Is Summit, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Summit is a seller's market

Buyer's
Market

Difference Since May 2023

Since last year, Summit has remained a Seller's Market.

Key Takeaway

Summit is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Summit, IL

How much do homes in Summit, IL cost?

Median Sold Price

$284,950

$205/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

+$34,950(+14.0%)

Key Takeaway

Homes in Summit have sold for 14% more than they did a year ago.

Summary: The median home sold price in Summit was $284,950 in May 2024, up 14% from last year, and the median price per square foot was $205.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $48K-
N/A
2 $157.5K$235K
+49.2%
3 $247.5K$248.7K
0.5%
4 $260K$360K
+38.5%
5+ $321.2K$340K
+5.8%

Summary: Summit housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 49.2%, 3 bedroom homes increased by 0.5%, 4 bedroom homes increased by 38.5%, and 5+ bedroom homes increased by 5.8%.

Median Sold Price Compared To Nearby Cities

Summit
+14.0%
Summit Argo
+10.3%
Lyons
+2.9%

Housing Supply in Summit, IL

How many homes are available in Summit, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
1213+8.3%

Summary: The Summit real estate market had 13 homes for sale in May 2024, a 8.3% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 00
0.0%
2 21
-50.0%
3 45
+25.0%
4 22
0.0%
5+ 45
+25.0%

Summary: The Summit housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 50%, 3 bedroom homes increased by 25%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 25%.

Number of Homes Sold

Apr 2024May 2024CHANGE
330.0%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

1 Home Was Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Summit, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.

Summary: A total of 3 homes were sold or pending in Summit in May 2024, the same as the previous month. Of the 3 sold homes, 67% were sold under asking, 0% were sold at asking, and 33% were sold over asking.

Days on Market for Summit, IL

How long does it take to sell a home in Summit, IL?

Average Sale Time

May 2023May 2024CHANGE
23 Days21 Days-10.3%

Summary: Homes in Summit had an average of 21 days on market in May 2024, down by 10.3% compared to last year.

Breakdown of Home Sale Times

2 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Summit are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 3 homes were sold in Summit; 67% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

Newest Listings in Summit, IL

Nearby Markets to Summit, IL

What housing markets are near Summit, IL?