Is Morristown, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Morristown was a Seller's Market.
Key Takeaway
Morristown is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Morristown, NJ
How much do homes in Morristown, NJ cost?
Median Sold Price
$759,750
$408/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Morristown have sold for 5.1% more than they did a year ago.
Summary: The median home sold price in Morristown was $759,750 in May 2024, up 5.1% from last year, and the median price per square foot was $408.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $343K | $335K | -2.3% |
| 2 Bedrooms | $520K | $565K | +8.7% |
| 3 Bedrooms | $665K | $715K | +7.5% |
| 4 Bedrooms | $800K | $857.5K | +7.2% |
| 5+ Bedrooms | $1.4M | $1.1M | -24.1% |
Summary: Morristown housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2.3%, 2 bedroom homes increased by 8.7%, 3 bedroom homes increased by 7.5%, 4 bedroom homes increased by 7.2%, and 5+ bedroom homes decreased by 24.1%.
Median Sold Price Compared To Nearby Cities
| Morristown | $722.9K | $759.7K | +5.1% |
| Morris Township | $750K | $780.8K | +4.1% |
Housing Supply in Morristown, NJ
How many homes are available in Morristown, NJ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 131 | 164 | +25.2% |
Summary: The Morristown real estate market had 164 homes for sale in May 2024, a 25.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 4 | +300.0% |
| 2 Bedrooms | 19 | 25 | +31.6% |
| 3 Bedrooms | 40 | 48 | +20.0% |
| 4 Bedrooms | 40 | 50 | +25.0% |
| 5+ Bedrooms | 31 | 37 | +19.4% |
Summary: The Morristown housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 300%, 2 bedroom homes increased by 31.6%, 3 bedroom homes increased by 20%, 4 bedroom homes increased by 25%, and 5+ bedroom homes increased by 19.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 33 | 25 | -24.2% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
17 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Morristown, you could pay more than the asking price. 68% of homes here sold above asking price last month.
Summary: A total of 25 homes were sold or pending in Morristown in May 2024, down by 24.2% month-over-month. Of the 25 sold homes, 16% were sold under asking, 16% were sold at asking, and 68% were sold over asking.
Days on Market for Morristown, NJ
We’re sorry, we don't have information for this market at the moment
Disclaimer: The data relating to the real estate for sale on this web site comes in part from the Internet Data Exchange Program of the NJMLS. Real estate listings held by brokerage firms other than Rocket Homes Real Estate, LLC are marked with the Internet Data Exchange logo and information about them includes the name of the listing brokers. Some properties listed with the participating brokers do not appear on this website at the request of the seller. Listings of brokers that do not participate in Internet Data Exchange do not appear on this website. 
The data relating to real estate for sale on this web site comes in part from the Internet Data exchange (“IDX”) program of the Monmouth/Ocean MLS Monmouth County Association Board of Realtors. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real estate listings held by other brokerage firms are indicated by detailed information about them such as the name of the listing firms. Information deemed reliable but not guaranteed. Copyright © 2024 Monmouth/Ocean MLS Monmouth County Association Board of Realtors. All Rights Reserved.
The data relating to real estate for sale on this web-site comes in part from the Internet Listing Display database of the CENTRAL JERSEY MULTIPLE LISTING SYSTEM. Real estate listings held by brokerage firms other than this site-owner are marked with the ILD logo. The CENTRAL JERSEY MULTIPLE LISTING SYSTEM does not warrant the accuracy, quality, reliability, suitability, completeness, usefulness or effectiveness of any information provided. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify properties the consumer may be interested in purchasing or renting. Copyright 2024, CENTRAL JERSEY MULTIPLE LISTING SYSTEM. All Rights Reserved. The CENTRAL JERSEY MULTIPLE LISTING SYSTEM retains all rights, title and interest in and to its trademarks, service marks and copyrighted material.
Information Deemed Reliable But Not Guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which participates, and is provided by BRIGHT through a licensing agreement.