Summit New Jersey Real Estate Trends: August 2025 Market Report and Lifestyle Guide

Summit continues to show strong momentum. Home values have climbed 17.6% year over year, with the median sales price reaching $1,812,767 in August. Buyers are active, but with inventory up 72% compared to last year, sellers are facing more competition. Homes are moving quickly, averaging just 24 days on market in August, and many properties are trading above list price.

Local Market Snapshot August 2025

Median Listing Price: $1,717,303
Median Sold Price: $1,812,767 (up 17.6% YoY)
Sale Price to List Price Ratio: 107.20% (down from 112.14% in July)
Homes Sold: 29 in August | 162 YTD (up 18.3% YoY)
Average Days on Market: 24 in August (YTD average 18, nearly unchanged from 2024)
Inventory Level: 19 active listings (vs. 11 last year, up 72%)

Price Ranges in Summit August 2025

Under $1M
Steady demand with condos and smaller homes trading near list price. Example: 133 Summit Ave Unit 24 sold above ask in 17 days.

$1M–$1.5M
Strong competition. Example: 46 Locust Dr listed at $1.05M and closed at $1.485M in just 8 days.

$1.5M–$2M
Consistent buyer activity with several sales well over ask. Example: 273 Woodland Ave sold 23% above list in 14 days.

$2M–$3M
High demand for updated and larger Colonials. Example: 35 Colt Rd closed 5% over ask at $3.85M after only 19 days.

Above $3M
Selective market with both strong results and price sensitivity. Example: 29 Norwood Ave sold at full ask of $4.53M in 1 day, while 23 Argyle Ct closed below ask at $2.88M.

What is Really Happening in the Summit Market

The market in Summit is dynamic. Prices are rising significantly compared with last year, but with inventory levels increasing, sellers need to position carefully. Homes under $2M remain especially competitive and are often closing well above asking. At the upper tiers, results depend heavily on location, condition, and pricing.

Buyer and Seller Insights

For Buyers
● You have more options with inventory up 72% from last year
● Many homes are still selling above ask, especially under $2M
● Larger properties over $3M show more variation, giving buyers negotiation leverage

For Sellers
● Median sales price is up 17.6% year over year
● Correct pricing is essential with inventory climbing
● Updated homes under $2M–$2.5M continue to attract multiple offers quickly

Local Market Outlook

The Summit real estate market is expected to stay active through the fall. Rising inventory is creating opportunities for buyers while still supporting elevated prices. Homes under $2M and those with strong updates remain highly competitive. At the higher end, particularly above $3M, results will depend on standout features and accurate pricing.

Featured Listings in Summit and Beyond

Explore this month’s standout homes across Summit and nearby towns. From charming Colonials to luxury estates, these featured listings highlight the best of local living.

View Featured Listings

About Summit, NJ

Summit is a highly desirable community in Union County, about 20 miles west of Manhattan. Known for its historic homes, tree lined streets, and excellent schools, it blends suburban charm with cosmopolitan convenience. Midtown Direct train service offers easy access to New York City, making Summit a favorite for commuters who also value lifestyle and community.

The town offers a vibrant downtown filled with restaurants, boutiques, and cultural destinations such as the Summit Playhouse and Reeves-Reed Arboretum. With a strong housing market, premium schools, and unmatched location, Summit continues to attract buyers seeking both convenience and long term value.

FAQs on Summit

Q: Are home prices still rising in Summit?
A: Yes, the median sales price is up 17.6% year over year.

Q: Is it a buyer’s or seller’s market?
A: Summit is competitive, but rising inventory is giving buyers more leverage.

Q: What types of homes are selling fastest?
A: Homes under $2M with updates and desirable locations often sell within days and above asking.

Q: How long are homes taking to sell?
A: The average is 24 days in August, with many competitive homes going in under two weeks.

Q: Should I list now or wait?
A: Listing now allows you to take advantage of strong pricing while buyer demand remains steady.

Q: Do luxury homes above $3M sell quickly?
A: Some do, such as 29 Norwood Ave which sold at full ask in one day, but others are taking longer and selling below list.

Are You Ready to Make a Move

Whether you are preparing to sell a Summit property, searching for your next home, or planning a move to one of New Jersey’s most sought after towns, The Saritte Harel Team is your trusted partner. Ranked among the Top 5 Realtors in New Jersey and the Top 1.5 percent nationwide, our team brings the strategy and expertise that deliver results.

Connect with us today to discuss your goals and learn how we can help you succeed in the Summit market.

Follow @saritteharelteam on Instagram for exclusive listings, market insights, and local updates.