Is Morris Township, NJ a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Morris Township was a Buyer's Market.
Key Takeaway
Morris Township is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Morris Township, NJ
How much do homes in Morris Township, NJ cost?
Median Sold Price
$780,875
$413/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Morris Township have sold for 4.1% more than they did a year ago.
Summary: The median home sold price in Morris Township was $780,875 in May 2024, up 4.1% from last year, and the median price per square foot was $413.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | $285K | N/A |
| 2 Bedrooms | $517.5K | $549.5K | +6.2% |
| 3 Bedrooms | $670K | $795K | +18.7% |
| 4 Bedrooms | $785K | $850K | +8.3% |
| 5+ Bedrooms | $1.2M | $1.0M | -15.9% |
Summary: Morris Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 6.2%, 3 bedroom homes increased by 18.7%, 4 bedroom homes increased by 8.3%, and 5+ bedroom homes decreased by 15.9%.
Median Sold Price Compared To Nearby Cities
| Whippany | $567.5K | $630K | +11.0% |
| Morris Plains | $610K | $672.5K | +10.2% |
| Morristown | $722.9K | $759.7K | +5.1% |
| Morris Township | $750K | $780.8K | +4.1% |
Housing Supply in Morris Township, NJ
How many homes are available in Morris Township, NJ?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 75 | 98 | +30.7% |
Summary: The Morris Township real estate market had 98 homes for sale in May 2024, a 30.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 2 | +100.0% |
| 2 Bedrooms | 7 | 13 | +85.7% |
| 3 Bedrooms | 26 | 31 | +19.2% |
| 4 Bedrooms | 28 | 31 | +10.7% |
| 5+ Bedrooms | 14 | 21 | +50.0% |
Summary: The Morris Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 85.7%, 3 bedroom homes increased by 19.2%, 4 bedroom homes increased by 10.7%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 19 | 17 | -10.5% |
Asking Price vs. Sold Price
3 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
12 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Morris Township, you could pay more than the asking price. 70.6% of homes here sold above asking price last month.
Summary: A total of 17 homes were sold or pending in Morris Township in May 2024, down by 10.5% month-over-month. Of the 17 sold homes, 18% were sold under asking, 12% were sold at asking, and 71% were sold over asking.
Days on Market for Morris Township, NJ
We’re sorry, we don't have information for this market at the moment
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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.
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.