Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 10,732, 3,600 total housing units (homes and apartments), and a median house value of $320,065, Summit real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Summit, accounting for 51.46% of the village's housing units. Other types of housing that are prevalent in Summit include duplexes, homes converted to apartments or other small apartment buildings ( 34.50%), large apartment complexes or high rise apartments ( 10.18%), and a few row houses and other attached homes ( 3.13%).
People in Summit primarily live in small (one, two or no bedroom) single-family detached homes. Summit has a mixture of owner-occupied and renter-occupied housing.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Summit's housing was primarily built during this period, from the '40s through the '60s. A full 54.78% of the village's housing hails from this era. Other housing ages represented in Summit include homes built before 1939 ( 19.61%) and housing constructed between 1970-1999 ( 17.12%). There's also some housing in Summit built between 2000 and later ( 8.50%).
Appreciation rates for homes in Summit have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 111.78%, which ranks in the top 30% nationwide. This equates to an annual average Summit house appreciation rate of 7.79%.
Over the last year, Summit appreciation rates have trailed the rest of the nation. In the last twelve months, Summit's appreciation rate has been 5.24%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Summit were at 2.79%, which equates to an annual appreciation rate of 11.63%.
Relative to Illinois, our data show that Summit's latest annual appreciation rate is lower than 80% of the other cities and towns in Illinois.
$320,065
for Illinois
for nation
3,600
$1,847 / per month