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

Housing Market Conditions



Gauge showing Summit is a seller'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



Based on all homes sold in the last 12 months.

Difference Since August 2022


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
2 $184.9K$205K
3 $227K$260K
4 $250K$300K
5+ $295K$322.5K

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 Argo

Housing Supply

How many homes are available in Summit, IL?

Number of Homes For Sale

Jul 2023Aug 2023CHANGE

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
2 31
3 55
4 12
5+ 99

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

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?