Is Summit, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Summit is a seller's market

Buyer's
Market

Difference Since November 2023

Since last year, Summit has remained a Seller's Market.

Key Takeaway

Summit is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Summit, IL

How much do homes in Summit, IL cost?

Median Sold Price

$289,000

$190/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$24,000(+9.1%)

Key Takeaway

Homes in Summit have sold for 9.1% more than they did a year ago.

Summary: The median home sold price in Summit was $289,000 in November 2024, up 9.1% from last year, and the median price per square foot was $190.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $48K-
N/A
2 $215K$226K
+5.1%
3 $243.7K$271K
+11.2%
4 $335K$327.5K
-2.2%
5+ $330K$345K
+4.5%

Summary: Summit housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 5.1%, 3 bedroom homes increased by 11.2%, 4 bedroom homes decreased by 2.2%, and 5+ bedroom homes increased by 4.5%.

Median Sold Price Compared To Nearby Cities

Lyons
+16.6%
Summit Argo
+9.7%
Summit
+9.1%

Housing Supply in Summit, IL

How many homes are available in Summit, IL?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
1922+15.8%

Summary: The Summit real estate market had 22 homes for sale in November 2024, a 15.8% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 00
0.0%
2 44
0.0%
3 68
+33.3%
4 33
0.0%
5+ 67
+16.7%

Summary: The Summit housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 33.3%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 16.7%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
14+300.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

2 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Summit, you may be able to get a good deal. 50% of homes here sold below asking price last month.

Summary: A total of 4 homes were sold or pending in Summit in November 2024, up by 300.0% month-over-month. Of the 4 sold homes, 50% were sold under asking, 0% were sold at asking, and 50% were sold over asking.

Days on Market for Summit, IL

How long does it take to sell a home in Summit, IL?

Average Sale Time

Nov 2023Nov 2024CHANGE
20 Days15 Days-26.8%

Summary: Homes in Summit had an average of 15 days on market in Nov 2024, down by 26.8% compared to last year.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Summit are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 4 homes were sold in Summit; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 2 Days Ago

Newest Listings in Summit, IL

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