$3,266 Closing Credit*
$275,000
1 Bed
•1 Full Bath
Listing Office: HOWARD HANNA RAND REALTY
Is Morris Plains, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Morris Plains has remained a Seller's Market.
Key Takeaway
Morris Plains is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Morris Plains, NJ
How much do homes in Morris Plains, NJ cost?
Median Sold Price
$721,000
$356/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$86,000(+13.5%)
Key Takeaway
Homes in Morris Plains have sold for 13.5% more than they did a year ago.
Summary: The median home sold price in Morris Plains was $721,000 in October 2024, up 13.5% from last year, and the median price per square foot was $356.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $315K | $343.7K | +9.1% |
| 2 Bedrooms | $520.7K | $565K | +8.5% |
| 3 Bedrooms | $626K | $725.1K | +15.8% |
| 4 Bedrooms | $720K | $757.5K | +5.2% |
| 5+ Bedrooms | $906.5K | $975K | +7.6% |
Summary: Morris Plains housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.1%, 2 bedroom homes increased by 8.5%, 3 bedroom homes increased by 15.8%, 4 bedroom homes increased by 5.2%, and 5+ bedroom homes increased by 7.6%.
Median Sold Price Compared To Nearby Cities
| Parsippany | $600K | $701.5K | +16.9% |
| Parsippany-Troy Hills Township | $564.5K | $655K | +16.0% |
| Morris Plains | $635K | $721K | +13.5% |
| Hanover Township | $580K | $650K | +12.1% |
Housing Supply in Morris Plains, NJ
How many homes are available in Morris Plains, NJ?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 59 | 75 | +27.1% |
Summary: The Morris Plains real estate market had 75 homes for sale in October 2024, a 27.1% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 7 | +75.0% |
| 2 Bedrooms | 7 | 13 | +85.7% |
| 3 Bedrooms | 20 | 22 | +10.0% |
| 4 Bedrooms | 15 | 20 | +33.3% |
| 5+ Bedrooms | 13 | 13 | 0.0% |
Summary: The Morris Plains housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 75%, 2 bedroom homes increased by 85.7%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 13 | 14 | +7.7% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Morris Plains, you could pay more than the asking price. 85.7% of homes here sold above asking price last month.
Summary: A total of 14 homes were sold or pending in Morris Plains in October 2024, up by 7.7% month-over-month. Of the 14 sold homes, 14% were sold under asking, 0% were sold at asking, and 86% were sold over asking.
Days on Market for Morris Plains, NJ
How long does it take to sell a home in Morris Plains, NJ?
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Morris Plains are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 14 homes were sold in Morris Plains; 7% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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 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.