Summit has historically been, and remains, a town that is very much in demand. More than just a town – Summit is really a city. Because it has many large corporate headquarter in the town – the real estate taxes are more favorable for residents than in comparable towns (like Short Hills) in Essex County.
There is a wide variety of inventory, but generally incorporates classic Colonial, Tudor and Victorian style homes. In recent years there has been considerable new construction of luxury town homes built right in the center of town. There are also a lot of apartment buildings and garden apartment style communities located close to the town center as well.
The Midtown Direct train line uses Summit as a hub of sorts. There are several express trains from Summit to Penn Station and it is also a place commuters change trains to get to destinations west of Summit. Prices are steep and are on the rise.
Summit Real Estate Market Insights – February 2014