There are currently 6,324 real estate properties in Summit, NJ, with a median automated valuation model (AVM) price of $935,000.00. What is an AVM? It is a smart computer program that analyzes and predicts the approximate value of a home, property or land in Summit, NJ, based on current market trends, comparable real estate sales nearby, historical data and, of course, property features, among other variables. These automated home estimates are often very helpful, providing buyers and sellers with a better idea of a home’s value ahead of the negotiation process. For example, the average home price in Summit, NJ, is $1,081,284.00, with the most expensive house in Summit, NJ, topping out at $45,671,900.00 and the cheapest home in Summit, NJ, clocking in at $215,000.00. In other words, there’s something for every potential homebuyer or savvy investor in Summit, NJ!
With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Summit, NJ, is on a rollercoaster ride. The average rent price in Summit, NJ, is $3,779.00. Indeed, when looking to rent in Summit, NJ, you can expect to pay as little as $1,500.00 or as much as $7,680.00, with the average rent median estimated to be $3,580.00. The good news is that finding an affordable and desirable property to rent in Summit, NJ -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.
Find the best foreclosure homes listings for sale — bank-owned, government (Fannie Mae, Freddie Mac, HUD, etc.) and others — in and near the Summit, NJ area at Foreclosure.com. Get information on foreclosure homes for rent, how to buy foreclosures in Summit, NJ and much more. Save thousands at closing with home foreclosure listings in Summit, NJ — up to 75% off market value!
Summit is located in Union, New Jersey, with an estimated municipal population of 21,897 residents. All of the best foreclosed homes for sale in Summit are located in the following zip code areas on Foreclosure.com: 07901 07902. The estimated population per square kilometer (.62 miles) in Summit is 1,410.
So, about how much do homes cost in Summit? The most recent median value of resident-owned homes in Summit is 894,300. An estimated 69.9 percent of households in Summit own their homes, with an average family size of 3.35. The median household income in Summit is 157,835, with65.2 percentage of households earning at least $100,000 annually. For working parents and professionals who are searching for cheap homes in Summit, the median commute time of resident workers (in minutes) is 37.7. And last, but certainly not least, are you looking for homes to rent in Summit? If so, the average rent price paid by renters in Summit is 1,880, according to recent statistics.
Where a home is located is almost just as important as the home itself. Whether you are a first-time homebuyer or are relocating to Summit, it is essential to take a deep dive into your potential future neighborhood. Homeownership is often a long-term relationship; therefore, be sure to do your due diligence to ensure that you make the best long-term decision.
The median age of residents in Summit is 40.1, split between 47.4 percent male versus 52.6 female. The percentage of residents who report being married in Summit is 61, with an average family size of 3.35.
The percentage of residents who report their race in Summit is as follows:
|Black / African American||5.6%|
|American Indian / Alaskan Native||0.1%|
|Native Hawaiian / Other Pacifc Islander||0%|
Looking for family-friendly neighborhoods in and/or near Summit? Or maybe you are searching for 55+ active adult communities in and/or near Summit?
The percentage of residents who report their age in Summit is as follows:
It was a rollercoaster ride for academics in 2020, with school districts throughout the nation transferring their classes online because of the global pandemic. Numerous school districts will continue online courses, while others will welcome students back to campus. Regardless, homebuyers are shopping for homes in Summit with dedicated in-home learning spaces, as well as for homes located within the best school systems for in-person instruction in Summit.
How do you know that living in -- or moving to -- Summit is right where you need to be? Perhaps you grew up in Summit or already live nearby; therefore, the decision to buy a home in Summit is a no-brainer. For others, however, it may not be such a straightforward or simple decision. Whether you are relocating to Summit for work or just looking for a fresh start, getting a read on a neighborhood from afar (online) can be tricky... and exhausting.
Here are some questions to ask yourself when shopping for foreclosed homes for sale in Summit:
In short, it always helps to create a “Pros vs. Cons” list of what you need in a home and/or neighborhood like Summit.
Prospective homebuyers are clearly taking advantage of the low interest rates and numerous government assistance programs. These low interest rates mean homebuyers in Summit can now afford much more house for the same monthly payment (if interest rates were higher). Motivated and opportunistic sellers in Summit, meanwhile, can field multiple offers from more qualified buyers.