The housing market in 07901 Summit, NJ is rapidly growing. The median value of current housing in the area is $983,100, which is significantly higher than the US median value of $338,100 and more than double the national average. In comparison to other parts of the country, 07901 Summit has experienced a 6.48% increase in house appreciation over the last year while the rest of the country saw an 8.27% increase. With its strong appreciation and high median value, 07901 Summit remains an attractive place for potential homeowners or investors to move into or buy property in.
The median home cost in Summit (zip 07901) is $983,100. Home appreciation the last 10 years has been 44.3%. Home Appreciation in Summit (zip 07901) is up 12.1%.
Average Age of Homes
- The median age of Summit (zip 07901) real estate is 66 years old
The Rental Market in Summit (zip 07901)
- Renters make up 28.4% of the Summit (zip 07901) population
- 0.4% of houses and apartments in Summit (zip 07901), are available to rent
DID YOU KNOW
Buying a home is the biggest single purchase most people make during their lives. The second largest is most often an automobile.