Home prices
The price of the median home in Summit is $890,100. Compared to nearby areas it is roughly $71,940 (8%) higher.It is roughly $672,600 (309%) higher compared to the rest of the nation, and compared to the city of New York is approximately $284,100 (46%) higher.
Rents
In Summit the median monthly rent is $1,880. This is about $104 (5%) lower compared to nearby areas.It is about $818 (77%) higher in comparison to the entire country, and compared to the city of New York is about $437 (30%) higher.
Nearby places
Chatham
Chatham is Summit's neighbor to the northwest. Its housing prices are a little less expensive. The value of the median home in Chatham is $746,300, which works out to $143,800 (19%) lower than Summit. Rent there is pretty similar. The median monthly rent in Chatham is $1,845, which comes out to $35 (1%) lower than Summit.
New Providence
New Providence is Summit's neighbor to the southwest. Its real estate prices are a lot less expensive. The cost of the median home in New Providence is $607,100, which comes out to $283,000 (46%) lower than Summit. The rent there is somewhat less expensive. The median rent in New Providence is $1,733 per month, which is $147 (8%) lower than Summit.
Short Hills
Short Hills is Summit's neighbor to the northeast. Its real estate prices are significantly more expensive. The median home value in Short Hills is $1,386,600, which is $496,500 (35%) higher than Summit. Rent there is substantially more expensive. Short Hills's median rent is $2,798 a month, which comes out to $918 (32%) higher than Summit.
Mountainside
Mountainside is Summit's neighbor to the south. Housing prices there are substantially less expensive. The median home value in Mountainside is $626,100, which works out to $264,000 (42%) lower than Summit. The rent there is a bit less expensive. In Mountainside the median rent is $1,739 per month, which works out to $141 (8%) lower than Summit.
Madison
Madison is approximately 3 miles northwest of Summit. Its housing prices are somewhat less expensive. Madison's median home price is $724,700, which works out to $165,400 (22%) lower than Summit. The rent there is fairly similar. The median rent in Madison is $1,807 per month, which is $73 (4%) lower than Summit.
