$8,657 Closing Credit*
$729,000
2 Beds
•1 Full Bath
Listing Office: COMPASS NEW JERSEY, LLC
Is Summit, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
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, NJ
How much do homes in Summit, NJ cost?
Median Sold Price
$1,262,500
$588/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$137,500(+12.2%)
Key Takeaway
Homes in Summit have sold for 12.2% more than they did a year ago.
Summary: The median home sold price in Summit was $1,262,500 in November 2024, up 12.2% from last year, and the median price per square foot was $588.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $310K | $285K | -8.1% |
| 2 Bedrooms | $475K | $629.8K | +32.6% |
| 3 Bedrooms | $803K | $937.5K | +16.7% |
| 4 Bedrooms | $1.3M | $1.3M | +1.9% |
| 5+ Bedrooms | $2.0M | $1.9M | -3.9% |
Summary: Summit housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 8.1%, 2 bedroom homes increased by 32.6%, 3 bedroom homes increased by 16.7%, 4 bedroom homes increased by 1.9%, and 5+ bedroom homes decreased by 3.9%.
Median Sold Price Compared To Nearby Cities
| Springfield Township | $562.5K | $672.5K | +19.6% |
| New Providence | $797K | $899.5K | +12.9% |
| Summit | $1.1M | $1.2M | +12.2% |
| Chatham | $999.9K | $1.1M | +11.1% |
| Millburn Township | $1.7M | $1.7M | +3.8% |
Housing Supply in Summit, NJ
How many homes are available in Summit, NJ?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 50 | 56 | +12.0% |
Summary: The Summit real estate market had 56 homes for sale in November 2024, a 12.0% increase compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 6 | 6 | 0.0% |
| 3 Bedrooms | 15 | 15 | 0.0% |
| 4 Bedrooms | 13 | 17 | +30.8% |
| 5+ Bedrooms | 15 | 17 | +13.3% |
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 remained the same, 4 bedroom homes increased by 30.8%, and 5+ bedroom homes increased by 13.3%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 9 | 12 | +33.3% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
10 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Summit, you could pay more than the asking price. 83.3% of homes here sold above asking price last month.
Summary: A total of 12 homes were sold or pending in Summit in November 2024, up by 33.3% month-over-month. Of the 12 sold homes, 17% were sold under asking, 0% were sold at asking, and 83% were sold over asking.
Days on Market for Summit, NJ
We’re sorry, we don't have information for this market at the moment
