The average home in Summit County last year was selling for $1.9 million. That is the second-highest median closing price in history and nearly triple the state median, according to Altitude Realtors.
But, based on the data, the average home buyer was happy to see prices finally falling after five years of astronomic growth. Sales were up nearly 24% led by those (slightly) cheaper prices and more homes on the market.
“Sales activity strengthened in several key segments—particularly in Summit County—while pricing adjusted modestly and buyers became more deliberate in their decision-making,” local realtor Dana Cottrell writes in a report from Colorado Association of Realtors. “Steady inventory growth over the course of the year helped shift the market toward better balance, giving buyers more options and prompting sellers to refine their pricing strategies.”
Local condos last year were cheaper too, averaging $898,188 (down 3.4% in a year), and more of them were selling. Also moving fast were luxury homes over $5 million.
“High-end properties continued to play a central role in overall market performance with luxury homes accounting for a significant share of both listings and closed sales,” Cottrell continues in her report.
No going back
Cottrell’s report acknowledges how frustrating this roller-coaster market has been for many, saying, “affordability remains a challenge, especially for local buyers.”
Summit home prices last year were second only to 2024, when the median hit a new record of $2.1 million – more expensive than most of the East Coast and coastal California (although not even close to the average of more than $8 million in Aspen.)
Since 2019, the final year before the COVID real estate boom, the median home price in Summit has grown 84% percent. Until 2018 most local homes were selling for less than $1 million.
Realtors do not expect prices to fall that low again, but they do predict a more reliable market this year.
“Looking ahead to 2026, momentum appears steady,” Cottrell’s report concludes. “Success will increasingly favor informed buyers and realistic sellers who focus on strategy rather than speed.”