Is Morristown, NJ a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Morristown is a seller's market

Buyer's
Market

Difference Since November 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

$822,000

$428/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$72,000(+9.6%)

Key Takeaway

Homes in Morristown have sold for 9.6% more than they did a year ago.

Summary: The median home sold price in Morristown was $822,000 in November 2024, up 9.6% from last year, and the median price per square foot was $428.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $322K$340K
+5.6%
2 $555K$575K
+3.6%
3 $700K$750K
+7.1%
4 $832.5K$936K
+12.4%
5+ $1.1M$1.3M
+15.5%

Summary: Morristown housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.6%, 2 bedroom homes increased by 3.6%, 3 bedroom homes increased by 7.1%, 4 bedroom homes increased by 12.4%, and 5+ bedroom homes increased by 15.5%.

Median Sold Price Compared To Nearby Cities

Morristown
+9.6%
Morris Township
+7.7%

Housing Supply in Morristown, NJ

How many homes are available in Morristown, NJ?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
131116-11.5%

Summary: The Morristown real estate market had 116 homes for sale in November 2024, a 11.5% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 73
-57.1%
2 2628
+7.7%
3 4535
-22.2%
4 3534
-2.9%
5+ 1816
-11.1%

Summary: The Morristown housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 57.1%, 2 bedroom homes increased by 7.7%, 3 bedroom homes decreased by 22.2%, 4 bedroom homes decreased by 2.9%, and 5+ bedroom homes decreased by 11.1%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
3126-16.1%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

18 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Morristown, you could pay more than the asking price. 69.2% of homes here sold above asking price last month.

Summary: A total of 26 homes were sold or pending in Morristown in November 2024, down by 16.1% month-over-month. Of the 26 sold homes, 19% were sold under asking, 12% were sold at asking, and 69% were sold over asking.

Days on Market for Morristown, NJ

We’re sorry, we don't have information for this market at the moment

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

Report Updated 10 Days Ago

Newest Listings in Morristown, NJ

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