Summit Housing Market Report December 2024•Union County, New Jersey

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Housing Prices in Summit, NJ

How much do homes in Summit, NJ cost?

Housing Market Conditions

Is Summit, NJ a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

Summit is a Seller's Market

Difference Since December 2023

Since last year, Summit has remained a Seller's Market.

Insight

Summit is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$1,226,500$588/SqFt
+$66,500
+5.7%

Based on all homes sold in the last 12 months

Insight

Homes in Summit have sold for 5.7% more than they did a year ago.

Summary: The median home sold price in Summit was $1,226,500 in December 2024, up 5.7% from last year, and the median price per square foot was $588.

Median Sold Price By City

Median Sold Price By City
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
Springfield Township
+14.0%
Chatham
+12.1%
New Providence
+12.1%
Summit
+5.7%
Millburn Township
+2.4%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsDec 2023Dec 2024Change YoY
1$310K$294K
-5.2%
3$825.5K$943.7K
+14.3%
4$1.3M$1.3M
-2.3%
2$434.4K$662.5K
+52.5%
5$2.0M$2.0M
-0.9%

Summary: Summit housing price by bedroom type for December 2024, compared to the previous year. The home price for 1 bedroom homes decreased by -5.2%. The home price for 3 bedroom homes increased by +14.3%. The home price for 4 bedroom homes decreased by -2.3%. The home price for 2 bedroom homes increased by +52.5%. The home price for 5 bedroom homes decreased by -0.9%.

Housing supply in Summit, NJ

How many homes are available in Summit, NJ?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
43Last MonthDec 2024
472 months agoNov 2024
-8.5 %
Change MoMNov – Dec

Summary: The Summit real estate market had 43 homes for sale in Dec 2024, a 8.5 % decrease compared to Nov 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
13Last MonthDec 2024
122 months agoNov 2024
+8.3 %
Change MoMNov – Dec

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsNov 2024Dec 2024Change MoM
111
0.0%
3118
-27.3%
41214
+16.7%
266
0.0%
51714
-17.6%

Summary: Summit housing inventory by bedroom type for December 2024, compared to the previous month. The inventory for 1 bedroom homes remained the same. The inventory for 3 bedroom homes decreased by -27.3%. The inventory for 4 bedroom homes increased by +16.7%. The inventory for 2 bedroom homes remained the same. The inventory for 5 bedroom homes decreased by -17.6%.

Asking Price vs. Sold Price

How much do homes in Summit, NJ cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price10 Homes

At Asking Price1 Home

Under Asking Price2 Homes

Insight

If you're buying a home in Summit, you could pay more than the asking price. 76.9% of homes here sold above asking price last month.

Summary: A total of 13 homes were sold or pending in Summit in December 2024, up by 8.3% month-over-month. Of the 13 sold homes, 15% were sold under asking, 8% were sold at asking, and and 77% were sold over asking.

Days on Market for Summit, NJ

We’re sorry, we don't have information for this market at the moment.

Home sale times aren’t available for this area.

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Newest Listings in Summit, NJ

What homes are available in Summit, NJ?

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MLS Disclaimers and Copyright

Based on information from Garden State MLS, for the period 01/01/2023 - 01/01/2025

Information deemed reliable but not guaranteed. Copyright © 2025 Garden State Multiple Listing Service, L.L.C. All rights reserved.

Disclaimer: The data relating to real estate for sale on this website comes in part from the IDX Program of Garden State Multiple Listing Service, L.L.C. Real estate listings held by other brokerage firms are marked as an IDX Listing. Information deemed reliable but not guaranteed.

Notice: The dissemination of listings displayed herein does not constitute the consent required by N.J.A.C. 11:5.6.1 (n) for the advertisement of listings exclusively for sale by another broker. Any such consent must be obtained in writing from the listing broker.

The information on this web site is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. We are not responsible or liable for misinformation, misprints, or typographical errors. All information provided is deemed reliable but is not guaranteed and should be independently verified through personal inspection by and/or with the appropriate professionals. Properties subject to prior sale, change, withdrawal or rental.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/18/2025, 12:55:47 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.