Summit Among List Of NJ Towns With Average Home Price Over $1M

SUMMIT, NJ — Finding a home under $1 million in certain areas of New Jersey is a rarity these days.

According to recent data from the Otteau Group — an NJ-based real estate consultant — there are now almost three dozen places in the state where the average home exceeds $1 million, and Summit has made its way onto that list.

As of 2021, the average Summit home costs $1,058,551, according to data compiled by Zillow. This is an 11.1 percent increase from Summit's average home price in 2020.

Summit is also the only Union County town on Zillow's list.

The average price of a single family home in the Garden State in Jan. of 2022 was around $551,000, according to New Jersey Realtors, but The Otteau Group now reports that home sales in the $1 to $2.5 million price range increased by 27 percent in 2021 — the largest increase of any price category.

According NJ.com, this rise in home prices is due to the buyers who entered the tumultuous real estate market during the pandemic — existing homeowners in New Jersey who wanted to moved into larger homes.

Zillow shows that the number of cities nationally where home values exceeded $1 million almost tripled last year to 481 cities. The New York metropolitan area now has 76 homes valued over $1 million, and 34 of them are in New Jersey.

Curious as to how Summit measures up to other New Jersey towns?

Check out this list of 34 cities where the average home price exceeded $1 million in 2021 and the percent is changed from 2020:

34. Spring Lake - $1,025,590, 18.2%

33. Fair Haven - $1,050,879, 19.7%

32. Summit - $1,058,551, 11.1%

31. Far Hills - $1,068,461, 11.8%

30. Ship Bottom - $1,092,674, 32.8%

29. Essex Fells - $1,118,343, 12.2%

28. Franklin Lakes - $1,130,303, 11.4%

27. Strathmere - $1,136,631, 31.3%

26. Chatham Township - $1,157,351, 16.1%

25. Sea Isle City - $1,189,462, 29.5%

24. Surf City - $1,192,288, 30.4%

23. Barnegat Light - $1,205,398, 34.2%

22. Longport - $1,215,718, 13%

21. Cape May Point - $1,266,419, 28.8%

20. Englewood Cliffs - $1,300,306, 9%

19. Bedminster Township - $1,333,749, 6.2%

18. Beach Haven - $1,363,059, 32.2%

17. Allenhurst - $1,419,994, 24.7%

16. Long Beach Township - $1,485,820, 33.5%

15. Harding Township - $1,500,986, 12.5%

14. Avon by the Sea - $1,596,194, 22.8%

13. Rumson - $1,654,426, 17.1%

12. Mantoloking - $1,668,216, 26.8%

11. Harvey Cedars - $1,695,412, 33.6%

10. Short Hills - $1,737,527, 9.7%

9. Sea Girt - $1,762,313, 20.3%

8. Bay Head - $1,876,807, 24.8%

7. Saddle River - $1,899,131, 8.3%

6. Rockleigh - $1,906,156, 19.3%

5. Loch Arbour - $2,335,045, 26.9%

4. Avalon - $2,372,632, 29.3%

3. Stone Harbor - $2,437,427 - 28.4%

2. Alpine - $2,570,406 - 7.1%

1. Deal - $2,774,545 - 26.3%

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