Summit, NJ—07901
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Summit, NJ
As of Oct '25, the median home price in Summit, NJ is $1,275,000, with a year-over-year change of 5.3%. This indicates that home prices in Summit, NJ are increasing. 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 | $1,275,000 | 5.3% |
| Single Family | $1,345,000 | 6.2% |
| Condos | $596,000 | 3.5% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $626,000 | -1.3% |
3 Bed | $980,000 | 4.1% |
4 Bed | $1,519,000 | 6.7% |
| 5 Bed | $2,472,000 | 6.8% |
% of Housing Stock
Rental Trends — Summit, NJ
As of July '25, Rentcast reports the average rent in Summit, NJ is $3,900, with a year-over-year rent change of 5.7%. Per bedroom, the median rent as of July '25 in Summit, NJ is 1-bedrooms: $2,480, 2-bedrooms: $3,080, 3-bedrooms: $3,980, 4-bedrooms: $5,930. The most common rental property sizes in Summit, NJ are 2-bedroom and 1-bedroom, accounting for 38.4% and 29.7% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,200 | $3,900 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $2,450 | $2,480 |
| 2 Bed Rent | $3,000 | $3,080 |
| 3 Bed Rent | $3,500 | $3,980 |
| 4 Bed Rent | $5,800 | $5,930 |
% of Rental Stock
Property Listings — Summit, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Summit, NJ is 30. This is a decrease of -16.0% 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 4.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $1,690,000 | 9.0% |
Listing Count | 54 | 29.0% |
| Listings as % of Homes | 0.5% | 29.0% |
Days on Market | 30 | -16.0% |
Demographics — Summit, NJ
As of the latest ACS Survey released in 2023, Summit, NJ has a population of 24,500, which has increased by 5.0% over the past 5 years. Summit, NJ is a moderately popular place for families, as children make up 24.8% of the population. The area has a highly educated workforce, with 71.9% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 20.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 24,500 | 5.0% |
% Under 18 | 24.8% | -11.1% |
% Seniors | 13.2% | 2.3% |
% WFH | 20.7% | 143.5% |
% w/ College Degree | 71.9% | 0.7% |
As of the latest ACS Survey released in 2023, Summit, NJ is a predominantly white area, with 66.3% of the population identifying as white. The white population has shrunk by 6.4% in the last 5 years. The second most common race or ethnicity in Summit, NJ is hispanic, making up 11.7% of the population. Foreign-born residents account for 19.8% of the population in Summit, NJ, and this percentage has decreased by 22.4% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 66.3% | -6.4% |
% Black | 7.2% | 100.0% |
% Hispanic | 11.7% | -15.2% |
% Asian | 9.4% | -3.1% |
% Foreign Born | 19.8% | -22.4% |
Mortgage and Risk — Summit, NJ
According to HUD data as of 2023, there were 402 mortgage originations in Summit, NJ, of which 98.0% of loans were conventional mortgages. The average loan-to-value was 54.0%, with 5.0% above 90% LTV (normal). This implies small mortgage risk in Summit, NJ. Investor activity is low, as 2.0% of loans were by investors. 6.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 402 |
% Conventional Loans | 98.0% |
% Government Loans | 2.0% |
% Investor Loans | 2.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 6.0% |
Loan Activity
Rentals and Section 8 — Summit, NJ
As of 2024, the percent of homes in Summit, NJ under the Section 8 program is 7.2%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Summit, NJ, because HUD payments exceed market rent, while 1-bedroom and 2-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 203 |
Total Units Section 8 | 203 |
% Rentals under Section 8 | 7.2% |
% Occupied Section 8 | 98.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$10 | $2,450 | $2,440 |
| 2 Bedroom | -$50 | $3,000 | $2,950 |
| 3 Bedroom | $220 | $3,500 | $3,720 |
| 4 Bedroom | -$1,570 | $5,800 | $4,230 |
Affordability — Summit, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6 |
| Median Home Price | $1,275,000 |
| Median Household Income | $178,000 |