October 2022 Summit County Market Update

Single family homes in Summit County continued to decrease in price YOY, but at a slower pace than in August, ending slightly up month over month at $1,933,610 in September 2022, down -6.4% in September 2021. At the same time the number of closed sales dropped by 25.8% and inventory went up from 100 homes a year ago to 177 homes in September 2022, or a 77% increase, which is less than the increase last month! Even though the trend is down YOY for prices, it went up slightly MOM, perhaps signaling a leveling out in prices.

We continue to see a different in condos and townhomes from single family homes with prices increasing by 12.1%, coming in at $794,397. Closed sales and inventory again showed the same trend as SFH, with closed sales decreasing from 148 in September 2021 to 98 in September 2022 and inventory increasing by 37%. Both number of closed sales and inventory was similar MOM from August to September, again suggesting a stabilizing market.

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