Market Overview
Home Prices in Summit, NJ
The median home value in Summit, NJ is $1,432,492 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 11.3% compared to a year ago and up 4.5% from two years prior.
Compared to the U.S. national median of $410,000, homes in Summit are priced249% above average. Summit is part of the New York-Newark-Jersey City, NY-NJ-PA metro area.
Over the past five years, Summit home values have risen by approximately41.9%, reflecting strong long-term appreciation in this market.
Price History
Summit Home Price Trend
City Comparison
Summit vs. National Median
At $1,432,492, homes in Summit cost 249% above the national median of $410,000. Buyers in Summit should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Summit?
20% Down Payment
$286,498
on $1,432,492
Monthly P&I
$7,471/mo
30-yr @ 6.8%
Total Monthly Est.
~$9,488/mo
incl. taxes & insurance
Income Needed
$379,520
gross annual (30% rule)
10% Down Option
$143,249
+ PMI applies
Loan Amount (20% dn)
$1,145,994
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Summit, NJ?
The median home value in Summit is $1,432,492 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 11.3% year-over-year.
How much have home prices changed in Summit?
Over the past year, home values in Summit have increased by 11.3%. Over five years, prices have risen approximately 41.9%.
How much do I need to earn to buy a home in Summit?
To comfortably afford the median home price of $1,432,492 with a 20% down payment ($286,498) at today's rates (6.8%), you'd need a gross annual income of approximately $379,520. This assumes keeping total housing costs at or below 30% of gross income.
How does Summit compare to the national average home price?
The national median home value is approximately $410,000. At $1,432,492, homes in Summit are 249% above the national average.
What metro area is Summit part of?
Summit is part of the New York-Newark-Jersey City, NY-NJ-PA metropolitan area. Home prices and market conditions can vary across the broader metro region.