Updated: Feb 2018
How well do you know the current Summit real estate market? The information below can be helpful for your own knowledge or with making decisions if you are considering moving into or out of Summit. I have been a resident of Union County for the past 13 years and have spent that time as a local appraiser to the Summit area.
Summit in Union County, NJ has approximately 22,000 residents and 7,700 households in its 6 square miles.
Summit Real Estate Market Stats
The average priced home in Summit in the last 12 months was $1,060,955.
There were 303 sales that range between $170,000 to $3,788,700.
The range of current listings is $259,000 to $4,495,000 with 75 homes on the market right now plus 30 under contract.
In the past 12 months the average sale price to list price ratio was 98%. This means buyers on average were able to negotiate a 2% reduction off the list price. If you know anyone looking to purchase a home, you can let them know this statistic as a way to gauge their offering price, unless of course, there are multiple bids on the property.
Summit NJ real estate data from 02-2017 to 01-2018. Data derived from the GSMLS.
The data above shows the active listings in the past 12 months. The median list price is fairly consistent throughout the year hovering around the $1,200,000 mark. Below, the average sale price has a much larger range from $862,365 to $1,347,920. December’s average sale price may have been skewed high because there were a limited amount of sales at 22 with 5 of them being over the $2,000,000 mark. The sales numbers are when the property closed so if you are thinking about listing your property, account for a few months back to allow time for marketing and the closing period.
If you have any concern about your property taxes, please give us a call at 908-233-1337. We have a very high success rate (98%) handling tax appeals representing homeowners in Summit. Last year we saved our clients a cumulative $210,800 in annual residential real estate taxes.
To calculate what the township thinks your market value is, take your assessment (i.e., $500,000) and divide by the current township ratio, which is 42.96 and then multiply by 100. If your assessment was $500,000, the township would have your market value at $1,163,873. Using this calculation in addition to market research, we can help determine if your home is eligible for a tax appeal.
Assessment = $500,000
($500,000/42.96)*100 = $1,163,873 township market value
American Realty Appraisals has become a leading appraisal company in New Jersey by delivering accurate appraisals with quick turn times and great customer service. We perform appraisals for purchasing/selling, divorce, estate planning, tax appeals, refinancing and more. Some of our clients are national banks, local lenders, attorneys, builders, realtors, and homeowners. With experience in the appraisal field for the past 16 years, we have seen the real estate bubble both rise and fall and have gained the expertise to determine fair market valuation.
Call us at 908-233-1337 for any real estate appraisal needs.
Evan from American Realty Appraisals came out to our home last spring to conduct a home appraisal in support of our property tax appeal. He arrived promptly at the agreed time, was very professional and conducted a thorough walk through. We were very satisfied with the results of his appraisal - they were well-researched and accurately captured the features of the home. His appraisal proved to be a crucial element in a very successful tax appeal. I would gladly recommend his services to others.
I was extremely pleased in my experience with American Realty Appraisals. Evan was very knowledgeable and was happy to answer any questions I had. His appraisal was useful in our being able to successfully appeal our taxes. It was worth every penny. He also shared some suggestions on how to shore up insulation efficiency around the house. 5 Star service. thanks!
Evan was extremely helpful in our obtaining a favorable result from our tax appeal and I highly recommend his services
If you want the Do's and Dont's. I would say DO use Evan. It was a very smooth and easy process. He worked around my schedule. His turnaround time was very impressive. Price: He was in line with the other quotes I received. And you DON'T need to worry. I will recommend him and use him again
Prepared the documents to submit for a tax appeal and accompanied me to the tax appeal hearing to present my case. I have used American Realty Appraisals twice and have won my tax appeal each time.
I was appealing my real estate taxes and American Reality did an appraisal on my home. The appraisal went well and as a result the tax appeal was successful and our real estate taxes were lowered.
I was ignoring go through Tax appeal process because I thought it was so cumbersome with very little chance of winning. In this process, I used Evan for a tax appeal. Not only we won but it was very easy and simple process between him and the lawyer. I highly recommend to use Evan, he knows what he is doing!
The tax appeal through you and Lisa Walsh was successful, and you may use me as a reference any time in the future
Evan was great. He was instrumental in helping me to appropriately lower my taxes via an accurate appraisal. I highly recommend his services to anyone in need of an appraisal in NJ.
When the interest rates dropped last year, I decided that it was a good idea to refinance my mortgage. I was recommended to American Realty Appraisals by my mortgage company. They were affordable, expedient, and ultimately put together a very comprehensive report with figures, photos, and local comps. I would highly recommend them to anyone looking for a professional and honest appraisal company.
Evan and his team at American Realty Appraisals are simply the best at what they do. As a mortgage banking professional, I have worked with dozens of appraisal firms over the years and I continually return to American Realty Appraisals when I can for their expert advice and service. I would highly recommend them if you are an individual looking to have your home appraised, or a banker looking to add a high quality appraisal firm to your list of approved appraisers.
Before I went to list my home, I hired Evan at American Realty Appraisals. I wanted an unbiased opinion of what my home was worth. He provided a thorough report that gave me piece of mind and a leg to stand on when it comes time to negotiate. I was also pleased with how fast he turned the report around after the inspection.
I am an attorney in Westfield and I refer all of my clients to American Realty Appraisals. I have worked closely with Evan Siegel for the past two years and I have been impressed with his professionalism, integrity and expertise as an appraiser. Relying on his appraisals, I have been able to negotiate property tax reductions for numerous clients in Union County. I highly recommend American Realty Appraisals for all of your residential real estate appraisal needs.
ARA did a great job of handling my tax appeal. The guidance was spot on and the staff, specifically, Evan Siegel, was professional and knowledgeable. The outcome was excellent and I'm saving a good amount of money on my real estate taxes. Thanks ARA!!
I used Evan for a tax appeal project. It was a seamless operation between him and the lawyer. Zero blips, and we won.
Mr. Siegel performed an appraisal for my home for tax appeal purposes. He was very professional and helped me lower my taxes by 17%. I am quite satisfied with his work.
Highly recommend. Excellent service, professional, prompt. Great result