Is Morris Plains, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Morris Plains is a seller's market

Buyer's
Market

Difference Since October 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

$721,000

$356/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$86,000(+13.5%)

Key Takeaway

Homes in Morris Plains have sold for 13.5% more than they did a year ago.

Summary: The median home sold price in Morris Plains was $721,000 in October 2024, up 13.5% from last year, and the median price per square foot was $356.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $315K$343.7K
+9.1%
2 $520.7K$565K
+8.5%
3 $626K$725.1K
+15.8%
4 $720K$757.5K
+5.2%
5+ $906.5K$975K
+7.6%

Summary: Morris Plains housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.1%, 2 bedroom homes increased by 8.5%, 3 bedroom homes increased by 15.8%, 4 bedroom homes increased by 5.2%, and 5+ bedroom homes increased by 7.6%.

Median Sold Price Compared To Nearby Cities

Parsippany
+16.9%
Parsippany-Troy Hills Township
+16.0%
Morris Plains
+13.5%
Hanover Township
+12.1%

Housing Supply in Morris Plains, NJ

How many homes are available in Morris Plains, NJ?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
5975+27.1%

Summary: The Morris Plains real estate market had 75 homes for sale in October 2024, a 27.1% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 47
+75.0%
2 713
+85.7%
3 2022
+10.0%
4 1520
+33.3%
5+ 1313
0.0%

Summary: The Morris Plains housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 75%, 2 bedroom homes increased by 85.7%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 33.3%, and 5+ bedroom homes remained the same.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
1314+7.7%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

12 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Morris Plains, you could pay more than the asking price. 85.7% of homes here sold above asking price last month.

Summary: A total of 14 homes were sold or pending in Morris Plains in October 2024, up by 7.7% month-over-month. Of the 14 sold homes, 14% were sold under asking, 0% were sold at asking, and 86% were sold over asking.

Days on Market for Morris Plains, NJ

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

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Morris Plains are selling fast, if you're buying plan to act quickly.

Summary: During October 2024, 14 homes were sold in Morris Plains; 7% 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.

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

Report Updated 6 Days Ago

Newest Listings in Morris Plains, NJ

Nearby Markets to Morris Plains, NJ

What housing markets are near Morris Plains, NJ?