$6,876 Closing Credit*
$579,000
2 Beds
•2 Full Baths, 1 Partial
Listing Office: WEICHERT REALTORS
Is Morristown, 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, Morristown has remained a Seller's Market.
Key Takeaway
Morristown is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Morristown, NJ
How much do homes in Morristown, NJ cost?
Median Sold Price
$822,000
$428/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
+$72,000(+9.6%)
Key Takeaway
Homes in Morristown have sold for 9.6% more than they did a year ago.
Summary: The median home sold price in Morristown was $822,000 in November 2024, up 9.6% from last year, and the median price per square foot was $428.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $322K | $340K | +5.6% |
| 2 Bedrooms | $555K | $575K | +3.6% |
| 3 Bedrooms | $700K | $750K | +7.1% |
| 4 Bedrooms | $832.5K | $936K | +12.4% |
| 5+ Bedrooms | $1.1M | $1.3M | +15.5% |
Summary: Morristown housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.6%, 2 bedroom homes increased by 3.6%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 12.4%, and 5+ bedroom homes increased by 15.5%.
Median Sold Price Compared To Nearby Cities
| Morristown | $750K | $822K | +9.6% |
| Morris Township | $775K | $835K | +7.7% |
Housing Supply in Morristown, NJ
How many homes are available in Morristown, NJ?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 131 | 116 | -11.5% |
Summary: The Morristown real estate market had 116 homes for sale in November 2024, a 11.5% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 7 | 3 | -57.1% |
| 2 Bedrooms | 26 | 28 | +7.7% |
| 3 Bedrooms | 45 | 35 | -22.2% |
| 4 Bedrooms | 35 | 34 | -2.9% |
| 5+ Bedrooms | 18 | 16 | -11.1% |
Summary: The Morristown housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 57.1%, 2 bedroom homes increased by 7.7%, 3 bedroom homes decreased by 22.2%, 4 bedroom homes decreased by 2.9%, and 5+ bedroom homes decreased by 11.1%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 31 | 26 | -16.1% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
18 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Morristown, you could pay more than the asking price. 69.2% of homes here sold above asking price last month.
Summary: A total of 26 homes were sold or pending in Morristown in November 2024, down by 16.1% month-over-month. Of the 26 sold homes, 19% were sold under asking, 12% were sold at asking, and 69% were sold over asking.
Days on Market for Morristown, NJ
We’re sorry, we don't have information for this market at the moment
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.
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