Is Summit, IL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Summit has remained a Seller's Market.
Housing Prices in Summit, IL
How much do homes in Summit, IL cost?
Median Sold Price
$284,950
$205/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Summit was $284,950 in May 2024, up 14% from last year, and the median price per square foot was $205.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $48K | - | N/A |
2 Bedrooms | $157.5K | $235K | +49.2% |
3 Bedrooms | $247.5K | $248.7K | 0.5% |
4 Bedrooms | $260K | $360K | +38.5% |
5+ Bedrooms | $321.2K | $340K | +5.8% |
Summary: Summit housing prices by bedroom type for May 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 increased by 0.5%, 4 bedroom homes increased by 38.5%, and 5+ bedroom homes increased by 5.8%.
Median Sold Price Compared To Nearby Cities
Summit | $250K | $284.9K | +14.0% |
Summit Argo | $263K | $290K | +10.3% |
Lyons | $243K | $250K | +2.9% |
Housing Supply in Summit, IL
How many homes are available in Summit, IL?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
12 | 13 | +8.3% |
Summary: The Summit real estate market had 13 homes for sale in May 2024, a 8.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 2 | 1 | -50.0% |
3 Bedrooms | 4 | 5 | +25.0% |
4 Bedrooms | 2 | 2 | 0.0% |
5+ Bedrooms | 4 | 5 | +25.0% |
Summary: The Summit housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 50%, 3 bedroom homes increased by 25%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 25%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
3 | 3 | 0.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Summary: A total of 3 homes were sold or pending in Summit in May 2024, the same as the previous month. Of the 3 sold homes, 67% were sold under asking, 0% were sold at asking, and 33% 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
May 2023 | May 2024 | CHANGE |
---|---|---|
23 Days | 21 Days | -10.3% |
Summary: Homes in Summit had an average of 21 days on market in May 2024, down by 10.3% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 3 homes were sold in Summit; 67% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.