The leaves have fallen, along with the first snow, as the winter season approaches in Summit County. This, coupled with an election coming in the next month has seemingly slowed markets and investments across the State and County. The Summit County Real Estate Market is tagging along with this trend with sales stalling compared to a year ago.
Courtesy of Land Title and their detailed Market Analysis, we can dive in and take a deeper look at the performance of the market in the county.
Both monetary volume and number of transactions were down 11% for the month of September 2024 compared to 2023. Being less than a month from election, this seems to be an expected result, as many are waiting and holding their money close to the chest, in preparation for what a new political landscape may bring. Year to date, transactions are flat at 0%. Prices however, are a different story. Summit County continues to see prices trending upwards, with monetary volume up 16% YTD
With the fall out of the pandemic, and industry prices increasing, we saw home prices rise. With 57% of Summit County Residential sales in September 2024 being over $1M, and a new median residential price across the county at $1.1M, it looks as though those prices are here to stay.
Of the 156 real estate transactions that took place in September, the average reported price was $1,550,059. Year to date, we have seen 1,148 real estate transactions, with an average transaction price of $1,461,711. This is for a total or $1,599,700,234 in monetary volume.
Taking a closer look at how prices compared to last year, as of September this year, we are seeing an average of 15% increase in Single Family homes and a 9% increase in Multi-Family properties.
Though the most recent real estate market data shows a slow down in sales, presumably because of the election and current off season, the market as a whole is still seeing prices increase across the county.
All this said, each individual area and development around the County can perform its own way given what area it is in, or what new rules may have been implemented (for example, the inability to get a short-term rental license is greatly impacting some areas). It is important when looking at the market, to take into account all of these variables that could affect your purchasing power as a buyer, or your list price as a seller. Don’t go at it alone, though. Give Nelson Walley Real Estate a call and let us assist you with your Summit county real estate purchase or sale.