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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Summit is a buyer's market

Buyer's
Market

Difference Since November 2021

At the same time last year, Summit was a Seller's Market.

Key Takeaway

Summit is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

How much do homes in Summit, IL cost?

Median Sold Price

$244,500

$180/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2021

-$3,250(-1.3%)

Key Takeaway

Homes in Summit have sold for 1.3% less than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSNov 2021Nov 2022%
1 --
N/A
2 $218K$179.9K
-17.5%
3 $232K$223.5K
-3.7%
4 $230K$260K
+13.0%
5+ $290K$330K
+13.8%

Median Sold Price Compared To Nearby Cities

Lyons
+8.7%
Summit Argo
+2.0%
Summit
-1.3%

How many homes are available in Summit, IL?

Number of Homes For Sale

Oct 2022Nov 2022%
2726-3.7%

Homes For Sale By Bedroom Count

# BEDSOct 2022Nov 2022%
1 00
0.0%
2 34
+33.3%
3 99
0.0%
4 34
+33.3%
5+ 129
-25.0%

Number of Homes Sold

Oct 2022Nov 2022%
82-75.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

1 Home Was Sold
At Asking

0 Homes Were 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. 50% of homes here sold below asking price last month.

Average Sale Time

Nov 2021Nov 2022%
22 Days25 Days+10.8%

Breakdown of Home Sale Times

1 Home Was 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.

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

About Summit, IL

There are 26 homes are for sale in Summit, IL real estate market. The number of homes for sale in Summit, IL decreased by 3.7% between October 2022 and November 2022. Listings spent 25 days on the market in November 2022, and had a median list price of $244,500 during the same period. This housing market listing prices have changed between October 2022 and November 2022: 1 bedroom properties became 0% more expensive, 2 bedrooms properties became 17.5% more cheaper, 3 bedrooms properties prices decreased by 3.7%, the cost of 4 bedrooms properties went up by 13%, prices of 5 bedrooms properties increased by 13.8%. The following changes in the number of homes for sale were observed in this housing market: the quantity of 1 bedroom homes have not changed, number of 2 bedrooms homes increased by 33.3%, number of 3 bedrooms homes remained the same, 4 bedrooms homes inventory increased by 33.3%, the quantity of 5 bedrooms homes went down by 25%. In November 2022, from all listings sold in Summit, IL there were more than 0 sold above asking price, over 1 sold below and more than 1 were sold right at the asked price.

Related Housing Market Reports