In October 2017, there were eight homes sold, with a median sale price of $132,500 - a 55.9% increase over the $85,000 median sale price for the same period of the previous year. There were nine homes sold in Summit in October 2016.
The median sales tax in Summit for 2017 was $5,542. In 2016, the median sales tax was $5,210. This marks an increase of 6.4%. The effective property tax rate, using the median property tax and median home sale price as the basis, is 4.2%.
The following table compares Summit to other Cook County cities with similar median sales prices in October 2017:
| City | Oct. 2017 Home Sales | Oct. 2016 Home Sales | % change (Total Home Sales) | Oct. 2017 Median Sales Price | Oct. 2016 Median Sales Price | % change (Median Sales Price) |
|---|---|---|---|---|---|---|
| Homewood | 40 | 36 | 11.1% | $142,000 | $129,250 | 9.9% |
| Worth | 14 | 14 | 0% | $137,750 | $174,500 | -21.1% |
| Midlothian | 36 | 28 | 28.6% | $137,000 | $120,500 | 13.7% |
| South Chicago Heights | 5 | 4 | 25% | $136,000 | $71,750 | 89.5% |
| Palos Hills | 27 | 19 | 42.1% | $134,000 | $161,000 | -16.8% |
| Summit | 8 | 9 | -11.1% | $132,500 | $85,000 | 55.9% |
| South Holland | 37 | 33 | 12.1% | $132,000 | $125,000 | 5.6% |
| Lynwood | 11 | 12 | -8.3% | $130,000 | $128,750 | 1% |
| Burnham | 5 | 3 | 66.7% | $120,000 | $48,500 | 147.4% |
| East Hazel Crest | 5 | 1 | 400% | $120,000 | $50,500 | 137.6% |
| Country Club Hills | 26 | 22 | 18.2% | $119,500 | $80,250 | 48.9% |
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