Is Morris County, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Morris County has remained a Seller's Market.
Key Takeaway
Morris County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Morris County, NJ
How much do homes in Morris County, NJ cost?
Median Sold Price
$624,606
$287/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Morris County have sold for 8.6% more than they did a year ago.
Summary: The median home sold price in Morris County was $624,606 in March 2024, up 8.6% from last year, and the median price per square foot was $287.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $299.3K | $315K | +5.2% |
| 2 Bedrooms | $385K | $425.1K | +10.4% |
| 3 Bedrooms | $504.2K | $560.4K | +11.1% |
| 4 Bedrooms | $689K | $725.8K | +5.3% |
| 5+ Bedrooms | $999.9K | $1.1M | +11.2% |
Summary: Morris County housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.2%, 2 bedroom homes increased by 10.4%, 3 bedroom homes increased by 11.1%, 4 bedroom homes increased by 5.3%, and 5+ bedroom homes increased by 11.2%.
Median Sold Price Compared To Nearby Counties
| Somerset County | $500.8K | $578.1K | +15.4% |
| Passaic County | $450K | $499K | +10.9% |
| Union County | $499.7K | $550K | +10.0% |
| Essex County | $549.8K | $600.1K | +9.1% |
| Morris County | $574.9K | $624.6K | +8.6% |
Housing Supply in Morris County, NJ
How many homes are available in Morris County, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 992 | 1,205 | +21.5% |
Summary: The Morris County real estate market had 1,205 homes for sale in March 2024, a 21.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 32 | 42 | +31.3% |
| 2 Bedrooms | 130 | 163 | +25.4% |
| 3 Bedrooms | 323 | 375 | +16.1% |
| 4 Bedrooms | 320 | 391 | +22.2% |
| 5+ Bedrooms | 187 | 234 | +25.1% |
Summary: The Morris County housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 31.3%, 2 bedroom homes increased by 25.4%, 3 bedroom homes increased by 16.1%, 4 bedroom homes increased by 22.2%, and 5+ bedroom homes increased by 25.1%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 195 | 229 | +17.4% |
Asking Price vs. Sold Price
54 Homes Were Sold
Under Asking
24 Homes Were Sold
At Asking
151 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Morris County, you could pay more than the asking price. 65.9% of homes here sold above asking price last month.
Summary: A total of 229 homes were sold or pending in Morris County in March 2024, up by 17.4% month-over-month. Of the 229 sold homes, 24% were sold under asking, 10% were sold at asking, and 66% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 70 Days | 6 Days | -91.2% |
Summary: Homes in Morris County had an average of 6 days on market in Mar 2024, down by 91.2% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Morris County are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 229 homes were sold in Morris County; 2% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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. 
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.