June 12, 2026 • Summit · Westfield · Cranford • $1M–$2M Market Report

Rate & Market Pulse

The 30-year fixed sits at 6.57% on Bankrate this week, with Freddie Mac’s national average at 6.52%, up modestly from 6.48%. The more interesting number came from Freddie’s commentary: existing home sales just hit a five-month high. Buyers have stopped waiting for a rate they were promised and started competing for the houses in front of them. Nowhere is that clearer than along one stretch of the Raritan Valley and Morris & Essex lines.

The Commuter Triangle: Summit vs. Westfield vs. Cranford

Summit, Westfield, and Cranford sell the same fundamental product: a direct ride to Manhattan, a walkable downtown, and schools that hold value through any market. So you’d expect the $1M–$2M market in all three to behave identically. It doesn’t — and the difference is worth real money.

I pulled every single-family transaction in this tier across the three towns, year-to-date. The shared picture first: 88 closings against just 28 available homes — about 1.7 months of supply. The median sale goes under contract in 10 days. Eighty-nine percent close at or above asking. By any definition, this is one of the most competitive pockets in Northern New Jersey.

But look at what winning actually costs. In Westfield and Summit, the median sale this year closed at 112.7% of list price — nearly 13% over ask, as a median, not an outlier. One Westfield colonial listed at $1.05M closed at $1.45M, 38% over. Westfield is the volume engine, with 57 closings already this year, up 39% from 2025. Summit’s closings are down 27% — not from soft demand, but because only seven homes in this tier are available to buy at all.

Then there’s Cranford. Same train line, same tier, same 11-day market time — but the median sale closes at 105% of list. The buyer who loses two bidding wars in Westfield is paying roughly an 8-point premium for a nearly identical commute. Cranford has quietly become the triangle’s pressure valve, and most buyers shopping the other two towns never run the comparison.

The Triangle by the Numbers ($1M–$2M Single-Family, YTD 2026)

Deal of the Week: 204 North Union Avenue, Cranford

204 North Union Avenue, Cranford — $1,749,000. One of Cranford’s signature homes: 5,500 square feet across four finished levels, five bedrooms, five full baths, steel-beam and cinderblock construction, a commercial-grade elevator, 16-zone radiant heat, and a slate roof — renovated this year. It sits one block from downtown Cranford and the train station, outside the flood zone. In a town where the median winning bid is 5% over ask rather than 13%, this is what the top of the triangle’s value door looks like. It hit the market yesterday; in this pocket, the clock is already running.

The Bottom Line

The triangle’s lesson applies anywhere in Northern NJ: town selection is now a bigger lever than rate timing. If you’re buying between $1M and $2M, email me the word “feed” and I’ll set you up with a private MLS feed tuned to towns where the bidding math actually favors you. If you own in one of these towns and have wondered what 89%-at-or-above-ask means for your number, email me “value” and I’ll run it — no listing appointment required.

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Frequently Asked Questions

Which is more competitive for buyers: Summit, Westfield, or Cranford?

By bidding intensity, Westfield and Summit are the most competitive — the median $1M–$2M sale in both towns closed at 112.7% of list price in 2026 year-to-date. Cranford, on the same train line, clears at a median 105.1% of list, making it the least punishing of the three for buyers.

How much over asking price do homes sell for in Westfield NJ?

In the $1M–$2M single-family tier, the median Westfield sale closed at 112.7% of list price year-to-date in 2026 — roughly 13% over ask — with 89% of sales closing at or above asking and a median of just 9 days on market.

Is Cranford NJ a good value compared to Westfield and Summit?

For NYC-commuter buyers, yes. Cranford offers the same direct train access and walkable downtown, but the median winning bid runs about 5% over list versus roughly 13% in Westfield and Summit — an 8-point difference on a comparable home, with a lower median sale price ($1.31M vs. $1.55M–$1.70M).

Why are home sales in Summit NJ down in 2026?

Summit’s $1M–$2M closings are down 27% year-over-year, but the cause is supply, not demand: only seven homes in the tier are actively for sale, sales still close in a median of 11 days, and 86% close at or above asking. Buyers are present; inventory isn’t.

What is the housing supply in the Summit-Westfield-Cranford area right now?

Across the three towns, the $1M–$2M single-family market has about 1.7 months of supply — 28 active listings against 88 year-to-date closings — which is firmly a seller’s market by any standard measure.

Market data: Garden State MLS, single-family closings, $1M–$2M, January 1 – June 12, 2026. Rate data: Bankrate and Freddie Mac PMMS, week of June 12, 2026. Information deemed reliable but not guaranteed. Eric DeSilva, The DeSilva Team, eXp Realty • 973-542-9302 • hello@thedesilvateam.com