Summit, ME 04418 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Summit, ME—04418

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$155,000

0.8% YoY Growth

Household Income

$59,200

35.7% YoY Growth

Days on Market

55.0% Shorter YoY

Home Price Forecast

2.6%

Median Rent

$1,150

84.3% YoY Growth

1-Bed Rent

N/A

2-Bed Rent

N/A

3-Bed Rent

$1,150

170.6% YoY Growth

Home Price Trends — Summit, ME

As of Dec '25, the median home price in Summit, ME is $155,000, 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 2.6%, suggesting an increase housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$155,000	0.8%
Single Family	$156,000	0.0%
Condos	N/A	N/A

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

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

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% of Rental Stock

1 Bedroom

21.4%

2 Bedrooms

45.6%

3 Bedrooms

30.1%

4 Bedrooms

2.9%

Property Listings — Summit, ME

As of Dec '25, Realtor.com reports that the median days on market for a home in Summit, ME is 55. This is a decrease of -37.0% 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	$150,000	-7.0%
Listing Count	13	-15.0%
Listings as % of Homes	0.6%	-15.0%
Days on Market	71	-55.0%

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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%

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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%

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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%

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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

Summit, ME—04418

Key Metrics at a Glance

Home Price Trends — Summit, ME

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Summit, ME

% of Rental Stock

Property Listings — Summit, ME

Demographics — Summit, ME

Race and Ethnicity

Mortgage and Risk — Summit, ME

Mortgages

Rentals and Section 8 — Summit, ME

Section 8 Market Size

Section 8 Opportunity

Affordability — Summit, ME

Home Price to Income Ratio

Summit, ME — ZIP Code Boundary Map

Nearby ZIP Codes

Milford, ME

Passadumkeag, ME

Enfield, ME

Burlington, ME

Bradley, ME

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	2.6
Median Home Price	$155,000
Median Household Income	$59,200

Summit, ME—04418

Key Metrics at a Glance

Home Price Trends — Summit, ME

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Summit, ME

% of Rental Stock

Property Listings — Summit, ME

Demographics — Summit, ME

Race and Ethnicity

Mortgage and Risk — Summit, ME

Mortgages

Rentals and Section 8 — Summit, ME

Section 8 Market Size

Section 8 Opportunity

Affordability — Summit, ME

Home Price to Income Ratio

Summit, ME — ZIP Code Boundary Map

Nearby ZIP Codes

Milford, ME

Passadumkeag, ME

Enfield, ME

Burlington, ME

Bradley, ME

Frequently Asked Questions

What is the average home price in Summit, ME 04418?

How have home prices in Summit, ME 04418 changed over the past year?

What is the home price projection for Summit, ME 04418?

What are the demographics of Summit, ME 04418?

How long does it take homes to sell in Summit, ME 04418?

What is the average rent price in Summit, ME 04418?