Summit, NJ Real Estate by the Numbers
Real estate report by certified local real estate appraiser
How well do you know the current Summit real estate market? The information below can be helpful for your own knowledge or with making decisions if you are considering moving into or out of Summit. I have been a resident of Union County for the past 13 years and have spent that time as a local appraiser to the Summit area.
Summit in Union County, NJ has approximately 22,000 residents and 7,700 households in its 6 square miles.
Summit Real Estate Market Stats
The average priced home in Summit in the last 12 months was $1,060,955.
There were 303 sales that range between $170,000 to $3,788,700.
The range of current listings is $259,000 to $4,495,000 with 75 homes on the market right now plus 30 under contract.
In the past 12 months the average sale price to list price ratio was 98%. This means buyers on average were able to negotiate a 2% reduction off the list price. If you know anyone looking to purchase a home, you can let them know this statistic as a way to gauge their offering price, unless of course, there are multiple bids on the property.
Summit NJ real estate data from 02-2017 to 01-2018. Data derived from the GSMLS.
The data above shows the active listings in the past 12 months. The median list price is fairly consistent throughout the year hovering around the $1,200,000 mark. Below, the average sale price has a much larger range from $862,365 to $1,347,920. December’s average sale price may have been skewed high because there were a limited amount of sales at 22 with 5 of them being over the $2,000,000 mark. The sales numbers are when the property closed so if you are thinking about listing your property, account for a few months back to allow time for marketing and the closing period.
Summit, NJ property taxes
If you have any concern about your property taxes, please give us a call at 908-233-1337. We have a very high success rate (98%) handling tax appeals representing homeowners in Summit. Last year we saved our clients a cumulative $210,800 in annual residential real estate taxes.
To calculate what the township thinks your market value is, take your assessment (i.e., $500,000) and divide by the current township ratio, which is 42.96 and then multiply by 100. If your assessment was $500,000, the township would have your market value at $1,163,873. Using this calculation in addition to market research, we can help determine if your home is eligible for a tax appeal.
Assessment = $500,000
($500,000/42.96)*100 = $1,163,873 township market value
American Realty Appraisals has become a leading appraisal company in New Jersey by delivering accurate appraisals with quick turn times and great customer service. We perform appraisals for purchasing/selling, divorce, estate planning, tax appeals, refinancing and more. Some of our clients are national banks, local lenders, attorneys, builders, realtors, and homeowners. With experience in the appraisal field for the past 16 years, we have seen the real estate bubble both rise and fall and have gained the expertise to determine fair market valuation.
Call us at 908-233-1337 for any real estate appraisal needs.