Is Morristown, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Morristown is a seller's market

Buyer's
Market

Difference Since October 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

$800,000

$428/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$50,000(+6.7%)

Key Takeaway

Homes in Morristown have sold for 6.7% more than they did a year ago.

Summary: The median home sold price in Morristown was $800,000 in October 2024, up 6.7% from last year, and the median price per square foot was $428.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $322K$340K
+5.6%
2 $557K$560K
0.5%
3 $699.9K$722.5K
+3.2%
4 $815.5K$953.5K
+16.9%
5+ $1.1M$1.3M
+14.7%

Summary: Morristown housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.6%, 2 bedroom homes increased by 0.5%, 3 bedroom homes increased by 3.2%, 4 bedroom homes increased by 16.9%, and 5+ bedroom homes increased by 14.7%.

Median Sold Price Compared To Nearby Cities

Morris Township
+8.4%
Morristown
+6.7%

Housing Supply in Morristown, NJ

How many homes are available in Morristown, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
123142+15.4%

Summary: The Morristown real estate market had 142 homes for sale in October 2024, a 15.4% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 77
0.0%
2 1526
+73.3%
3 4247
+11.9%
4 3237
+15.6%
5+ 2725
-7.4%

Summary: The Morristown 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 73.3%, 3 bedroom homes increased by 11.9%, 4 bedroom homes increased by 15.6%, and 5+ bedroom homes decreased by 7.4%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
2628+7.7%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

18 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Morristown, you could pay more than the asking price. 64.3% of homes here sold above asking price last month.

Summary: A total of 28 homes were sold or pending in Morristown in October 2024, up by 7.7% month-over-month. Of the 28 sold homes, 21% were sold under asking, 14% were sold at asking, and 64% were sold over asking.

Days on Market for Morristown, NJ

How long does it take to sell a home in Morristown, NJ?

Breakdown of Home Sale Times

0 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Morristown has remained consistent over time.

Summary: During October 2024, 28 homes were sold in Morristown; 0% of homes were sold within 30 days, 4% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 16 Days Ago

Newest Listings in Morristown, NJ

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