Brokers — List your Company Here
Featured local agent — Summit, NJ
Sarah Mitchell
Compass Real Estate · Summit, NJ
“Your trusted relocation specialist since 2009. 350+ homes sold. Zero-pressure, data-first approach.”
This spot is open. Be the only brokerage featured on this page — one slot, no auction.
Claim this spot* Example only — dummy agent for illustration. Your logo, name, tagline, link, and lead routing replace this content.
Summit, NJ Housing Market & Real Estate
Housing market overview · Updated monthly ·
$1.90Mmedian sale price
How is the Summit, NJ housing market right now?
The median home sale price in Summit, NJ is $1.90M, up 40.7% year-over-year. Homes sell in an average of 14 days with 18 active listings. The market is currently a strong seller's 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, NJ is currently a strong seller's market, based on 1.2 months of supply and homes selling in about 14 days. How we determine this →
Homes sold
15
Last 12 weeks
Days on market
14
Fast-moving
Active listings
18
1.2 months supply
Sale-to-list
110.7%
Above asking
What does the Summit housing market data show?
| Metric | Value |
|---|---|
| Median sale price | $1.90M |
| Median list price | $1.20M |
| Year-over-year price change | +40.7% |
| Average days on market | 14 days |
| Active inventory | 18 listings |
| Months of supply | 1.2 months |
| Sale-to-list price ratio | 110.7% |
| Median price per sq ft | $758/sq ft |
| Homes sold (latest month) | 15 |
| New listings (latest month) | 19 |
| Listings with a price cut | 11.1% |
| Market condition | Strong seller's market |
Source: Redfin · Updated monthly
How much do homes cost in Summit by property type?
How the Summit, NJ market breaks down across single-family homes, condos, and townhouses.
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $1.90M | $758/sq ft | 15 | 14 days |
| Condo / Co-op | $1.45M | $843/sq ft | 1 | 45 days |
Source: Redfin · Updated monthly
The Summit housing market is currently classified as a strong seller's market with a median sale price of $1.90M. Prices have risen 40.7% compared to last year, with homes spending an average of 14 days on market, indicating 1.2 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 7.2x provides context for how home values compare to local earning capacity.
Homes for sale in Summit
There are currently 18 homes listed for sale in Summit, New Jersey. The median listing price is $1.2M.
Active listings
18
Homes on market
Median list price
$1.2M
Avg. days on market
14
Days until sale
New this week
19
Newly listed
Who lives in Summit?
Population
22,512
Median income
$199,107/yr
Median age
40.6 years
Owner-occupied
71.8%
College grads
72.7%
Avg commute
34.8 min
Source: U.S. Census Bureau ACS
What are homes worth in Summit?
Zillow home value
$1.43M
Zillow rent index
$3,006/mo
Price-to-rent ratio
39.7x
Price-to-income
7.2x
Source: Zillow Research
What is it like to live in Summit?
Summit is a community of approximately 23K residents with a median age of 40.6 years.The median household income is $199,107, which reflects a relatively affluent area with strong earning potential. 72.7% of residents hold a bachelor's degree or higher, indicating a highly educated population.
Homeownership rates are at 71.8%, reflecting strong community stability and long-term resident commitment. The average commute time is 34.8 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?
9 schools tracked · 3,982 students
The largest public schools serving Summit, NJ 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.
Summit High School
Grades 9-12 · 1,176 students
Lawton C. Johnson Summit Middle School
Grades 6-8 · 929 students
Lincoln-Hubbard Elementary School
Grades 1-5 · 360 students
Franklin Elementary School
Grades 1-5 · 350 students
Brayton Elementary School
Grades 1-5 · 322 students
Washington Elementary School
Grades 1-5 · 303 students
Jefferson Elementary School
Grades 1-5 · 224 students
Primary Center at Wilson
Grades PK-K · 204 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, NJ?
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 39.7x indicates higher purchase prices relative to rental income, typical of appreciation-focused markets. The market has appreciated 40.7% year-over-year, reflecting ongoing demand and value growth.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 $1.90M, up 40.7% from last year.
How long do homes stay on market in Summit?
Homes typically spend 14 days on market before going under contract.
What is the median income in Summit?
The median household income is $199,107 per year.
Is Summit a buyer's or seller's market?
With 1.2 months of supply, Summit is currently a strong seller's market.
What is the Zillow home value estimate for Summit?
The Zillow Home Value Index (ZHVI) for Summit is $1.43M, 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, NJ is $1.45M, compared to $1.90M 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, NJ is $1.90M (about $758 per square foot).
Be the brokerage on this page
1 slot per pageGet featured on Summit, NJ
Your logo, brokerage name, and direct link to your site — featured at the top of this page in front of every visitor researching this whole city. One brokerage, no rotation, no bidding war.
- Goes live in 24 hours
- Cancel anytime
- Do-follow backlink to your site
Get Summit market alerts
Weekly updates on prices, inventory, and trends. Free forever.