Summit County Market Trends - August 2022

Inventory of single family homes in Summit County increased a whopping 93% when compared with August of last year! Meanwhile, sold listings have decreased by 32%. Interest rates have increased from their historic lows and inflation remains stubborn. This has left many wondering where the market is heading next and whether interest rates might continue climbing.

There may be significantly more inventory of properties available on the market today when compared with last Summer. However, houses that are priced competitively are moving quickly and buyers are taking advantage of their ability to get a deal! Single family homes are on the market for an average of a 9% shorter time compared to last year and median sales price has been coming in about 2% lower than last August.

The market for townhomes and condos in Summit County has fared better than the single family home real estate market so far this year. This is likely due to short term rental regulations which are less restrictive on many of resort condo complexes when compared to the single family home neighborhood around the county. The median sales price of condos and townhomes in Summit County has increased about 9% over last August and average time on the market has decreased by 27.3% to 24 days.