B
uyers held the upper hand in Summit County's real estate market in 2024, with more negotiating power than in recent years. Residential transactions totaled over $1.9 billion from approximately 1,269 deals, according to the Land Title Guarantee Co., a slight increase from the $1.6 billion accumulated in 2023.

    The market favored buyers due to rising inventory and days-on-market data, indicating that homes were often sold for less than their original listed price. The average sales price climbed around 10%, but the listed-price-to-sold-price ratio dropped to 95-97%. Real estate agents attribute this trend to sellers' aspirational listing prices and a more normalized market.

    "We've become more of a normalized market, so there's more room for buyers to negotiate because they're not competing with other buyers for the same property," said Re/Max agent Jan Leopold. This shift is a departure from the pandemic-fueled real estate boom that created a sellers' market in Summit County.

    In 2024, Keystone saw a 32% bump in sales, while Frisco experienced an 8% drop due to its limited buildable land and introduction of new construction projects like Nellie's Neighborhood. Real estate agents are optimistic about 2025, citing the removal of buyer hesitancy typically associated with election years and already outpacing 2024's sales in the first few weeks.

    The average residential single-family home sold for around $2.3 million in 2024, while multifamily units averaged $1 million and vacant land sold for approximately $713,000, according to Land Title Guarantee Co. data.