Real Estate Market Update for 07901 (Summit, NJ)
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Welcome to August's Market Update,. Let’s take a look at residential real-estate activity in your area during the month of August. The number of active listings was down 28% from one year earlier, and down 20% from the previous month. This smaller inventory means that buyers who waited to buy may have had a smaller selection to choose from. As you can see, the median listing price for the month was just over 730-thousand dollars. Compared to last year, the average number of days units spent on the market before being sold was down 49%. This lower number of days may signal a positive trend in the local inventory-turnover rate. The median sale price was just under 850-thousand dollars. The number of units sold decreased 17% year-over-year, and decreased 31% month-over-month. Fewer sales could indicate an opportunity for buyers to negotiate better terms. Thanks for watching. We hope you use this information to make smart, informed decisions in your upcoming real-estate transactions. Feel free to contact us for more information or further assistance.
Map Information for 07901 (Summit, NJ)
Area Information for 07901 (Summit, NJ)
  • Population: 22,692
  • Median Age: 39.1 yr
  • Median Commute Time: 23.81 mins
  • Educational Climate*: 5
  • Sales Tax: 6.909%
  • Population Density: 3,585/sq mi
  • Population Change Since 2000: 3.02%
  • Closest Airport: Newark Liberty International
  • Closest College: Drew Theological School
  • Closest Jr. College: Union County College
  • Median Household Income: $119,099
  • Annual Residential Turnover: 12.85%
  • Median Years in Residence: 4 yr
  • Median Home Sales Price: $716,000
  • Closest Major Sports Team: New Jersey Devils
  • Change Avg. Household Income Since 2000: 25%
* Scale from 1-5  ** Index where 100 is the national average
Demographic Data for 07901 (Summit, NJ)
Median Age: 39.1 Married: 41% Number of Households: 8,208 Households with Children: 3,400
Community:
    • Occupancy Types
      • 3599 Vacant
      • 8822 Owned
      • 12512 Rented
    • Transportation to Work
      • 43% Drive
      • 47% Public Transportation
      • 8% Walk / Bike / Other
      • 8% Work at Home
    National Index Comparisons:
    (100 National Average)
      • Population By Sex(%)
        • 50% Male
        • 50% Female
      • White/Blue Collar Jobs
        • 50% White Collar
        • 50% Blue Collar
      School Data for 07901 (Summit, NJ)

      School Name Distance Type Grades GreatSchools Rating Parent Rating
      Bilingual Buds 0.2 mi Private - 0 5
      St Theresa Early Childhood Center 0.2 mi Catholic PRESCHOOL-K 0 0
      Oak Knoll School Of The Holy Child 0.2 mi Catholic K-12 0 5
      L C johnson Summit Middle School 0.3 mi Public 6-8 4-5 4
      Central Presb Church Nur & Kng Sco 0.3 mi Private PRESCHOOL-PRESCHOOL 0 0
      Cpc Weekday Nursery School And Kindergarten 0.3 mi Private PRESCHOOL-K 0 0
      Brayton Elementary School 0.3 mi Public 1-5 4-5 5
      Kent Place School 0.4 mi Private PRESCHOOL-12 0 4
      Summit Sr High School 0.5 mi Public 9-12 4-5 4
      Lincoln hubbard Elementary School 0.5 mi Public 1-5 4-5 4
      Zadie's Nurturing Den 0.6 mi Private PRESCHOOL-K 0 0
      Franklin Elementary School 0.6 mi Public 1-5 5 5
      Summit Primary Center At Wilson 0.7 mi Public PRESCHOOL-K 0 0
      Oratory Preparatory School 0.7 mi Catholic 7-12 0 4
      Washington Elementary School 0.9 mi Public 1-5 4-5 5
      Jefferson Primary Center 0.9 mi Public PRESCHOOL-K 0 0
      Jefferson Elementary School 0.9 mi Public 1-5 2-5 5
      The Learning Circle 1.0 mi Private - 0 0
      Proximity to listed schools and their school district(s) does not guarantee enrollment eligibility. Please contact a local real estate professional or the local school district(s) for the most current information relating to schools in the area. Sources: GreatSchools.org and Onboard Informatics © 2014
      Local Weather for 07901 (Summit, NJ)
        Community information and market data Powered by Onboard Informatics. Copyright ©2014 Onboard Informatics. Information is deemed reliable but not guaranteed. * Based on a 30-year fixed rate of 4.75% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval based on secondary market guidelines. The rates shown are based on average rates for our best qualified customers. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.