Summit, MS
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Summit, MS Real Estate Data


Summit Housing Market Information

With 1,682 people, 698 houses or apartments, and a median cost of homes of $90,107, the cost of homes in Summit is among some of the lowest in the nation. Compared to Mississippi, however, Summit real state is not on the lower end of the price spectrum.

Single-family detached homes are the single most common housing type in Summit, accounting for 77.39% of the town's housing units. Other types of housing that are prevalent in Summit include mobile homes or trailers ( 13.78%), duplexes, homes converted to apartments or other small apartment buildings ( 7.38%), and a few large apartment complexes or high rise apartments ( 1.33%).

The most prevalent building size and type in Summit are three and four bedroom dwellings, chiefly found in single-family detached homes. The town has a mixture of owners and renters, with 62.31% owning and 37.69% renting.

There is a lot of housing in Summit built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Summit built between 1940-1969 ( 27.57%). A lesser amount of the housing stock also hails from before 1939 ( 17.17%). There's also some housing in Summit built between 2000 and later ( 10.40%).

Vacant housing appears to be an issue in Summit. Fully 15.60% 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

Appreciation rates for homes in Summit have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 9.35%, which ranks in the top 40% nationwide. This equates to an annual average Summit house appreciation rate of 0.90%.

NeighborhoodScout's data show that during the latest twelve months, Summit's appreciation rate, at 4.67%, has been at or slightly above the national average. In the latest quarter, Summit's appreciation rate has been 1.35%, which annualizes to a rate of 5.52%.

Relative to Mississippi, our data show that Summit's latest annual appreciation rate is lower than 60% of the other cities and towns in Mississippi.

Average Home Values

 

Median Home Value:
$90,107

Summit, MS HOME PRICES

Value Range
> $1,081,000 0.1
$810,001 - $1,081,000 0.8
$540,001 - $810,000 0.7
$432,001 - $540,000 0.6
$324,001 - $432,000 2.1
$216,001 - $324,000 10.6
$108,001 - $216,000 24.8
$54,001 - $108,000 33.0
$0 - $54,000 27.3

Average for MS
Very Low for Nation

Value Relative to Nation Value Relative to State
85.3077238390818 51.0204081632653

Number Of Homes And Apartments:
698

Rent & Ownership

 

Average Market Rent:
$808 / per month

Homeownership Rate

Homeownership
Owners 62.31
Renters 37.69
Vacant 15.60

Housing Market Details

 

Age of Homes

AGE OF Summit HOMES
2000 or Newer 10.4
1970 - 1999 44.9
1940 - 1969 27.6
1939 or Older 17.2

Types of Homes

TYPE OF Summit HOMES
Single-Family 77.4
Townhomes 0.1
Small Apt. Buildings 7.4
Apt. Complexes 1.3
Mobile Homes 13.8
Other 0.0

Home Size

SIZE OF Summit HOMES
No Bedroom 1.45
1 Bedroom 5.44
2 Bedrooms 24.30
3 Bedrooms 49.94
4 Bedrooms 16.20
5 or more bedrooms 2.66

Summit Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MS*
Compared To
America*
Latest Quarter:
2016 Q2 - 2016 Q3
Last 12 Months:
2015 Q4 - 2016 Q3
Last 2 Years:
2014 Q4 - 2016 Q3
Last 5 Years:
2011 Q4 - 2016 Q3
Last 10 Years:
2006 Q4 - 2016 Q3
Since 2000:
2000 Q1 - 2016 Q3
40.69% 2.03% 6 5
* 10 is highest

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