Is Summit, NJ 07901 a buyer’s or seller’s market?

The Summit housing market right now

In the three months ending August 31, 2026, 79% of homes in Summit, NJ 07901 sold above their list price, the typical home went under contract in 13 days and there were 0.8 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 75 home sales.

Compared with the same period a year earlier, the share selling over asking rose from 71%, homes sold about as fast and the median sale price rose 10% to $1,654,284. Overall, Summit is more competitive than a year ago, so tougher for buyers.

Within Union County, homes here sell faster than in any other ZIP code in the county, and sell more often over asking than in 80%. On our competition score, Summit ranks #5 of 444 NJ ZIP codes with enough sales (score 98 out of 100).

Nearby, buyers who want less competition could look at Elizabethport 07206 (58% sold over asking) or Linden 07036 (59% sold over asking), while New Providence 07974 (91% sold over asking) and Berkeley Heights 07922 (85% sold over asking) are even more competitive.