$7,422 Closing Credit*
$625,000
3,285 SqFt
5 Beds
•3 Full Baths, 1 Partial
Listing Office: WEICHERT REALTORS CORP HQ
Is Morris Plains, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 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
$721,008
$375/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$71,018(+10.9%)
Key Takeaway
Homes in Morris Plains have sold for 10.9% more than they did a year ago.
Summary: The median home sold price in Morris Plains was $721,008 in November 2024, up 10.9% from last year, and the median price per square foot was $375.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $317.5K | $360K | +13.4% |
| 2 Bedrooms | $530K | $535K | +0.9% |
| 3 Bedrooms | $632.5K | $720K | +13.8% |
| 4 Bedrooms | $720K | $794.5K | +10.3% |
| 5+ Bedrooms | $906.5K | $965K | +6.5% |
Summary: Morris Plains housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.4%, 2 bedroom homes increased by 0.9%, 3 bedroom homes increased by 13.8%, 4 bedroom homes increased by 10.3%, and 5+ bedroom homes increased by 6.5%.
Median Sold Price Compared To Nearby Cities
| Hanover Township | $562K | $667.5K | +18.8% |
| Parsippany-Troy Hills Township | $570.9K | $650.6K | +14.0% |
| Parsippany | $615K | $683.5K | +11.1% |
| Morris Plains | $649.9K | $721K | +10.9% |
Housing Supply in Morris Plains, NJ
How many homes are available in Morris Plains, NJ?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 68 | 62 | -8.8% |
Summary: The Morris Plains real estate market had 62 homes for sale in November 2024, a 8.8% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 8 | +14.3% |
| 2 Bedrooms | 13 | 13 | 0.0% |
| 3 Bedrooms | 18 | 18 | 0.0% |
| 4 Bedrooms | 18 | 14 | -22.2% |
| 5+ Bedrooms | 12 | 9 | -25.0% |
Summary: The Morris Plains housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 14.3%, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes decreased by 22.2%, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 17 | 18 | +5.9% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
15 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Morris Plains, you could pay more than the asking price. 83.3% of homes here sold above asking price last month.
Summary: A total of 18 homes were sold or pending in Morris Plains in November 2024, up by 5.9% month-over-month. Of the 18 sold homes, 11% were sold under asking, 6% were sold at asking, and 83% were sold over asking.
Days on Market for Morris Plains, NJ
How long does it take to sell a home in Morris Plains, NJ?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 13 Days | 24 Days | +84.6% |
Summary: Homes in Morris Plains had an average of 24 days on market in Nov 2024, up by 84.6% compared to last year.
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 November 2024, 18 homes were sold in Morris Plains; 6% 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.