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 August 2022

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

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

+$15,000(+6.0%)

Key Takeaway

Homes in Summit have sold for 6% more than they did a year ago.

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

# BEDSAug 2022Aug 2023CHANGE
1 -$48K
N/A
2 $184.9K$205K
+10.8%
3 $227K$260K
+14.5%
4 $250K$300K
+20.0%
5+ $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
+6.0%
Summit Argo
+4.2%
Lyons
-2.8%

Housing Supply

How many homes are available in Summit, IL?

Number of Homes For Sale

Jul 2023Aug 2023CHANGE
1817-5.6%

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

# BEDSJul 2023Aug 2023CHANGE
1 00
0.0%
2 31
-66.7%
3 55
0.0%
4 12
+100.0%
5+ 99
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 2023Aug 2023CHANGE
54-20.0%

Asking Price vs. Sold Price

0 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

4 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Summit, you could pay more than the asking price. 100% of homes here sold above asking price last month.

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 2022Aug 2023CHANGE
11 Days6 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

Breakdown of Home Sale Times

Key Takeaway

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

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.

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

Report Updated 26 Days Ago

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Nearby Markets

What housing markets are near Summit, IL?