Summit, IL 60501 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Summit, IL—60501

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$280,000

2.7% YoY Growth

Household Income

$62,100

27.3% YoY Growth

Days on Market

17.0% Shorter YoY

Home Price Forecast

1.2%

Median Rent

$1,550

2.3% YoY Growth

1-Bed Rent

N/A

2-Bed Rent

$1,450

0.7% YoY Growth

3-Bed Rent

$2,250

11.7% YoY Growth

Home Price Trends — Summit, IL

As of May '26, the median home price in Summit, IL is $280,000, with a year-over-year change of 2.7%. This indicates that home prices in Summit, IL are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$280,000	2.7%
Single Family	$282,000	2.5%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

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

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% of Rental Stock

Studio

2.7%

1 Bedroom

17.9%

2 Bedrooms

58.0%

3 Bedrooms

12.5%

4 Bedrooms

8.9%

Property Listings — Summit, IL

As of May '26, Realtor.com reports that the median days on market for a home in Summit, IL is 50. This is a decrease of -17.0% 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 29.0%, representing a large inventory and a lot of supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$367,000	32.0%
Listing Count	14	9.0%
Listings as % of Homes	0.3%	9.0%
Days on Market	50	-17.0%

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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%

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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%

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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%

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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

Summit, IL—60501

Key Metrics at a Glance

Home Price Trends — Summit, IL

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Summit, IL

% of Rental Stock

Property Listings — Summit, IL

Demographics — Summit, IL

Race and Ethnicity

Mortgage and Risk — Summit, IL

Mortgages

Rentals and Section 8 — Summit, IL

Section 8 Market Size

Section 8 Opportunity

Affordability — Summit, IL

Home Price to Income Ratio

Summit, IL — ZIP Code Boundary Map

Nearby ZIP Codes

Justice, IL

Lyons, IL

Bridgeview, IL

La Grange, IL

Brookfield, IL

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	3.8
Median Home Price	$280,000
Median Household Income	$62,100

Summit, IL—60501

Key Metrics at a Glance

Home Price Trends — Summit, IL

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Summit, IL

% of Rental Stock

Property Listings — Summit, IL

Demographics — Summit, IL

Race and Ethnicity

Mortgage and Risk — Summit, IL

Mortgages

Rentals and Section 8 — Summit, IL

Section 8 Market Size

Section 8 Opportunity

Affordability — Summit, IL

Home Price to Income Ratio

Summit, IL — ZIP Code Boundary Map

Nearby ZIP Codes

Justice, IL

Lyons, IL

Bridgeview, IL

La Grange, IL

Brookfield, IL

Frequently Asked Questions

What is the average home price in Summit, IL 60501?

How have home prices in Summit, IL 60501 changed over the past year?

What is the home price projection for Summit, IL 60501?

What are the demographics of Summit, IL 60501?

How long does it take homes to sell in Summit, IL 60501?

What is the average rent price in Summit, IL 60501?