Summit, NJ Market Snapshot — April 2026 vs. April 2025

The Summit market remains highly competitive, but we’re seeing a bit more selectivity compared to last year’s extremely aggressive pace.

What Stands Out

• Inventory remains tight
  • Only 25 homes were on the market in April, down from 32 homes last year.
  • Inventory remains very limited, which continues to support home values.
• Homes are still selling above asking
  • Sellers received an average of 110.6% of asking price in April 2026.
  • That’s actually higher than April 2025’s already-strong 106.49% average.
  • Well-priced homes are still attracting strong competition and multiple offers.
• Prices softened slightly year-over-year
  • The average sale price was approximately $1.49M, compared to $1.86M last year.
  • The median sale price also declined from $1.6M to $1.37M.
  • This does not necessarily mean home values dropped broadly. In luxury markets like Summit, averages can shift significantly depending on the mix of homes that sold during a given month.
• Buyers are taking slightly more time
  • Average days on market increased from 9 days last year to 21 days this April.
  • Homes are still moving quickly overall, but buyers appear to be somewhat more discerning than they were during last spring’s frenzy.
• Fewer homes sold
  • 14 homes sold in April 2026 versus 17 homes last year.
  • Lower inventory continues to limit overall transaction volume.

My Takeaway

Summit continues to be a strong seller’s market, particularly for homes that are priced and positioned correctly. Buyers are still willing to compete aggressively for desirable properties, but they are becoming more selective and value-conscious than they were a year ago.

For sellers, presentation and pricing strategy matter more than ever.

For buyers, opportunities still exist — especially on homes that may have missed the mark initially on pricing or marketing.