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.

The market has softened when compared with the blistering pace of Summer 2021. The number of contracts closed in Summit County in the first half of this September is down about 35% when compared with the previous September (62 this Sept. vs. 95 last Sept.). The number of pending sales tells a similar story. However, prices have remained steady and are down only slightly. Average Summit County sales price in the first half of September has been $1,375,039.