Summit County Real Estate Market Trends for November 2023


Image - Summit County Real Estate Market Trends for November 2023

Land Title Guarantee Company (“LTGC”) recently released its monthly Summit County Real Estate Market Trends for November 2023. On a seasonal basis, November falls in the midst of the slower winter season for Summit County real estate. Historically, the Summit County real estate market has its highest level of activity during the summer and 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 November 2023 to the month of November in recent years, the totals were as follows:

  • November 2011 – $761,748,100 generated from 152 transactions
  • November 2012 – $74,734,600 generated from 215 transactions
  • November 2013 – $89,196,800 generated from 197 transactions
  • November 2014 – $104,587,700 generated from 216 transactions
  • November 2015 – $109,915,500 generated from 205 transactions
  • November 2016 – $184,563,658 generated from 268 transactions
  • November 2017 – $151,871,354 generated from 230 transactions
  • November 2018 – $153,815,804 generated from 227 transactions
  • November 2019 – $168,612,665 generated from 231 transactions
  • November 2020 – $355,464,800 generated from 394 transactions
  • November 2021 – $268,148,104 generated from 238 transactions
  • November 2022 – $175,638,348 generated from 134 transactions
  • November 2023 – $158,322,380 generated from 120 transactions

Looking at the preceding numbers, the total dollar volume of sales in November 2023 decreased by approximately 9.9% from November 2022. Additionally, the number of real estate transactions in Summit County in November 2023 decreased by approximately 10.4% from November 2022.

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

  • In October 2023, the number of real estate transactions in Summit County increased by approximately 1.8% from October 2022, and the total dollar volume of sales in October 2023 increased by approximately 3.9% from October 2022.
  • In September 2023, the number of real estate transactions in Summit County decreased by approximately 1.7% from September 2022, and the total dollar volume of sales in September 2023 increased by approximately 28% from September 2022.
  • In August 2023, the number of real estate transactions in Summit County decreased by approximately 7.7% from August 2022, and the total dollar volume of sales in August 2023 decreased by approximately 2.2% from August 2022.
  • In July 2023, the number of real estate transactions in Summit County increased by approximately 10.6% from July 2022, and the total dollar volume of sales in July 2023 decreased by approximately 14% from July 2022.
  • In June 2023, the number of real estate transactions in Summit County decreased by approximately 20.5% from June 2022, and the total dollar volume of sales in June 2023 decreased by approximately 24.6% from June 2022.
  • In May 2023, the number of real estate transactions in Summit County decreased by approximately 13.5% from May 2022, and the total dollar volume of sales in May 2023 decreased by approximately 36.1% from May 2022.

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 recently 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.