Summit, IL—60501
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Summit, IL
As of Oct '25, the median home price in Summit, IL is $268,000, with a year-over-year change of 2.9%. This indicates that home prices in Summit, IL are increasing. According to Zillow, the 1-year price projection is 0.9%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $268,000 | 2.9% |
| Single Family | $269,000 | 2.7% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $226,000 | 5.6% |
3 Bed | $267,000 | 3.1% |
4 Bed | $300,000 | 1.0% |
| 5 Bed | $328,000 | 1.9% |
% of Housing Stock
Rental Trends — Summit, IL
As of July '25, Rentcast reports the average rent in Summit, IL is $1,800, with a year-over-year rent change of 2.3%. Per bedroom, the median rent as of July '25 in Summit, IL is 2-bedrooms: $1,460, 3-bedrooms: $2,390, 4-bedrooms: $2,600. The most common rental property sizes in Summit, IL are 2-bedroom and 1-bedroom, accounting for 58.0% and 17.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,550 | $1,800 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,450 | $1,460 |
| 3 Bed Rent | $2,250 | $2,390 |
| 4 Bed Rent | $2,600 | $2,600 |
% of Rental Stock
Property Listings — Summit, IL
As of Oct '25, Realtor.com reports that the median days on market for a home in Summit, IL is 42. This is a increase of 112.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 12.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $320,000 | 7.0% |
Listing Count | 17 | 70.0% |
| Listings as % of Homes | 0.3% | 70.0% |
Days on Market | 42 | 112.0% |
Demographics — Summit, IL
As of the latest ACS Survey released in 2023, Summit, IL has a population of 11,500, which has decreased by -3.1% over the past 5 years. Summit, IL is a moderately popular place for families, as children make up 23.9% of the population. The area has a poorly educated workforce, with 13.1% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 3.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 11,500 | -3.1% |
% Under 18 | 23.9% | -23.6% |
% Seniors | 16.8% | 75.0% |
% WFH | 3.4% | 78.9% |
% w/ College Degree | 13.1% | 10.1% |
As of the latest ACS Survey released in 2023, Summit, IL is a predominantly hispanic area, with 74.1% of the population identifying as hispanic. The hispanic population has grown by 2.9% in the last 5 years. The second most common race or ethnicity in Summit, IL is white, making up 14.2% of the population. Foreign-born residents account for 40.7% of the population in Summit, IL, and this percentage has increased by 6.0% 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 | 14.2% | -22.0% |
% Black | 6.7% | 11.7% |
% Hispanic | 74.1% | 2.9% |
% Asian | 3.0% | -23.1% |
% Foreign Born | 40.7% | 6.0% |
Mortgage and Risk — Summit, IL
According to HUD data as of 2023, there were 77 mortgage originations in Summit, IL, of which 75.0% of loans were conventional mortgages. The average loan-to-value was 69.0%, with 44.0% above 90% LTV (very high). This implies large mortgage risk in Summit, IL. Investor activity is low, as 10.0% of loans were by investors. 5.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 77 |
% Conventional Loans | 75.0% |
% Government Loans | 25.0% |
% Investor Loans | 10.0% |
% Second Loans | 0.0% |
% Cash Out Refinance | 5.0% |
Loan Activity
Rentals and Section 8 — Summit, IL
Summit, IL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 99 |
Total Units Section 8 | 36 |
% Rentals under Section 8 | 2.8% |
% Occupied Section 8 | 91.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $1,160 |
| 2 Bedroom | -$140 | $1,450 | $1,310 |
| 3 Bedroom | -$570 | $2,250 | $1,680 |
| 4 Bedroom | -$620 | $2,600 | $1,980 |
Affordability — Summit, IL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 3.7 |
| Median Home Price | $268,000 |
| Median Household Income | $62,100 |