Published October 4, 2026 in Market Update

Summit sellers still have very little competition

By Lena Pesso

Real estate, Summit

If you own a home in Summit and you're thinking about selling, the number that matters most right now is 21. That's how many homes the Real Estate Data Aggregator counted for sale in ZIP 07901 during the three months ending July 31, 2026. That's down 22.2% from a year ago. Fewer sellers means less competition for your listing.

Months of supply measures how long it would take to sell every home on the market at the current pace of sales. Six months is considered balanced. The Real Estate Data Aggregator put Summit at 0.9 months for the same period. That is a very thin cushion for buyers and a real advantage for sellers.

What tight inventory does to price and speed

When supply is thin, buyers compete. The Real Estate Data Aggregator found that 81.1% of Summit homes sold above list price in the three months ending July 31, 2026. That share rose 1.3 points from the same period a year ago. The average sale came in at 112.1% of list price. In Summit, that is not a red flag. Homes here are often listed below expected value on purpose, to draw multiple offers.

Speed tells the same story. The Real Estate Data Aggregator put the median days on market at 13 days, unchanged from a year ago. Nearly half of all Summit homes, 49.2% to be exact, went under contract within two weeks of listing. That share is up 5.2 points from last year.

The median price moved a lot. Here is why to read it carefully.

The Real Estate Data Aggregator shows a median sale price of $1,660,000 in ZIP 07901 for the three months ending July 31, 2026, up 24.6% from a year ago. That is a large swing. In a town where only 74 homes closed in three months, one or two high-end sales can move the reported median significantly without the whole market shifting. Price per square foot and days on market are steadier signals here.

New Jersey homeowners are sitting on real equity

ATTOM reported that 51.6% of New Jersey properties with a mortgage were equity-rich in Q2 2026. Nationally, that figure was 41.1%, also from ATTOM. Equity-rich means the mortgage balance is less than half the home's estimated value. That gap between New Jersey and the national number matters: it shows that most sellers here are not under financial pressure, which is part of why so few feel they must list.

The honest tradeoff for buyers

Thin inventory is good news if you are selling. If you are buying, fewer choices can keep pressure on both price and timing. The Real Estate Data Aggregator counted 65 pending sales in the same period, down 28.6% from a year ago. That suggests some buyers are stepping back. Still, 74 homes did close, and the ones that were priced and prepared well moved in under two weeks.

One more number worth watching: the Federal Housing Finance Agency reported that U.S. house prices rose 2.6% from July 2025 to July 2026. Summit's local numbers sit well above that pace, though the thin monthly closing volume here means any single period's figures should be read with that context in mind.

These are ZIP-level numbers. One street in Summit can read very differently from another, and what a specific block will fetch depends on details the ZIP code average cannot show.