Summit, MS
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Summit, MS 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 1,682, 724 total housing units (homes and apartments), and a median house value of $92,513, 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 73.16% of the town's housing units. Other types of housing that are prevalent in Summit include mobile homes or trailers ( 15.74%), duplexes, homes converted to apartments or other small apartment buildings ( 7.70%), and a few large apartment complexes or high rise apartments ( 3.28%).

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 59.81% owning and 40.19% 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 ( 27.07%). A lesser amount of the housing stock also hails from before 1939 ( 15.86%). There's also some housing in Summit built between 2000 and later ( 10.19%).

Vacant housing appears to be an issue in Summit. Fully 18.01% 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

Real estate appreciation rates in Summit's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 0.00% during the period.

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 -0.77%, 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 0.54%, which equates to an annual appreciation rate of 2.17%.

Relative to Mississippi, our data show that Summit's latest annual appreciation rate is lower than 90% of the other cities and towns in Mississippi.

Average Home Values

 

Median Home Value:
$92,513

Summit, MS HOME PRICES

Value Range
> $1,021,000 0.0
$766,001 - $1,021,000 0.9
$511,001 - $766,000 0.8
$408,001 - $511,000 0.5
$306,001 - $408,000 2.9
$204,001 - $306,000 9.3
$102,001 - $204,000 29.4
$51,001 - $102,000 30.4
$0 - $51,000 25.8

Average for MS
Very Low for Nation

Value Relative to Nation Value Relative to State
82.3684518926521 46.530612244898

Number Of Homes And Apartments:
724

Summit Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MS*
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
32.58% 1.65% 4 4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$900 / per month

Homeownership Rate

Homeownership
Owners 59.81
Renters 40.19
Vacant 18.01

Housing Market Details

 

Age of Homes

AGE OF Summit HOMES
2000 or Newer 10.2
1970 - 1999 46.9
1940 - 1969 27.1
1939 or Older 15.9

Types of Homes

TYPE OF Summit HOMES
Single-Family 73.2
Townhomes 0.1
Small Apt. Buildings 7.7
Apt. Complexes 3.3
Mobile Homes 15.7
Other 0.0

Home Size

SIZE OF Summit HOMES
No Bedroom 1.02
1 Bedroom 4.42
2 Bedrooms 26.73
3 Bedrooms 48.13
4 Bedrooms 16.19
5 or more bedrooms 3.51

Popular Neighborhoods in Summit

Popular Communities Near Summit, MS

Zip Codes in Summit, MS