renovation)
Market Pulse
| August edition | Count | Median | Prior period | Same months last year |
|---|---|---|---|---|
| Investor purchases | 2,153 | $145,000 | 2,080 (+4%) | 2,220 (−3%) |
| Flips sold (existing homes) | 214 | $62,100 | 288 (−26%) | 373 (−43%) |
| Builder new-build sales | 9 | $336,400 | 14 (−36%) | 50 (−82%) |
| Private loans recorded | 11 | $60,000 | 9 (+22%) | 62 (−82%) |
| Seller-financed notes | 90 | $134,000 | 75 (+20%) | 72 (+25%) |
| Wholesale assignments surfaced | 6 | $19,575 spread | 19 (−68%) | 24 (−75%) |
Recorded instruments on properties inside the MSA; transfers under $5,000 excluded (67 this period). "Same months last year" is the identical calendar window from the same records. The newest month can grow up to ~15% as late recordings arrive. Wholesale counts are a floor.
Past Issues
Methodology
Source Data
Every figure is computed from recorded instruments (deeds, mortgages, assignments) and assessor property records for the five counties of the Cleveland-Elyria MSA. No surveys, no estimates, no listings data.
Who Counts as an Investor
Investors are entities whose recorded transaction history looks like investing: rental holding (landlords), short-hold resales (flippers), private mortgage lending, note holding, or contract assignment (wholesalers). Banks, homebuilders, iBuyers, SFR funds, and government entities are identified by name and reported separately from small investors.
How Comparisons Work
"Vs. year ago" compares the same calendar months one year earlier, counted from the same data extract. Transfers under $5,000 (quitclaims, partial interests) are excluded everywhere. Counts lag recording by 4–8 weeks, and the newest month can grow up to ~15% as late records arrive — direction is reliable before magnitude.
Known Limits
Wholesale assignments only appear when they touch a recorded deed, so those counts are a floor. Flip hold times are measured from the prior recorded sale. Names are the owner of record, which may be an LLC or trust.
About
Purpose
A working tool for small real estate investors in Greater Cleveland: what actually closed, where, at what prices, and what it suggests checking next — one theme per issue.
Cadence
Published with each bi-monthly data drop, covering the two most recent complete months of recorded activity.
Disclaimer
Observations from public records, not investment, legal, or tax advice. Past activity does not guarantee future results. Verify any property or counterparty independently before transacting.
Acquisition volume is steady: 2,153 investor purchases, up 4% from 2,080 in the prior period and down 3% from 2,220 a year ago, with the median at $145,000 against $153,000 a year ago. Everything on the exit and construction side is down hard — flips 214 vs 373, new-build 9 vs 50, wholesale assignments 6 vs 24. The one line rising is seller-financed notes at 90 vs 72. Read the June figures as provisional: recorded instruments lag 4–8 weeks and the most recent month can grow up to about 15%.