Summit, IL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Summit, IL Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Summit Housing Market Information

With a population of 11,389, 3,260 total housing units (homes and apartments), and a median house value of $151,024, Summit real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Summit, accounting for 44.21% of the village's housing units. Other types of housing that are prevalent in Summit include duplexes, homes converted to apartments or other small apartment buildings ( 43.22%), large apartment complexes or high rise apartments ( 10.48%), and a few row houses and other attached homes ( 2.09%).

The most prevalent building size and type in Summit are three and four bedroom dwellings, chiefly found in single-family detached homes. The village has a mixture of owners and renters, with 50.64% owning and 49.36% renting.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Summit's housing was primarily built during this period, from the '40s through the '60s. A full 39.95% of the village's housing hails from this era. Other housing ages represented in Summit include homes built before 1939 ( 34.03%) and housing constructed between 1970-1999 ( 16.56%). There's also some housing in Summit built between 2000 and later ( 9.46%).

Vacant housing appears to be an issue in Summit. Fully 12.65% of the housing stock is classified as vacant. Left unchecked, vacant Summit homes and apartments can be a drag on the real estate market, holding Summit real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Summit Home Appreciation Rates

Homes have actually lost value in Summit over the last then years, as home values have seen a decline of 32.42% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Summit home appreciation rates at 0.43%, which equates to an annual appreciation rate of 1.74%.

Over the last year, Summit appreciation rates have trailed the rest of the nation. In the last twelve months, Summit's appreciation rate has been 1.38%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Summit were at 0.43%, which equates to an annual appreciation rate of 1.74%.

Relative to Illinois, our data show that Summit's latest annual appreciation rate is lower than 70% of the other cities and towns in Illinois.

Average Home Values

 

Median Home Value:
$151,024

Summit, IL HOME PRICES

Value Range
> $1,103,000 0.4
$827,001 - $1,103,000 0.7
$551,001 - $827,000 1.7
$441,001 - $551,000 0.9
$331,001 - $441,000 4.1
$221,001 - $331,000 16.6
$110,001 - $221,000 54.8
$55,001 - $110,000 18.2
$0 - $55,000 2.4

Average for IL
Average for Nation

Value Relative to Nation Value Relative to State
49.5370912926286 41.8987341772152

Number Of Homes And Apartments:
3,260

Summit Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
IL*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
17.47% 0.94% 4 2
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,060 / per month

Homeownership Rate

Homeownership
Owners 50.64
Renters 49.36
Vacant 12.65

Housing Market Details

 

Age of Homes

AGE OF Summit HOMES
2000 or Newer 9.5
1970 - 1999 16.6
1940 - 1969 40.0
1939 or Older 34.0

Types of Homes

TYPE OF Summit HOMES
Single-Family 44.2
Townhomes 2.1
Small Apt. Buildings 43.2
Apt. Complexes 10.5
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Summit HOMES
No Bedroom 1.74
1 Bedroom 11.09
2 Bedrooms 34.54
3 Bedrooms 37.38
4 Bedrooms 12.00
5 or more bedrooms 3.24