Summit, ME—04418
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Summit, ME
As of Oct '25, the median home price in Summit, ME is $152,000, with a year-over-year change of 0.8%. This indicates that home prices in Summit, ME are flat. According to Zillow, the 1-year price projection is 2.1%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $152,000 | 0.8% |
| Single Family | $152,000 | 0.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | N/A | N/A |
3 Bed | N/A | N/A |
4 Bed | N/A | N/A |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Summit, ME
As of July '25, Rentcast reports the average rent in Summit, ME is $1,150, with a year-over-year rent change of 84.3%. Per bedroom, the median rent as of July '25 in Summit, ME is 3-bedrooms: $1,150. The most common rental property sizes in Summit, ME are 2-bedroom and 3-bedroom, accounting for 45.6% and 30.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,150 | $1,150 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | N/A | N/A |
| 3 Bed Rent | $1,150 | $1,150 |
| 4 Bed Rent | N/A | N/A |
% of Rental Stock
Property Listings — Summit, ME
As of Oct '25, Realtor.com reports that the median days on market for a home in Summit, ME is 43. This is a decrease of -36.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 0.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $215,000 | 16.0% |
Listing Count | 9 | -43.0% |
| Listings as % of Homes | 0.6% | -43.0% |
Days on Market | 43 | -36.0% |
Demographics — Summit, ME
As of the latest ACS Survey released in 2023, Summit, ME has a population of 1,700, which has decreased by -1.4% over the past 5 years. Summit, ME is a moderately popular place for families, as children make up 21.9% of the population. The area has a poorly educated workforce, with 16.3% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 2.5% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 1,700 | -1.4% |
% Under 18 | 21.9% | 13.5% |
% Seniors | 15.7% | -6.5% |
% WFH | 2.5% | 38.9% |
% w/ College Degree | 16.3% | 176.3% |
As of the latest ACS Survey released in 2023, Summit, ME is a predominantly white area, with 93.5% of the population identifying as white. The white population has grown by 0.6% in the last 5 years. The second most common race or ethnicity in Summit, ME is black, making up 0.2% of the population. Foreign-born residents account for 2.6% of the population in Summit, ME, and this percentage has increased by 188.9% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 93.5% | 0.6% |
% Black | 0.2% | -90.5% |
% Hispanic | 0.1% | ∞% |
% Asian | 0.0% | -100.0% |
% Foreign Born | 2.6% | 188.9% |
Mortgage and Risk — Summit, ME
According to HUD data as of 2023, there were 26 mortgage originations in Summit, ME, of which 77.0% of loans were conventional mortgages. The average loan-to-value was 74.0%, with 35.0% above 90% LTV (very high). This implies large mortgage risk in Summit, ME. Investor activity is low, as 0.0% of loans were by investors. 12.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 26 |
% Conventional Loans | 77.0% |
% Government Loans | 23.0% |
% Investor Loans | 0.0% |
% Second Loans | 19.0% |
% Cash Out Refinance | 12.0% |
Loan Activity
Rentals and Section 8 — Summit, ME
Summit, ME lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 3 |
Total Units Section 8 | 3 |
% Rentals under Section 8 | 1.0% |
% Occupied Section 8 | N/A |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $880 |
| 2 Bedroom | N/A | N/A | $1,130 |
| 3 Bedroom | $280 | $1,150 | $1,430 |
| 4 Bedroom | N/A | N/A | $1,690 |
Affordability — Summit, ME
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 2.5 |
| Median Home Price | $152,000 |
| Median Household Income | $59,200 |