Is Morris County, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Morris County has remained a Seller's Market.
Housing Prices in Morris County, NJ
How much do homes in Morris County, NJ cost?
Median Sold Price
$636,765
$296/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Morris County was $636,765 in May 2024, up 11.6% from last year, and the median price per square foot was $296.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $295K | $315.5K | +6.9% |
2 Bedrooms | $394.5K | $430.1K | +9.0% |
3 Bedrooms | $505K | $574K | +13.7% |
4 Bedrooms | $687.3K | $745.6K | +8.5% |
5+ Bedrooms | $999.9K | $1.1M | +14.8% |
Summary: Morris County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.9%, 2 bedroom homes increased by 9%, 3 bedroom homes increased by 13.7%, 4 bedroom homes increased by 8.5%, and 5+ bedroom homes increased by 14.8%.
Median Sold Price Compared To Nearby Counties
Somerset County | $512.8K | $578.8K | +12.9% |
Morris County | $570.5K | $636.7K | +11.6% |
Passaic County | $454.7K | $505K | +11.1% |
Union County | $505.8K | $559.9K | +10.7% |
Essex County | $551.8K | $608K | +10.2% |
Housing Supply in Morris County, NJ
How many homes are available in Morris County, NJ?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
1,409 | 1,669 | +18.5% |
Summary: The Morris County real estate market had 1,669 homes for sale in May 2024, a 18.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 33 | 34 | +3.0% |
2 Bedrooms | 212 | 237 | +11.8% |
3 Bedrooms | 435 | 484 | +11.3% |
4 Bedrooms | 467 | 584 | +25.1% |
5+ Bedrooms | 262 | 330 | +26.0% |
Summary: The Morris County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 3%, 2 bedroom homes increased by 11.8%, 3 bedroom homes increased by 11.3%, 4 bedroom homes increased by 25.1%, and 5+ bedroom homes increased by 26%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
320 | 315 | -1.6% |
Asking Price vs. Sold Price
45 Homes Were Sold
Under Asking
28 Homes Were Sold
At Asking
242 Homes Were Sold
Over Asking
Summary: A total of 315 homes were sold or pending in Morris County in May 2024, down by 1.6% month-over-month. Of the 315 sold homes, 14% were sold under asking, 9% were sold at asking, and 77% were sold over asking.
Days on Market for Morris County, NJ
We’re sorry, we don't have information for this market at the moment