Morris County Real Estate Market Update

The Morris County housing market closed out August 2025 with strong numbers despite a slowdown in late summer activity. While the last few weeks of August felt quieter, the data shows that the market remains very healthy, especially for sellers. Inventory remains tight, home values continue to climb, and multiple towns across the county are reporting significant year-over-year growth.

Morris County Housing Market Update August 2025

At the county level, the estimated market value for single-family homes is just under $740,000, reflecting a 6.2% increase year-over-year. There were 464 active listings at the end of the month, which equates to just 1.55 months of supply.

For context, anything under four months of supply signals a seller’s market. Morris County’s numbers remain well below that threshold, confirming that it is still a very strong seller’s market as we move toward fall.

Morristown Housing Market Trends

In Morristown, the estimated market value reached $962,000, with home prices growing nearly 6% year-over-year. With only 22 active listings and just 1.18 months of supply, demand continues to far outpace supply.

Mendham Housing Market Insights

Mendham stands out with home values nearing $1.1 million and an impressive 10.2% year-over-year growth. Inventory is extremely limited, with just 15 active listings and less than two months of supply, making it one of the hottest luxury markets in Morris County.

Randolph Housing Market Update

Randolph continues to demonstrate how drastically inventory has shifted since pre-COVID. Before 2020, it wasn’t uncommon to see 100 homes on the market at a time. Today, only 17 listings are available, with a median value of $862,270, up 7% year-over-year. With just over one month of supply, Randolph remains one of the tightest markets in the county.

Chester Real Estate Market

Chester has seen some of the most impressive growth in 2025. The average home value has climbed to $1,056,000, up an outstanding 16% year-over-year. With only 12 active listings and less than 1.5 months of supply, Chester reflects how strong the luxury market has become in Morris County.

Morris Plains Market Conditions

Morris Plains also shows limited availability, with home values averaging $759,000, up 6% year-over-year. With only eight active listings at the end of August, the supply sits below one month, making it an extremely competitive market for buyers.

Luxury Market Outperforms Despite Interest Rates

One of the key takeaways from this snapshot is how well the luxury market—particularly in Mendham and Chester—is performing. Unlike the entry-level market, which has been more affected by higher interest rates, the luxury sector continues to see strong growth. Many homeowners in the higher price ranges have more mobility, while first-time buyers remain cautious due to affordability and locked-in lower rates from past purchases.

Fall 2025 Outlook for Morris County Real Estate

September activity has already shown strong momentum. The first week after Labor Day saw multiple new listings, with three out of four homes already receiving multiple offers. Additionally, mortgage rates have dipped by about half a percent compared to the summer, giving buyers more purchasing power heading into the fall season.

All signs point toward an active fall housing market in Morris County, with sellers still in a favorable position and buyers benefiting from slightly improved affordability.