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Here we are with another year under our belts. As the days get longer and we await Spring, many of us are thinking about a new home or a first home or just a different home.
Whether you are buying or selling a home in the Summit NJ area, you will need to have all the accurate and up-to-date information so that you can make the best possible decision.
Every day that I work with buyers and sellers here in the Summit area gives me a unique and personal insight and perspective in the Summit market. In addition, I have gathered and analyzed reams of data and come up with some information that will be helpful to those of you considering selling or buying a home in the Summit NJ area.
Summit NJ real estate is considered by some to be high, some might even say inflated. It is true that home prices in Summit are not low and there are many reasons for that. For those that value what Summit has to offer and have the ability to afford it, it is a wonderful community! Some of the top reasons why Summit residents find it worth the price are:
- Top notch schools
- A fantastic community with people of all ages, interests, backgrounds and walks of life
- NJ Transit Midtown Direct Express Train to midtown Manhattan and many other trains to other locations such as Hoboken and Newark
- Easy access to Newark International Airport - a boon for those who have to travel for business
- Easy access to major highways connecting Summit to the rest of the NY Metropolitan area
- A vibrant downtown with unique, unusual and interesting boutiques
- A large variety of excellent restaurants, for both casual and fine dining
- A highly-respected hospital right here in Summit - Overlook Hospital. Easy access to the finest medical care in the country with several other hospitals nearby and of course, NY hospitals are close by as well
- Just a hop-skip-jump to one of the finest shopping malls in the world - the Mall at Short Hills
- Just a short ride, by car or train, to all the theather, music, art and entertainment in New York City and the surrounding area
- Beautiful, tree lined streets adorned with period homes of a varied price range, virtually something for every budget
With all these wonderful and desirable attributes, it's no wonder that our real estate market is trending back up. Here are some highlights of the performance of Summit real estate market:
- Number of Summit homes sold are up 19% over last year
- Average home sales price in Summit is just under $1 million, up 5% from $930k last year
- Summit's median price went from $749,000 to $799,000
- Average days on market for homes in Summit NJ went down from 77 to only 60 days
These are impressive statistics in a slow economy, which only enhances Summit NJ as one of the top choices to buy a home. Your investment in Summit real estate is safe.
If you've been sitting on the fence waiting for the market to bottom out to buy a home in Summit, the bottom certainly looks like it's behind us.
