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 December 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

$290,000

$188/sqft

Based on all homes sold in the last 12 months.

Difference Since December 2023

+$25,000(+9.4%)

Key Takeaway

Homes in Summit have sold for 9.4% more than they did a year ago.

Summary: The median home sold price in Summit was $290,000 in December 2024, up 9.4% from last year, and the median price per square foot was $188.

Median Sold Price By Bedroom Count

# BEDSDec 2023Dec 2024CHANGE
1 $48K-
N/A
2 $225K$219K
-2.7%
3 $256.2K$271K
+5.8%
4 $335K$305K
-9.0%
5+ $330K$342.5K
+3.8%

Summary: Summit housing prices by bedroom type for December 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 2.7%, 3 bedroom homes increased by 5.8%, 4 bedroom homes decreased by 9%, and 5+ bedroom homes increased by 3.8%.

Median Sold Price Compared To Nearby Cities

Lyons
+16.6%
Summit
+9.4%
Summit Argo
+9.3%

Housing Supply in Summit, IL

How many homes are available in Summit, IL?

Number of Homes For Sale

Nov 2024Dec 2024CHANGE
2021+5.0%

Summary: The Summit real estate market had 21 homes for sale in December 2024, a 5.0% increase compared to November 2024.

Homes For Sale By Bedroom Count

# BEDSNov 2024Dec 2024CHANGE
1 00
0.0%
2 42
-50.0%
3 88
0.0%
4 35
+66.7%
5+ 56
+20.0%

Summary: The Summit housing inventory by bedroom type for December 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 50%, 3 bedroom homes remained the same, 4 bedroom homes increased by 66.7%, and 5+ bedroom homes increased by 20%.

Number of Homes Sold

Nov 2024Dec 2024CHANGE
46+50.0%

Asking Price vs. Sold Price

3 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

3 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 6 homes were sold or pending in Summit in December 2024, up by 50.0% month-over-month. Of the 6 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

Dec 2023Dec 2024CHANGE
42 Days17 Days-59.8%

Summary: Homes in Summit had an average of 17 days on market in Dec 2024, down by 59.8% compared to last year.

Breakdown of Home Sale Times

5 Homes Were Sold
Under 30 Days

1 Home Was 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 December 2024, 6 homes were sold in Summit; 83% of homes were sold within 30 days, 17% 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 4 Days Ago

Newest Listings in Summit, IL

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