Is Morristown, 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, 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
$750,000
$408/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Morristown have sold for 3.7% more than they did a year ago.
Summary: The median home sold price in Morristown was $750,000 in April 2024, up 3.7% from last year, and the median price per square foot was $408.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $353.7K | $330K | -6.7% |
| 2 Bedrooms | $520K | $559.5K | +7.6% |
| 3 Bedrooms | $680.1K | $715K | +5.1% |
| 4 Bedrooms | $826K | $852K | +3.1% |
| 5+ Bedrooms | $1.4M | $1.1M | -21.4% |
Summary: Morristown housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 6.7%, 2 bedroom homes increased by 7.6%, 3 bedroom homes increased by 5.1%, 4 bedroom homes increased by 3.1%, and 5+ bedroom homes decreased by 21.4%.
Median Sold Price Compared To Nearby Cities
| Morristown | $723.3K | $750K | +3.7% |
| Morris Township | $750K | $775.2K | +3.4% |
Housing Supply in Morristown, NJ
How many homes are available in Morristown, NJ?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 91 | 136 | +49.5% |
Summary: The Morristown real estate market had 136 homes for sale in April 2024, a 49.5% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 16 | 20 | +25.0% |
| 3 Bedrooms | 33 | 40 | +21.2% |
| 4 Bedrooms | 25 | 43 | +72.0% |
| 5+ Bedrooms | 16 | 33 | +106.3% |
Summary: The Morristown housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 25%, 3 bedroom homes increased by 21.2%, 4 bedroom homes increased by 72%, and 5+ bedroom homes increased by 106.3%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 15 | 27 | +80.0% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
22 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Morristown, you could pay more than the asking price. 81.5% of homes here sold above asking price last month.
Summary: A total of 27 homes were sold or pending in Morristown in April 2024, up by 80.0% month-over-month. Of the 27 sold homes, 15% were sold under asking, 4% were sold at asking, and 81% 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 Listing Display database of the CENTRAL JERSEY MULTIPLE LISTING SYSTEM. Real estate listings held by brokerage firms other than this site-owner are marked with the ILD logo. The CENTRAL JERSEY MULTIPLE LISTING SYSTEM does not warrant the accuracy, quality, reliability, suitability, completeness, usefulness or effectiveness of any information provided. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify properties the consumer may be interested in purchasing or renting. Copyright 2024, CENTRAL JERSEY MULTIPLE LISTING SYSTEM. All Rights Reserved. The CENTRAL JERSEY MULTIPLE LISTING SYSTEM retains all rights, title and interest in and to its trademarks, service marks and copyrighted material.
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.
Information Deemed Reliable But Not Guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which participates, and is provided by BRIGHT through a licensing agreement. 
Disclaimer: The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the South Jersey Shore Regional (SJSR) MLS. Real estate listings held by brokerage firms are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. © 2024 SJSR MLS. All rights reserved.