Summit, NJ housing market
The typical Summit home is worth about $1,410,000, up 13.1% in a year, 143% above the New Jersey typical home. Homes typically sell in 14 days, a little above asking.
Home values, sales, trends and how Summit compares with the towns next door — updated as new data is published.
Summit at a glance
A strong seller's market
Homes are selling faster than new ones are listed: less than two months of supply. Well-priced homes can draw several offers.
Typical home value, 2016–2026
Show as a table
| January | Summit | New Jersey |
|---|---|---|
| 2017 | $867,000 | $317,000 |
| 2018 | $903,000 | $330,000 |
| 2019 | $892,000 | $343,000 |
| 2020 | $875,000 | $358,000 |
| 2021 | $923,000 | $394,000 |
| 2022 | $1,005,000 | $441,000 |
| 2023 | $1,076,000 | $471,000 |
| 2024 | $1,143,000 | $511,000 |
| 2025 | $1,214,000 | $551,000 |
| 2026 | $1,335,000 | $568,000 |
| August 2026 | $1,410,000 | $580,000 |
Summit and its neighbors
| Town | Typical value | 1-yr change | Days on market | Median income |
|---|---|---|---|---|
| Summit | $1.41M | +13.1% | 14 | $190,304 |
| Chatham | — | — | 12 | $241,500 |
| Mountainside | $1.06M | +3.8% | 13 | $211,538 |
| Millburn | $1.31M | +10.5% | — | $250,001 |
| New Providence | $1.01M | +8.5% | 10 | $161,599 |
| Springfield | $708K | +0.5% | — | $155,906 |
| Chatham | $1.38M | +10.8% | — | $198,913 |
7.4 years of income
The typical Summit home costs about 7.4 years of the town's median household income, more than across New Jersey (5.6 years).
How Summit ranks on affordability →
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
Home values: Zillow Home Value Index (ZHVI), Zillow Research, August 2026. Sales, days on market and supply: Redfin Data Center, May 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. Listings link to their publishers.