Summit County Real Estate: Record High Prices Despite Declining Transactions in 2022


Home transactions in Summit County declined significantly in 2022, according to the Land Title Guarantee Company report. Despite this, the average home price still reached an all-time high, with prices more than doubling over the last 10 years. There is some hope that buyers may find relief due to an increase in inventory for single-family homes, townhomes and condos. The months’ supply of inventory has also increased from between 1 and 2 months to more than 3 months. Yet the market is still 2 to 3 months away from reaching a balanced supply.


Further changes in home prices may come this year as housing stock increases, allowing buyers more negotiating power. The economic uncertainty caused by inflation and rising interest rates may also affect house prices, especially if the Federal Reserve raises rates again soon. That said, many of Summit County's homebuyers are unaffected by these changes due to 33% of all real estate transactions being paid in cash.


If you have additional questions about the Summit County housing market, please contact us anytime.