Morris County NJ Real Estate Market Update – May 2025

Welcome to the latest edition of this month in Morris County Real Estate. As we close out May 2025, there are some key takeaways for both buyers and sellers navigating the Morris County housing market right now.

Morris County Home Prices Continue to Rise in 2025

The median home price in Morris County reached $721,220 marking a 9.2% year over year increase. While price appreciation has slowed slightly compared to previous years, low housing inventory continues to put upward pressure on prices.

There are currently 515 active listings, representing only 1.7 months of supply, well below the 4 month threshold that typically defines a balanced market. This signals that we are firmly in a seller’s market in Morris County.

Town by Town Breakdown: Morristown, Mendham, Randolph & More

Real estate is hyper local, and even within Morris County, market activity varies by town and price range. Here’s a breakdown of the latest data:

Morristown NJ Real Estate Market

• Median Price: $940,300

• Year-Over-Year Increase: 8.4%

• Months of Supply: 1.45

Mendham NJ Market Conditions

• Median Price: $1,053,260

• Price Growth: 3.7%

• Months of Supply: 2.38

Inventory is slightly increasing in Mendham, indicating the start of a small shift toward a more neutral market.

Randolph NJ Real Estate Insights

• Median Price: Approx. $839,460

• Appreciation: 6.3%

• Inventory: 1.23 months

Despite low inventory, price growth in Randolph has softened, possibly signaling a reversion to historical appreciation norms after several years of rapid increases post-Covid.

Chester NJ Housing Market

• Median Price: $955,100

• Appreciation: 6.9%

• Inventory: 1.66 months

Morris Plains NJ Property Trends

• Median Price: $741,000

• Appreciation: 9.5%

• Inventory: 1.13 months

Morris Plains remains one of the most competitive submarkets in the county.

What Does Low Inventory Mean for Buyers and Sellers?

A seller’s market in Northern NJ means homes are moving fast, often with multiple offers. If you’re selling, the data shows it's still a strong time to list especially if your home is priced right.

Buyers, meanwhile, need to be strategic, competitive, and pre-approved. With prices still rising and limited supply, working with a knowledgeable local agent is more important than ever.

Local Real Estate is Still King

Despite headlines suggesting national slowdowns, Morris County real estate remains resilient. Market activity is driven by town specific conditions, inventory levels, and local demand. Whether you’re in Morristown, Randolph, Mendham, or Morris Plains, knowing your local data is key.

Have Questions About the Morris County Market?

Whether you're curious about your home's value or considering buying in today’s market, local expertise makes the difference. Reach out anytime, I’d be happy to guide you.