Land Title Guarantee Company (“LTGC”) recently released its monthly Summit County Real Estate Market Trends for July 2024. On a seasonal basis, July falls in the midst of the busiest season of the calendar year for local real estate. Historically, the Summit County real estate market has its highest level of activity during the summer and early fall. With all that said, we have seen occasional anomalies in recent years where Summit County real estate activity did not follow the historical seasonal trend.

As part of its analysis, LTGC provided the monthly percentage change in total dollar volume & total number of real estate transactions across Summit County. Comparing July 2024 to the month of July in recent years, the totals were as follows:

• July 2011 – $35,555,500 generated from 98 transactions
• July 2012 – $65,197,855 generated from 131 transactions
• July 2013 – $80,849,879 generated from 163 transactions
• July 2014 – $95,597,625 generated from 201 transactions
• July 2015 – $117,921,469 generated from 202 transactions
• July 2016 – $104,621,918 generated from 215 transactions
• July 2017 – $147,927,102 generated from 253 transactions
• July 2018 – $151,066,431 generated from 211 transactions
• July 2019 – $168,936,483 generated from 218 transactions
• July 2020 – $185,123,589 generated from 231 transactions
• July 2021 – $243,969,600 generated from 246 transactions
• July 2022 – $196,469,376 generated from 132 transactions
• July 2023 – $168,955,945 generated from 146 transactions
• July 2024 – $200,794,065 generated from 158 transactions

Looking at the preceding numbers, the total dollar volume of sales in July 2024 increased by approximately 18.8% from July 2023. Additionally, the number of real estate transactions in Summit County in July 2024 increased by approximately 8.2% from July 2023.

To recap Summit County real estate market trends from recent months:

• In June 2024, the number of real estate transactions in Summit County decreased by approximately 20.3% from June 2023, and the total dollar volume of sales in June 2024 decreased by approximately 10% from June 2023.
• In May 2024, the number of real estate transactions in Summit County increased by approximately 8.9% from May 2023, and the total dollar volume of sales in May 2024 increased by approximately 26.9% from May 2023.
• In April 2024, the number of real estate transactions in Summit County increased by approximately 15.6% from April 2023, and the total dollar volume of sales in April 2024 increased by approximately 73.8% from April 2023.
• In March 2024, the number of real estate transactions in Summit County decreased by approximately 13.93% from March 2023, and the total dollar volume of sales in March 2024 decreased by approximately 1.75% from March 2023.
• In February 2024, the number of real estate transactions in Summit County increased by approximately 35.2% from February 2023, and the total dollar volume of sales in February 2024 increased by approximately 41.5% from February 2023.
• In January 2024, the number of real estate transactions in Summit County increased by approximately 17.2% from January 2023, and the total dollar volume of sales in January 2024 increased by approximately 25.3% from January 2023.

If you’re interested in buying a Summit County home, there are lots of great opportunities available. Please don’t hesitate to contact Philip for help. And, I’ve also written about the recent Summit County short-term rental rule changes.

The market analysis information and representations regarding market analysis above are based in whole or in part on information provided by Land Title Guarantee Company. Although the information above is believed to be true and correct, the information cannot be guaranteed. Therefore, neither SummitRealtor.com nor Land Title Guarantee Company can in any way be held responsible for its accuracy. The data above does not reflect all real estate activity in the market.