Is Summit, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2022
Since last year, Summit has remained a Seller's Market.
Housing Prices
How much do homes in Summit, IL cost?
Median Sold Price
$265,000
$172/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2022
Summary: The median home sold price in Summit was $265,000 in August 2023, up 6% from last year, and the median price per square foot was $172.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Aug 2022 | Aug 2023 | CHANGE |
---|---|---|---|
1 Bedroom | - | $48K | N/A |
2 Bedrooms | $184.9K | $205K | +10.8% |
3 Bedrooms | $227K | $260K | +14.5% |
4 Bedrooms | $250K | $300K | +20.0% |
5+ Bedrooms | $295K | $322.5K | +9.3% |
Summary: Summit housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 10.8%, 3 bedroom homes increased by 14.5%, 4 bedroom homes increased by 20%, and 5+ bedroom homes increased by 9.3%.
Median Sold Price Compared To Nearby Cities
Summit | $250K | $265K | +6.0% |
Summit Argo | $259K | $269.9K | +4.2% |
Lyons | $247.4K | $240.5K | -2.8% |
Housing Supply
How many homes are available in Summit, IL?
Number of Homes For Sale
Jul 2023 | Aug 2023 | CHANGE |
---|---|---|
18 | 17 | -5.6% |
Summary: The Summit real estate market had 17 homes for sale in August 2023, a 5.6% decrease compared to July 2023.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Jul 2023 | Aug 2023 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 3 | 1 | -66.7% |
3 Bedrooms | 5 | 5 | 0.0% |
4 Bedrooms | 1 | 2 | +100.0% |
5+ Bedrooms | 9 | 9 | 0.0% |
Summary: The Summit housing inventory by bedroom type for August 2023 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 66.7%, 3 bedroom homes remained the same, 4 bedroom homes increased by 100%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Jul 2023 | Aug 2023 | CHANGE |
---|---|---|
5 | 4 | -20.0% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Summary: A total of 4 homes were sold or pending in Summit in August 2023, down by 20.0% month-over-month. Of the 4 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% were sold over asking.
Days on Market
How long does it take to sell a home in Summit, IL?
Average Sale Time
Aug 2022 | Aug 2023 | CHANGE |
---|---|---|
11 Days | 6 Days | -42.4% |
Summary: Homes in Summit had an average of 6 days on market in Aug 2023, down by 42.4% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During August 2023, 4 homes were sold in Summit; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.