Summit, NJ
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Summit Neighborhoods Since 2000




Summit, NJ 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 22,074, 7,702 total housing units (homes and apartments), and a median house value of $862,671, Summit house prices are not only among the most expensive in New Jersey, Summit real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in Summit, accounting for 65.88% of the city's housing units. Other types of housing that are prevalent in Summit include large apartment complexes or high rise apartments ( 16.37%), duplexes, homes converted to apartments or other small apartment buildings ( 12.93%), and a few row houses and other attached homes ( 4.82%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Summit. Owner-occupied housing accounts for 70.63% of Summit's homes, and 52.36% have either three or four bedrooms, which is average sized relative to America.

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 43.57% of the city's housing hails from this era. Other housing ages represented in Summit include homes built before 1939 ( 38.49%) and housing constructed between 1970-1999 ( 13.48%). There's also some housing in Summit built between 2000 and later ( 4.45%).

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 9.24%, which ranks in the top 30% nationwide. This equates to an annual average Summit house appreciation rate of 0.89%.

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 2.45%, 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 0.66%, which equates to an annual appreciation rate of 2.68%.

Relative to New Jersey, our data show that Summit's latest annual appreciation rate is lower than 50% of the other cities and towns in New Jersey.

Average Home Values

 

Median Home Value:
$862,671

Summit, NJ HOME PRICES

Value Range
> $1,112,000 34.4
$834,001 - $1,112,000 17.0
$556,001 - $834,000 22.9
$444,001 - $556,000 12.0
$334,001 - $444,000 8.7
$222,001 - $334,000 2.2
$111,001 - $222,000 1.7
$56,001 - $111,000 0.2
$0 - $56,000 0.9

Very High for NJ
Very High for Nation

Value Relative to Nation Value Relative to State
1.58795265440056 4.26829268292683

Number Of Homes And Apartments:
7,702

Summit Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NJ*
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
83.43% 3.58% 9 9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,114 / per month

Homeownership Rate

Homeownership
Owners 70.63
Renters 29.37
Vacant 5.50

Housing Market Details

 

Age of Homes

AGE OF Summit HOMES
2000 or Newer 4.5
1970 - 1999 13.5
1940 - 1969 43.6
1939 or Older 38.5

Types of Homes

TYPE OF Summit HOMES
Single-Family 65.9
Townhomes 4.8
Small Apt. Buildings 12.9
Apt. Complexes 16.4
Mobile Homes 0.0
Other 0.0

Home Size

SIZE OF Summit HOMES
No Bedroom 3.51
1 Bedroom 9.63
2 Bedrooms 18.97
3 Bedrooms 23.53
4 Bedrooms 28.82
5 or more bedrooms 15.53