Is Morristown, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Morristown was a Seller's Market.
Key Takeaway
Morristown is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Morristown, NJ
How much do homes in Morristown, NJ cost?
Median Sold Price
$750,000
$351/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Morristown have sold for 4.2% more than they did a year ago.
Summary: The median home sold price in Morristown was $750,000 in March 2024, up 4.2% from last year, and the median price per square foot was $351.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $358.7K | $325K | -9.4% |
| 2 Bedrooms | $515K | $559K | +8.5% |
| 3 Bedrooms | $663.7K | $715K | +7.7% |
| 4 Bedrooms | $820K | $851.2K | +3.8% |
| 5+ Bedrooms | $1.4M | $1.1M | -18.4% |
Summary: Morristown housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 9.4%, 2 bedroom homes increased by 8.5%, 3 bedroom homes increased by 7.7%, 4 bedroom homes increased by 3.8%, and 5+ bedroom homes decreased by 18.4%.
Median Sold Price Compared To Nearby Cities
| Morristown | $719.8K | $750K | +4.2% |
| Morris Township | $750K | $775K | +3.3% |
Housing Supply in Morristown, NJ
How many homes are available in Morristown, NJ?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 69 | 95 | +37.7% |
Summary: The Morristown real estate market had 95 homes for sale in March 2024, a 37.7% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 3 | +50.0% |
| 2 Bedrooms | 12 | 16 | +33.3% |
| 3 Bedrooms | 28 | 32 | +14.3% |
| 4 Bedrooms | 16 | 28 | +75.0% |
| 5+ Bedrooms | 11 | 16 | +45.5% |
Summary: The Morristown housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 33.3%, 3 bedroom homes increased by 14.3%, 4 bedroom homes increased by 75%, and 5+ bedroom homes increased by 45.5%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 14 | 14 | 0.0% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
7 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Morristown, you could pay more than the asking price. 50% of homes here sold above asking price last month.
Summary: A total of 14 homes were sold or pending in Morristown in March 2024, the same as the previous month. Of the 14 sold homes, 21% were sold under asking, 29% were sold at asking, and 50% were sold over asking.
Days on Market for Morristown, NJ
How long does it take to sell a home in Morristown, NJ?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 118 Days | 1 Day | -99.2% |
Summary: Homes in Morristown had an average of 1 days on market in Mar 2024, down by 99.2% compared to last year.
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
Key Takeaway
Many homes in Morristown are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 14 homes were sold in Morristown; 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.
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.
Disclaimer: The data relating to the real estate for sale on this web site comes in part from the Internet Data Exchange Program of the NJMLS. Real estate listings held by brokerage firms other than Rocket Homes Real Estate, LLC are marked with the Internet Data Exchange logo and information about them includes the name of the listing brokers. Some properties listed with the participating brokers do not appear on this website at the request of the seller. Listings of brokers that do not participate in Internet Data Exchange do not appear on this website. 
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.