About Summit NJ
Why are the homes for sale in Summit NJ in such demand? Much of the credit goes to people who live in this small community in New Jersey's Union County.
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According to the home page of Summit, the city is home to more than 21,000 people who speak more than 35 languages. This means that Summit boasts an especially diverse population for such a small community. And this is one reason why Summit is so sought-after by home buyers: It's easy to feel at home here.
The hills around Summit played an important role in the Revolutionary War, when the area was known as Beacon Hill and was the place where militiamen lit bonfires to serve as beacons to warn of approaching troops. In its earliest days, Summit was part of New Providence, but when the Morris and Essex Railroad brought traffic to the area in the 1830's, it began to outgrow New Providence. In 1869 it officially separated and became its own, thriving community.
Summit quickly grew into a getaway spot for New Yorkers who wanted to enjoy the fresh air of the mountains. Soon this turned it into a bedroom community, and it began to boast the tree-lined streets and carefully planned subdivisions of other New Jersey suburbs. Today, historic properties sit alongside modern architecturally designed homes to provide an interesting mix of home choices.
Summit in Autumn
The impact of Summit's diverse population can be seen in its dining choices. Summit, for instance, is home to a Persion grill, three sushi restaurants, a Thai eatery, an Indian restaurant, a busy burrito stand and nine Italian eateries. If you enjoy some history with your dinner, head to the Summit Diner, a 1938 O'Mahony diner complete with stools and wood paneling. That's pretty diverse for a relatively small community.
The area's diverse population has no problem coming together, though, for special events. Summit is home to a busy farmers market, the Father's Day Cars & Croissants auto show, the Festival of Fine Arts & Crafts, a yearly sidewalk sale, a street fair in the fall and an annual restaurant week in February.
This helps explain why Summit New Jersey real estate traditionally retains its value. But it's far from the only reason. Summit enjoys a small-town feel, complete with a charming business strip, quiet residential streets and sprawling green spaces. But it's also located a short 30-minute drive from the teeming activity of Manhattan. As a result home buyers in Summit get both small-town quiet and urban amenities when they buy a home for sale here.
Park in Summit
Summit is also a prosperous town. City-Data.com reported that in 2011, the median household income in Summit stood at $114,612. That's up from 2000, when the median household income hit $92,964. This income figure marks Summit as one of the wealthier towns in all of New Jersey. City-Data.com reports that the median household income for the entire state of New Jersey was just $67,458 in 2011.
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City-Data also reported good news regarding home values in Summit. According to the site, the estimated median house or condominium value stood at $695,920 here in 2011. That's up from $440,800 in 2000 and well above the median value of $324,900 for the state of New Jersey as a whole.
Of course, the reasons to consider homes for sale in Summit NJ aren't limited to just economic ones. The city also features plenty of charm. Summit is known for its concentration of art galleries, antique shops and live theater venues. Because of this, the city has become known as one of the top cultural destinations in all of northern New Jersey.