Home Values

Summit Home Prices & Values

Zillow Home Value Index

The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Learn more

$777,100

  • 5.3% 1-year change
  • 1.8% 1-year forecast

Market Temperature

Based on three metrics—sale-to-list price ratio, the prevalence of price cuts on home listings, and time-on-market—the market temperature provides information on the current balance of bargaining power between buyers and sellers in this city relative to other cities in the same metropolitan area. A particular city may be identified as a good market for buyers in a metro market favorable to sellers overall. Learn more

Very Hot

Buyers' Market
Sellers' Market

The median home value in Summit is $777,100. Summit home values have gone up 5.3% over the past year and Zillow predicts they will rise 1.8% within the next year. The median list price per square foot in Summit is $421, which is higher than the New York Metro average of $252. The median price of homes currently listed in Summit is $734,900 while the median price of homes that sold is $769,375. The median rent price in Summit is $2,300.

Foreclosures will be a factor impacting home values in the next several years. In Summit 0.8 homes are foreclosed (per 10,000). This is lower than the New York Metro value of 1.4 and also lower than the national value of 4.0

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Summit is 8.3%, which is higher than the national value of 6.9%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Summit homeowners underwater on their mortgage is 5.5%, which is lower than New York Metro at 14.7%.

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Relative ZHVI
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Summit Market Overview

Data through Sep 30, 2014
  • $777,100 ZHVI
  • 1.8% 1-yr forecast
    The Zillow Home Value Forecast is Zillow's prediction of what the Zillow Home Value Index will be one year from now. Learn more
    (Sep 30, 2015)
  • $734,900 Median listing price
  • $769,375 Median sale price
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Summit Market Health

Data through Sep 30, 2014
  • 9.7/10 Very healthy
    The Market Health Index illustrates the current health of a region's housing market relative to other markets across the country. The Market Health Index is based on up to 10 metrics including those capturing the past and projected evolution of home values, the prevalence of foreclosures, foreclosure re-sales, negative equity and delinquency, as well as whether homes are currently selling faster or slower than in the past.
  • No data Average days on Zillow
  • 5.5% Homes with negative equity (17.0% US Avg) (Jun 30, 2014)
  • 8.3% Delinquent on mortgage (6.9% US Avg) (Jun 30, 2014)

Homes foreclosed (per 10,000)

0.8 homes Summit
1.4 homes New York Metro
4 homes United States
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Nearby Cities

Name Median ZHVI
Short Hills $1,312,200
Chatham Township $767,900
Millburn $725,800
Name Median ZHVI
Westfield $688,500
Florham Park $652,100
Madison $629,800
Name Median ZHVI
New Providence $571,900
Mountainside $568,400
Springfield $386,600

Listings & Sales

Data through Sep 30, 2014
  • $421 Median list price / sq ft
  • $447 Median sale price / sq ft
  • 43.2% Listings with price cut
6.8%
Sold below listing
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Summit Rentals

Data through Sep 30, 2014
  • Zillow Rent Index

  • $3,525 Summit
    $2,339 New York Metro
    $1,335 United States

    The Zillow Rent Index is the median Rent Zestimate valuation for a given geographic area on a given day. Learn more

  • 2.7 Breakeven horizon
    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more
    (Jun 30, 2014)
  • $2,300 Rent list price
  • No data Rent list price / sq ft
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