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Featured local agent — Summit, IL
Sarah Mitchell
Compass Real Estate · Summit, IL
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
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Summit, IL Housing Market & Real Estate
Housing market overview · Updated monthly ·
$308,000median sale price
How is the Summit, IL housing market right now?
The median home sale price in Summit, IL is $308,000, down 16.2% year-over-year. Homes sell in an average of 157 days with 18 active listings. The market is currently a balanced market. (Source: Redfin monthly MLS data, as of May 2026 — the most recent Redfin release; Redfin publishes each month's data on a ~6-week lag.)
Is Summit a buyer's or seller's market?
Summit, IL is currently a balanced market, based on 2.3 months of supply and homes selling in about 157 days. How we determine this →
Homes sold
8
Last 12 weeks
Days on market
157
Average pace
Active listings
18
2.3 months supply
Sale-to-list
99.7%
Below asking
What does the Summit housing market data show?
| Metric | Value |
|---|---|
| Median sale price | $308,000 |
| Median list price | $280,000 |
| Year-over-year price change | -16.2% |
| Average days on market | 157 days |
| Active inventory | 18 listings |
| Months of supply | 2.3 months |
| Sale-to-list price ratio | 99.7% |
| Median price per sq ft | $258/sq ft |
| Homes sold (latest month) | 8 |
| New listings (latest month) | 7 |
| Listings with a price cut | 11.1% |
| Market condition | Balanced market |
Source: Redfin · Updated monthly
How much do homes cost in Summit by property type?
How the Summit, IL market breaks down across single-family homes, condos, and townhouses.
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $260,000 | $227/sq ft | 5 | 186 days |
| Condo / Co-op | $176,000 | $147/sq ft | 1 | 20 days |
| Townhouse | $277,000 | $172/sq ft | 1 | 19 days |
Source: Redfin · Updated monthly
The Summit housing market is currently classified as a balanced market with a median sale price of $308,000. Prices have fallen 16.2% compared to last year, with homes spending an average of 157 days on market, indicating 2.3 months of inventory.With limited inventory, homes sell quickly and buyers should be prepared to act decisively and competitively to secure a property.The price-to-income ratio of 4.6x provides context for how home values compare to local earning capacity.
Market trends
Homes for sale in Summit
There are currently 18 homes listed for sale in Summit, Illinois. The median listing price is $280K.
Active listings
18
Homes on market
Median list price
$280K
Avg. days on market
157
Days until sale
New this week
7
Newly listed
Who lives in Summit?
Population
10,896
Median income
$60,417/yr
Median age
38.5 years
Owner-occupied
61.6%
College grads
12.1%
Avg commute
30.9 min
Source: U.S. Census Bureau ACS
What are homes worth in Summit?
Zillow home value
$278,239
Zillow rent index
$1,349/mo
Price-to-rent ratio
17.2x
Price-to-income
4.6x
Source: Zillow Research
What is it like to live in Summit?
Summit is a community of approximately 11K residents with a median age of 38.5 years.The median household income is $60,417, which represents a working-class community with solid middle-income opportunities. 12.1% of residents hold a bachelor's degree or higher, showing a mixed educational demographic.
Homeownership rates are at 61.6%, showing a blend of owner and renter-occupied properties. The average commute time is 30.9 minutes, which suggests a more suburban or rural location for those willing to commute longer distances.Overall, Summit offers a balanced lifestyle with accessible home values relative to local income levels.
Which public schools serve Summit?
5 schools tracked · 3,185 students
The largest public schools serving Summit, IL by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
Argo Community High School
Grades 9-12 · 1,841 students
Otis P Graves Elem School
Grades PK-5 · 552 students
Heritage Middle School
Grades 6-8 · 447 students
Walsh Elem School
Grades K-5 · 239 students
Dr Donald Wharton Elem School
Grades K-5 · 106 students
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Which cities are near Summit, IL?
Want a head-to-head view? Compare Summit side-by-side with any other U.S. city using our market-comparison tool.
Is Summit a good real estate investment market?
For investors evaluating Summit, the price-to-rent ratio of 17.2x indicates higher purchase prices relative to rental income, typical of appreciation-focused markets. The market has softened 16.2% year-over-year, potentially creating entry opportunities for strategic buyers.Use our rent vs. buy calculator to analyze whether owning or renting makes more financial sense based on Summit's current market conditions and your specific situation. Estimate your monthly payment with the mortgage calculator using Summit's median home price.
Frequently asked questions
What is the average home price in Summit?
The median home sale price in Summit is $308,000, down 16.2% from last year.
How long do homes stay on market in Summit?
Homes typically spend 157 days on market before going under contract.
What is the median income in Summit?
The median household income is $60,417 per year.
Is Summit a buyer's or seller's market?
With 2.3 months of supply, Summit is currently a balanced market.
What is the Zillow home value estimate for Summit?
The Zillow Home Value Index (ZHVI) for Summit is $278,239, representing the typical home value in the area.
What is the median condo price in Summit?
The median condo/co-op sale price in Summit, IL is $176,000, compared to $260,000 for a single-family home, based on the latest Redfin data.
How much does a single-family home cost in Summit?
The median single-family home price in Summit, IL is $260,000 (about $227 per square foot).
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