Published October 13, 2026 in Market Update

Summit, NJ: Nearly 9 in 10 Homes Sold at or Over Asking by Summer

By Lena Pesso

Real estate, Default Sales 10 12

If you made an offer on a home in Summit last November or December, you were already in a competitive market. Six in 10 homes sold at or above their asking price during those two months. That is not a soft market. But it was not what came next.

By summer, the market had shifted in a clear direction

In June and July 2026, 89.7% of homes sold at or above their asking price. That is up from 60% just six months earlier. The number of sales also grew, from 25 closings in November and December combined to 39 in June and July. More homes sold, and a higher share of them went at full price or above.

That 29.7-percentage-point climb tells you something real: sellers gained ground, and buyers had to bring their best offer more often. The second half of the data, April through October 2026, shows the same pattern in a different way. The typical home in that stretch sold for 109.8% of its last asking price, compared to 104.9% in the first half.

The middle sold price moved too. October 2025 through April 2026: $1,520,000. April through October 2026: $1,741,500. That is a $221,500 difference between the two halves of the same year.

What the price range tells you that the town average does not

The overall numbers are striking, but the story changes by price range. Homes that first asked between $1M and $1.25M sold fastest, in a middle of 13 days, and went for 120% of what sellers first asked. That is the sharpest competition in the data. Homes priced $1.25M to $1.75M were close behind at 112% of their first asking price.

At the top of the market, $2.25M and up, the picture is different. Those 37 homes sold at exactly 100% of their first asking price. The middle days to sell was 18. Sellers in that range still found buyers, and not one home gave up without a sale, but the bidding wars that defined the middle of the market did not reach that far up.

A home priced between $1M and $1.75M was in the fastest, most competitive part of this market. If you are a buyer in that range, you need to know that before you write a number on an offer.

Speed and price are connected here. Homes that found a buyer in their first month, 108 of them, sold for 111.1% of their last asking price in a middle of 12 days. Homes that took two months sold for 108% but sat for a middle of 46 days. By the third month, the ratio dropped to 101.8%. Waiting cost sellers real money, and it cost buyers the stress of a longer search.

What this means for you right now

If you are selling, the data through October 7, 2026 shows that homes priced in the $1M to $1.75M range drew the strongest offers and sold the fastest. Pricing just below where you think the home belongs is a common local strategy, and the numbers support it: the typical home sold for 106.6% of what sellers first asked, which means buyers regularly paid more than the first number on the sign. That gap is not an accident.

If you are buying, the honest read is that this market asks you to be ready. The typical home sold in 16 days across the whole period. The best-positioned homes, those priced $1M to $1.25M, went in 13 days at 120% of asking. Nationally, Freddie Mac's weekly rate survey put the 30-year fixed rate at 7.40% as of October 8, 2026, up from 7.28% the prior week. That rate matters for what you can comfortably offer. Know your number before you walk into a showing, not after.