Summit, New Jersey Housing Market Prices
Summit Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 77% above the New Jersey median$624,999
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Median rent 41% above the New Jersey median$2,430
Housing Market Overview
| Metric | Summit | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $624,999 | $352,792 | $248,835 |
| Price Trend (Annual %) | 20.5% | 4.4% | 7.5% |
| Median Gross Rent | $2,430 | $1,719 | $1,407 |
| Rent Trend (Annual %) | 4.5% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Summit is about 77% higher than in New Jersey. Rent is about 41% higher than the New Jersey average.
Median Home and Rent Price Trends
Median Home Prices, 2016-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Summit, up about 20.5% and 4.5% a year respectively. Home prices are changing faster.
Median rent in Summit rose about 58.6% between 2015 and 2024, from $1,532 to $2,430. Over the same span, rent in New Jersey rose about 44.3%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in Summit.
Buying the median-priced home in Summit costs roughly 21.4 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Summit. The price-to-rent ratio in New Jersey is about 17.1.
| Metric | Summit | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $624,999 | $352,792 | $248,835 |
| Median Household Income | $195,525 | $103,817 | $80,455 |
| Price-to-Income Ratio | 3.2 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2016 and 2024, the median home price in Summit rose about 0.2%, while median household income rose about 59.4% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Summit | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 64.8% | 59.1% | 58.5% |
| Rental Rate | 30.1% | 33.5% | 31.2% |
| Vacancy Rate | 5.1% | 7.5% | 10.2% |
| Median Tenure (years) | 14.0 | 16.0 | 15.0 |
| Median Year Moved In | 2012 | 2010 | 2011 |
Summit has a homeownership rate of 64.8%, higher than the New Jersey average of 59.1%. Its housing vacancy rate is 5.1%, compared with 7.5% in New Jersey.
Housing Stock
| Metric | Summit | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.71 people | 2.61 people | 2.53 people |
| Median Structure Built Year | 1950 | 1968 | 1978 |
| Median Number of Rooms | 7.2 | 5.7 | 5.5 |
The typical housing unit in Summit was built around 1950. On average, 2.7 people live in a home with about 7.2 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Summit, New Jersey.
What is the median home price in Summit, New Jersey?
The median home price in Summit, New Jersey is $624,999, higher than the New Jersey average of $352,792.
What is the average home price in Summit, New Jersey?
The typical home price in Summit, New Jersey, reported as the median sale price, is $624,999. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Summit, New Jersey?
The median gross rent in Summit, New Jersey is $2,430 per month, higher than the New Jersey average of $1,719.
What was the median gross rent in Summit in 2020?
In 2020, the median gross rent in Summit, New Jersey was $1,962 per month.
What is the price-to-rent ratio in Summit, New Jersey?
The price-to-rent ratio in Summit, New Jersey is about 21.4, meaning it would take roughly 21.4 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Summit.
Are home prices or rent rising faster in Summit, New Jersey?
Both home prices and rent are rising in Summit, up about 20.5% and 4.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Summit, New Jersey?
64.8% of households in Summit, New Jersey own their home, higher than the New Jersey average of 59.1%.
What is the vacancy rate in Summit, New Jersey?
The housing vacancy rate in Summit, New Jersey is 5.1%, lower than the New Jersey average of 7.5%.
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