$5,332 Closing Credit*
$449,000
5 Beds
•2 Full Baths
Neat Camili, Listing Office: Coldwell Banker, Wayne
Is Morris Township, 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 Township has remained a Seller's Market.
Key Takeaway
Morris Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Morris Township, NJ
How much do homes in Morris Township, NJ cost?
Median Sold Price
$835,000
$406/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$65,000(+8.4%)
Key Takeaway
Homes in Morris Township have sold for 8.4% more than they did a year ago.
Summary: The median home sold price in Morris Township was $835,000 in October 2024, up 8.4% from last year, and the median price per square foot was $406.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $297.5K | $336.5K | +13.1% |
| 2 Bedrooms | $550K | $582.5K | +5.9% |
| 3 Bedrooms | $745K | $775K | +4.0% |
| 4 Bedrooms | $820K | $946.7K | +15.5% |
| 5+ Bedrooms | $1.1M | $1.2M | +5.3% |
Summary: Morris Township housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.1%, 2 bedroom homes increased by 5.9%, 3 bedroom homes increased by 4%, 4 bedroom homes increased by 15.5%, and 5+ bedroom homes increased by 5.3%.
Median Sold Price Compared To Nearby Cities
| Cedar Knolls | $495K | $572.5K | +15.6% |
| Morris Plains | $635K | $721K | +13.5% |
| Whippany | $596K | $651.8K | +9.4% |
| Morris Township | $770K | $835K | +8.4% |
| Morristown | $750K | $800K | +6.7% |
Housing Supply in Morris Township, NJ
How many homes are available in Morris Township, NJ?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 81 | 90 | +11.1% |
Summary: The Morris Township real estate market had 90 homes for sale in October 2024, a 11.1% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 2 | 0.0% |
| 2 Bedrooms | 11 | 18 | +63.6% |
| 3 Bedrooms | 31 | 32 | +3.2% |
| 4 Bedrooms | 20 | 22 | +10.0% |
| 5+ Bedrooms | 17 | 16 | -5.9% |
Summary: The Morris Township housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 63.6%, 3 bedroom homes increased by 3.2%, 4 bedroom homes increased by 10%, and 5+ bedroom homes decreased by 5.9%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 17 | 21 | +23.5% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
15 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Morris Township, you could pay more than the asking price. 71.4% of homes here sold above asking price last month.
Summary: A total of 21 homes were sold or pending in Morris Township in October 2024, up by 23.5% month-over-month. Of the 21 sold homes, 14% were sold under asking, 14% were sold at asking, and 71% were sold over asking.
Days on Market for Morris Township, NJ
How long does it take to sell a home in Morris Township, NJ?
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Morris Township has remained consistent over time.
Summary: During October 2024, 21 homes were sold in Morris Township; 0% of homes were sold within 30 days, 10% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
