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

$753,200

  • -1.1% 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

Warm

Buyers' Market
Sellers' Market

The median home value in Summit is $753,200. Summit home values have declined -1.1% over the past year and Zillow predicts they will fall -1.8% within the next year. The median list price per square foot in Summit is None. The median rent price in Summit is $2,300, which is lower than the New York Metro median of $2,515.

Foreclosures will be a factor impacting home values in the next several years. In Summit 1.7 homes are foreclosed (per 10,000). This is lower than the New York Metro value of 2.0 and also lower than the national value of 3.5

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 6.6%, which is higher than the national value of 6.0%. 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 4.3%, which is lower than New York Metro at 12.4%.

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Relative ZHVI
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Summit Market Overview

Data through May 31, 2015
  • $753,200 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
    (May 31, 2016)
  • No data Median listing price
  • $679,600 Median sale price
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Summit Market Health

Data through May 31, 2015
  • No recent data Healthy
  • No data Average days on Zillow
  • 4.3% Homes with negative equity (15.4% US Avg) (Mar 31, 2015)
  • 6.6% Delinquent on mortgage (6.0% US Avg) (Mar 31, 2015)

Homes foreclosed (per 10,000)

1.7 homes Summit
2 homes New York Metro
3.5 homes United States
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Nearby Cities

Name Median ZHVI
Short Hills $1,163,000
Chatham Township $733,900
Westfield $671,000
Name Median ZHVI
Millburn $652,400
Florham Park $620,000
Mountainside $573,800
Name Median ZHVI
Madison $549,000
New Providence $547,400
Springfield $369,900

Listings & Sales

Data through May 31, 2015
  • No recent data Median list price / sq ft
  • $413 Median sale price / sq ft
  • No data Listings with price cut
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Summit Rentals

Data through May 31, 2015
  • Zillow Rent Index

  • $3,658 Summit
    $2,357 New York Metro
    $1,367 United States

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

  • 4.3 Breakeven horizon
    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more
    (Dec 31, 2014)
  • $2,300 Rent list price
  • $2.01 Rent list price / sq ft
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