Is Morris Plains, 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 Plains has remained a Seller's Market.
Key Takeaway
Morris Plains is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Morris Plains, NJ
How much do homes in Morris Plains, NJ cost?
Median Sold Price
$662,000
$282/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Morris Plains have sold for 8.5% more than they did a year ago.
Summary: The median home sold price in Morris Plains was $662,000 in March 2024, up 8.5% from last year, and the median price per square foot was $282.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $300K | $315K | +5.0% |
| 2 Bedrooms | $465K | $521.5K | +12.2% |
| 3 Bedrooms | $541K | $652.4K | +20.6% |
| 4 Bedrooms | $705K | $725K | +2.8% |
| 5+ Bedrooms | $850K | $906.2K | +6.6% |
Summary: Morris Plains housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5%, 2 bedroom homes increased by 12.2%, 3 bedroom homes increased by 20.6%, 4 bedroom homes increased by 2.8%, and 5+ bedroom homes increased by 6.6%.
Median Sold Price Compared To Nearby Cities
| Hanover Township | $555K | $612.5K | +10.4% |
| Morris Plains | $610K | $662K | +8.5% |
| Parsippany-Troy Hills Township | $539.5K | $585K | +8.4% |
| Parsippany | $594K | $626.5K | +5.5% |
Housing Supply in Morris Plains, NJ
How many homes are available in Morris Plains, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 42 | 53 | +26.2% |
Summary: The Morris Plains real estate market had 53 homes for sale in March 2024, a 26.2% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 4 | 5 | +25.0% |
| 3 Bedrooms | 24 | 28 | +16.7% |
| 4 Bedrooms | 10 | 13 | +30.0% |
| 5+ Bedrooms | 3 | 6 | +100.0% |
Summary: The Morris Plains housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 25%, 3 bedroom homes increased by 16.7%, 4 bedroom homes increased by 30%, and 5+ bedroom homes increased by 100%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 9 | 11 | +22.2% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Morris Plains, you could pay more than the asking price. 54.5% of homes here sold above asking price last month.
Summary: A total of 11 homes were sold or pending in Morris Plains in March 2024, up by 22.2% month-over-month. Of the 11 sold homes, 27% were sold under asking, 18% were sold at asking, and 55% were sold over asking.
Days on Market for Morris Plains, NJ
We’re sorry, we don't have information for this market at the moment
