Is Morris County, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Morris County has remained a Seller's Market.
Housing Prices in Morris County, NJ
How much do homes in Morris County, NJ cost?
Median Sold Price
$628,787
$288/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Morris County was $628,787 in April 2024, up 9.4% from last year, and the median price per square foot was $288.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $295K | $315K | +6.8% |
2 Bedrooms | $385.4K | $428.7K | +11.2% |
3 Bedrooms | $508.4K | $565.5K | +11.2% |
4 Bedrooms | $691K | $730.4K | +5.7% |
5+ Bedrooms | $999.9K | $1.1M | +14.5% |
Summary: Morris County housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.8%, 2 bedroom homes increased by 11.2%, 3 bedroom homes increased by 11.2%, 4 bedroom homes increased by 5.7%, and 5+ bedroom homes increased by 14.5%.
Median Sold Price Compared To Nearby Counties
Somerset County | $509.5K | $577.2K | +13.3% |
Passaic County | $450K | $500.1K | +11.1% |
Union County | $500.6K | $554.8K | +10.8% |
Morris County | $574.9K | $628.7K | +9.4% |
Essex County | $550.9K | $600.7K | +9.0% |
Housing Supply in Morris County, NJ
How many homes are available in Morris County, NJ?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
1,168 | 1,482 | +26.9% |
Summary: The Morris County real estate market had 1,482 homes for sale in April 2024, a 26.9% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 37 | 34 | -8.1% |
2 Bedrooms | 164 | 220 | +34.1% |
3 Bedrooms | 369 | 445 | +20.6% |
4 Bedrooms | 386 | 493 | +27.7% |
5+ Bedrooms | 212 | 290 | +36.8% |
Summary: The Morris County housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 8.1%, 2 bedroom homes increased by 34.1%, 3 bedroom homes increased by 20.6%, 4 bedroom homes increased by 27.7%, and 5+ bedroom homes increased by 36.8%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
252 | 278 | +10.3% |
Asking Price vs. Sold Price
50 Homes Were Sold
Under Asking
23 Homes Were Sold
At Asking
205 Homes Were Sold
Over Asking
Summary: A total of 278 homes were sold or pending in Morris County in April 2024, up by 10.3% month-over-month. Of the 278 sold homes, 18% were sold under asking, 8% were sold at asking, and 74% were sold over asking.
Days on Market for Morris County, NJ
How long does it take to sell a home in Morris County, NJ?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
10 Days | 31 Days | +205.3% |
Summary: Homes in Morris County had an average of 31 days on market in Apr 2024, up by 205.3% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During April 2024, 278 homes were sold in Morris County; 0% of homes were sold within 30 days, 1% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.