How much do builders pay for teardowns in Summit, NJ?

Since 2019, builders bought 25 older homes and lots in Summit that were later rebuilt, paying a median of $940,000, based on State of New Jersey deed records.

What do new homes on teardown lots sell for in Summit, NJ?

Of those lots, 13 new homes have resold so far at a median of $2,695,000, typically about 17 months after the builder bought the lot.

Union County, New Jersey

Land and teardowns in Summit, NJ.

What builders actually paid for older homes and lots in Summit, what the new homes on those lots sold for, and land for sale right now.

Summit Teardown Report

What builders paid.

Lots in Summit where a builder bought an older home or a lot and a new house went up, purchases from 2019 on.

25lots bought by builderssince 2019, later rebuilt

$940Kmedian price builders paidfor the older home or lot

$2.7Mmedian new home price13 of those new homes resold so far

17 mopurchase to new home saletypical time on those projects

The typical new home on those lots later sold for $2.7M, about $1.76M more than the builder paid for the lot, usually about 17 months later. That difference is not profit: demolition, construction, permits and carrying costs all come out of it.

Own an older home or a large lot here? Find out what a builder would pay for yours →

Source: NJ Division of Taxation deed records (SR1A) 2019 to June 2026 matched to state parcel records (NJGIN MOD-IV) showing a house built 2019 or later on the same lot. Purchases after 2023 mostly have not been rebuilt yet, so recent years undercount.

For Sale Now

Land and lots for sale in Summit.

Live from the MLS and updated all day. If nothing shows, there is no land listed right now. Many of the best lots never hit the market: builders buy older homes instead.

Before You Decide

Know what your Summit lot allows.

Summit market reportEvery home sold, median prices and the agent who knows the town.New construction in SummitRecent new-home sales, sizes and price per square foot.Land and teardowns in SummitWhat builders paid for older homes, and lots for sale now.What can you build on your lot?Enter an address: zoning, lot size and roughly how big a new home could be.

Written and reviewed by

Igor Guberuk

REALTOR-Associate, Builders Resource Center at Corcoran Sawyer Smith. Works with owners and builders in Summit. Numbers updated September 2026.

About Igor · (718) 812-3777