Here are the latest updates from the Summit and Stark County markets.
If you’ve been watching the headlines to see what’s happening on a national scale, understand that our local market has never followed the same trends as national real estate. Today I’ll share the latest trends in the upper price ranges of Stark and Summit Counties to keep you updated on what’s happening in our local market.
In 2021, the average price per square foot for homes above $500,000 in Stark County was $192. In 2022, that increased to $207. The average sales price in total is currently around $200,000.
Homes are selling quicker than they were last year, as well. The average days on market increased from 97 days to just 39 this year, meaning that today’s homeowners are selling 58% faster than in 2021. Sellers also received 97% of their asking prices in 2021 compared to 99.7% this year. This shows that sellers are getting almost full price when they sell, which is great news.
In Summit County, the average price per square foot increased from $179 to $203 year over year. The average sales price here also rose from $679,000 up to $731,000. The amount of time that homes spent on the market in Summit County dropped by 42% to just 44 days. Homeowners received over 100% of their asking prices when selling this year, which is a jump from the 99.8% they received last year.
All this data proves that now is still a great time to sell your luxury home in our local market. In our next post, we’ll discuss what the shift means for both buyers and sellers. In the meantime, if you have any questions about the market or real estate in general, don’t hesitate to give us a call or send us an email. We’d love to help you.