$10,000 Closing Credit*
$1,499,000
3,120 SqFt
5 Beds
•4 Full Baths
Listing Office: PROMINENT PROPERTIES SIR
Is Summit, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 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 October 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 October 2024, up 12.2% from last year, and the median price per square foot was $588.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $310K | $285K | -8.1% |
| 2 Bedrooms | $465K | $590K | +26.9% |
| 3 Bedrooms | $825K | $908.5K | +10.1% |
| 4 Bedrooms | $1.2M | $1.3M | +3.9% |
| 5+ Bedrooms | $1.9M | $1.9M | -3.6% |
Summary: Summit housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 8.1%, 2 bedroom homes increased by 26.9%, 3 bedroom homes increased by 10.1%, 4 bedroom homes increased by 3.9%, and 5+ bedroom homes decreased by 3.6%.
Median Sold Price Compared To Nearby Cities
| Springfield Township | $550K | $656.2K | +19.3% |
| Summit | $1.1M | $1.2M | +12.2% |
| New Providence | $799K | $880K | +10.1% |
| Millburn Township | $1.6M | $1.7M | +5.6% |
| Chatham | $1.0M | $1.0M | +4.9% |
Housing Supply in Summit, NJ
How many homes are available in Summit, NJ?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 44 | 53 | +20.5% |
Summary: The Summit real estate market had 53 homes for sale in October 2024, a 20.5% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 4 | 6 | +50.0% |
| 3 Bedrooms | 15 | 15 | 0.0% |
| 4 Bedrooms | 8 | 15 | +87.5% |
| 5+ Bedrooms | 17 | 16 | -5.9% |
Summary: The Summit housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 50%, 3 bedroom homes remained the same, 4 bedroom homes increased by 87.5%, and 5+ bedroom homes decreased by 5.9%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 13 | 9 | -30.8% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Summit, you could pay more than the asking price. 88.9% of homes here sold above asking price last month.
Summary: A total of 9 homes were sold or pending in Summit in October 2024, down by 30.8% month-over-month. Of the 9 sold homes, 11% were sold under asking, 0% were sold at asking, and 89% were sold over asking.
Days on Market for Summit, NJ
We’re sorry, we don't have information for this market at the moment
Disclaimer: The data relating to the real estate for sale on this web site comes in part from the Internet Data Exchange Program of the NJMLS. Real estate listings held by brokerage firms other than Rocket Homes Real Estate, LLC are marked with the Internet Data Exchange logo and information about them includes the name of the listing brokers. Some properties listed with the participating brokers do not appear on this website at the request of the seller. Listings of brokers that do not participate in Internet Data Exchange do not appear on this website.