Is Summit, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Summit was a Seller's Market.
Housing Prices in Summit, IL
How much do homes in Summit, IL cost?
Median Sold Price
$284,900
$197/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Summit was $284,900 in April 2024, up 11.7% from last year, and the median price per square foot was $197.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $48K | - | N/A |
2 Bedrooms | $157.5K | $235K | +49.2% |
3 Bedrooms | $250K | $247.5K | -1.0% |
4 Bedrooms | $285K | $327.4K | +14.9% |
5+ Bedrooms | $321.2K | $330K | +2.7% |
Summary: Summit housing prices by bedroom type for April 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 decreased by 1%, 4 bedroom homes increased by 14.9%, and 5+ bedroom homes increased by 2.7%.
Median Sold Price Compared To Nearby Cities
Summit | $255K | $284.9K | +11.7% |
Summit Argo | $265K | $289.5K | +9.2% |
Lyons | $246K | $250K | +1.6% |
Housing Supply in Summit, IL
How many homes are available in Summit, IL?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
9 | 14 | +55.6% |
Summary: The Summit real estate market had 14 homes for sale in April 2024, a 55.6% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 2 | 2 | 0.0% |
3 Bedrooms | 2 | 6 | +200.0% |
4 Bedrooms | 2 | 2 | 0.0% |
5+ Bedrooms | 3 | 4 | +33.3% |
Summary: The Summit housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 200%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
4 | 2 | -50.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
1 Home Was Sold
At Asking
0 Homes Were Sold
Over Asking
Summary: A total of 2 homes were sold or pending in Summit in April 2024, down by 50.0% month-over-month. Of the 2 sold homes, 50% were sold under asking, 50% were sold at asking, and 0% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
13 Days | 49 Days | +255.1% |
Summary: Homes in Summit had an average of 49 days on market in Apr 2024, up by 255.1% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During April 2024, 2 homes were sold in Summit; 50% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 50% of homes were sold over 90 days.