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Foreclosures in Summit, NJ 07901

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Summit, NJ Foreclosures

How much do homes sell for in Summit, NJ?
The average home price is currently $1,437,299.
In Summit, NJ, how many homes are available?
There are currently 23 active home listings available in Summit.
What’s the average rental cost in Summit, NJ?
The average rental price in Summit is $3,728.
What is the most expensive home in Summit?
The most expensive home sold in Summit had a price of $46,073,720.
What is currently the cheapest priced home in Summit, NJ?
The cheapest home for sale in Summit is priced at $95,610.

Living in Summit, NJ

Summit, NJ is an elegant suburban community offering a blend of small-town charm and modern amenities. Residents enjoy access to quality schools, beautiful parks, and an active downtown. The city's proximity to New York City makes it a preferred choice for commuters seeking a serene lifestyle without sacrificing convenience.

Current Market Conditions in Summit, NJ

The real estate market in Summit, NJ, is currently experiencing a high demand for housing, with inventory levels remaining low. This has resulted in increased home prices year over year. Buyers are particularly interested in single-family homes with spacious yards, and properties in the desired school districts are incredibly sought after.

Rental properties in the area are also in high demand, with rental prices steadily increasing as more people look to settle in the community. The trend of urban professionals moving to suburban areas post-pandemic has further solidified Summit's appeal.

Home Value Estimator For Summit, NJ

There are currently 7,249 real estate properties in Summit, NJ, with a median automated valuation model (AVM) price of $1,156,239.00. What is an AVM? It is a smart computer program that analyzes and predicts the approximate value of a home, property or land in Summit, NJ, based on current market trends, comparable real estate sales nearby, historical data and, of course, property features, among other variables. These automated home estimates are often very helpful, providing buyers and sellers with a better idea of a home’s value ahead of the negotiation process. For example, the average home price in Summit, NJ, is $1,437,299.00, with the most expensive house in Summit, NJ, topping out at $46,073,720.00 and the cheapest home in Summit, NJ, clocking in at $95,610.00. In other words, there’s something for every potential homebuyer or savvy investor in Summit, NJ!

Rent Prices In Summit, NJ

With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Summit, NJ, is on a rollercoaster ride. The average rent price in Summit, NJ, is $3,728.00. Indeed, when looking to rent in Summit, NJ, you can expect to pay as little as $1,500.00 or as much as $7,680.00, with the average rent median estimated to be $3,570.00. The good news is that finding an affordable and desirable property to rent in Summit, NJ -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.

Summit, NJ 07901 Foreclosures

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