Sold listings remained relatively stable, with 410 homes sold in September 2024, a slight increase of 0.74% from the 407 homes sold in September 2023. Year-to-date sales also show positive momentum, with 4,213 homes sold in 2024, up by 2.76% compared to the 4,100 homes sold during the same timeframe in 2023.

The pricing trends are similarly encouraging. The median list price for sold homes rose by 1.71% to $742,000, while the median sold price reached $725,000, a modest increase of 0.69% from the previous year. The average list price for sold properties saw a 3.86% rise to $871,299, while the average sold price increased by 3.2% to $855,491. Year-to-date, the average sold price stands at $877,089, reflecting a 3.44% gain from last year's average.

However, homes are taking longer to sell, with the average days on the market extending to 86 days in September 2024, a 21.13% increase from the 71 days recorded in September 2023. The list-to-sold price ratio also slightly declined to 98.8%, down from 99% last year. These trends suggest a market that, while still active, may be leaning towards more balanced conditions, giving buyers slightly more leverage compared to previous years

As of September 2024, the real estate market for single-family homes in Summit County has experienced some notable changes compared to the same period in 2023.

New Listings and Sales Activity The number of new listings has increased by 40.7%, with 570 homes listed in 2024 compared to 405 in 2023. Despite the higher inventory, sold listings remained relatively stable, with a slight decline of 0.8%, from 266 homes sold in 2023 to 264 in 2024.

Pricing Trends The median sales price for single-family homes rose significantly by 17.4%, reaching $2,112,500 in 2024 compared to $1,800,000 in 2023. The average sales price also saw a substantial increase of 17.4%, climbing from $2,057,044 to $2,415,296. This indicates a robust demand for higher-priced properties, reflecting a competitive market in the luxury segment.

Market Dynamics The percent of the list price received has slightly decreased, moving from 97.4% in 2023 to 96.8% in 2024, suggesting a modest shift in buyer-seller negotiations. Homes are taking slightly longer to sell, with the average days on market increasing by 1.9%, from 53 days in 2023 to 54 days in 2024.

Inventory Levels The inventory of homes for sale has grown by 42.4%, from 177 homes in 2023 to 252 homes in 2024. The months' supply of inventory has also increased by 46.4%, indicating a more balanced market with a current supply of 8.2 months, compared to 5.6 months in 2023.

The Summit County single-family home market in 2024 is characterized by rising prices and increased inventory levels, suggesting a shift towards a more balanced market. Despite the higher inventory, demand remains strong, particularly in the luxury segment.

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Easy Fall Curb Appeal Ideas to Boost Your Home

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