Morristown Housing Market Report January 2025•Morris County, New Jersey

hero building illustration for mobile

Housing Prices in Morristown, NJ

How much do homes in Morristown, NJ cost?

Housing Market Conditions

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

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

Morristown is a Seller's Market

Difference Since January 2024

Since last year, Morristown has remained a Seller's Market.

Insight

Morristown is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$817,525$453/SqFt
+$67,525
+9.0%

Based on all homes sold in the last 12 months

Insight

Homes in Morristown have sold for 9% more than they did a year ago.

Summary: The median home sold price in Morristown was $817,525 in January 2025, up 9% from last year, and the median price per square foot was $453.

Median Sold Price By Cities

Median Sold Price By Cities
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
Morristown
+9.0%
Morris Township
+8.0%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsJan 2024Jan 2025Change YoY
1$325K$340K
+4.6%
2$552.5K$585K
+5.9%
3$708K$773.2K
+9.2%
4$842.5K$977K
+16.0%
5$1.1M$1.3M
+18.0%

Summary: Morristown housing price by bedroom type for January 2025, compared to the previous year. The home price for 1 bedroom homes increased by +4.6%. The home price for 2 bedroom homes increased by +5.9%. The home price for 3 bedroom homes increased by +9.2%. The home price for 4 bedroom homes increased by +16.0%. The home price for 5 bedroom homes increased by +18.0%.

Housing supply in Morristown, NJ

How many homes are available in Morristown, NJ?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
93Last MonthJan 2025
992 months agoDec 2024
-6.1 %
Change MoMDec – Jan

Summary: The Morristown real estate market had 93 homes for sale in Jan 2025, a 6.1 % decrease compared to Dec 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
21Last MonthJan 2025
362 months agoDec 2024
-41.7 %
Change MoMDec – Jan

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsDec 2024Jan 2025Change MoM
134
+33.3%
23327
-18.2%
32420
-16.7%
42926
-10.3%
51016
+60.0%

Summary: Morristown housing inventory by bedroom type for January 2025, compared to the previous month. The inventory for 1 bedroom homes increased by +33.3%. The inventory for 2 bedroom homes decreased by -18.2%. The inventory for 3 bedroom homes decreased by -16.7%. The inventory for 4 bedroom homes decreased by -10.3%. The inventory for 5 bedroom homes increased by +60.0%.

Asking Price vs. Sold Price

How much do homes in Morristown, NJ cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price12 Homes

At Asking Price2 Homes

Under Asking Price7 Homes

Insight

If you're buying a home in Morristown, you could pay more than the asking price. 57.1% of homes here sold above asking price last month.

Summary: A total of 21 homes were sold or pending in Morristown in January 2025, down by 41.7% month-over-month. Of the 21 sold homes, 33% were sold under asking, 10% were sold at asking, and and 57% 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

Average Sale Time
This is the average number of days homes take to sell in an area.
This Year1 year agoChange YoY
0 DaysThis YearJan 2025
16 Days1 year agoJan 2024
0.0 %
Change YoYJan 2024 – Jan 2025

Summary: Homes in Morristown had an average listing age of 0 days in Jan 2025, down by .0% compared to the previous year.

Connect With An Agent

Local real estate agents are ready to help you find a home here

Sell My Home

Sell your home with an expert or get the job done on your own.

Get Approved

Get a customizable mortgage solution based on today's rates.

Newest Listings in Morristown, NJ

What homes are available in Morristown, NJ?

See More Listings

Nearby markets

Popular Cities with Homes for Sale in New Jersey

MLS Disclaimers and Copyright

Based on information from Garden State MLS, and New Jersey MLS for the period 02/01/2023 - 02/01/2025

Information deemed reliable but not guaranteed. Copyright © 2025 Garden State Multiple Listing Service, L.L.C. All rights reserved.

Disclaimer: The data relating to real estate for sale on this website comes in part from the IDX Program of Garden State Multiple Listing Service, L.L.C. Real estate listings held by other brokerage firms are marked as an IDX Listing. Information deemed reliable but not guaranteed.

Notice: The dissemination of listings displayed herein does not constitute the consent required by N.J.A.C. 11:5.6.1 (n) for the advertisement of listings exclusively for sale by another broker. Any such consent must be obtained in writing from the listing broker.

The information on this web site is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. We are not responsible or liable for misinformation, misprints, or typographical errors. All information provided is deemed reliable but is not guaranteed and should be independently verified through personal inspection by and/or with the appropriate professionals. Properties subject to prior sale, change, withdrawal or rental.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 2/20/2025, 5:20:48 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.
IDXDisclaimer: 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. Information provided is for consumer’s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

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.

All information deemed reliable but not guaranteed. Source: New Jersey Multiple Listing Service, Inc. Copyright© 2025 New Jersey Multiple Listing Service, Inc. All rights reserved.

Rocket Homes Real Estate, 701 Griswold St, Suite 21, Detroit, MI 48226

Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 2/20/2025, 5:20:56 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.