Prices UP, Inventory DOWN—Morris County Real Estate Update

Welcome to the latest Morris County real estate market update, where we break down the newest single-family housing data through the end of October. Whether you’re considering buying, selling, or simply tracking the local market, the numbers this month paint a clear picture: prices are climbing, inventory is tightening, and sellers continue to hold a major advantage.

Morris County Home Prices Continue Rising

The median market value in Morris County has reached $738,860, reflecting a 5.4% year-over-year increase. Steady appreciation like this highlights ongoing buyer demand and the strength of the local housing market.

Housing Inventory Drops 12%—Deepening the Seller’s Market

At the end of October, the county recorded 477 active single-family home listings, which represents 1.54 months of supply.

For context:

• At the end of September, inventory was over 500 homes.

• That means October brought a 12% decline in active listings month over month.

As the holidays approach, inventory traditionally dips—tightening supply even further. Combined with recent interest rate cuts sparking new buyer energy, market conditions remain extremely favorable for sellers.

Local Market Breakdown: Town-By-Town Insights

Morristown Real Estate Market Trends

• Median Value: $959,480

• Year-Over-Year Growth: +5.8%

• Active Listings: 36

• Months of Supply: 1.78

Morristown continues to sit firmly in seller-market territory with fewer than two months of available inventory.

Mendham Real Estate – Prices Surge 8%

• Median Value: $1,063,000

• YOY Growth: +8%

• Months of Supply: Just under 2 (down from nearly 3 last month)

This drop signals accelerating demand heading into year-end.

Randolph NJ Housing Market – Ultra-Low Supply

• Median Value: $863,540

• YOY Growth: Nearly +7.9%

• Months of Supply: Less than 1

Randolph is experiencing one of the tightest housing markets in Morris County, making it exceptionally strong for sellers.

Chester Real Estate Market Update

• Median Value: $1,040,580

• YOY Growth: +10.4%

• Active Listings: 11

• Supply: Under 1.5 months

Chester remains highly competitive, especially in the luxury price bracket.

Morris Plains Real Estate Trends

• Median Value: $755,110

• YOY Growth: Nearly +5.9%

• Active Listings: 12

• Months of Supply: 1.17

Buyers in Morris Plains face very limited options, adding upward pressure on pricing.

What This Means for Morris County Buyers & Sellers

For Sellers:

If you’ve been considering listing your home, the current combination of low inventory, rising values, and renewed buyer momentum makes this one of the strongest times of the year to start the process. Even if you prefer not to list during the holidays, prepping now gives you a major edge heading into the spring market.

For Buyers:

Expect competition, fast-moving listings, and limited supply—especially in high-demand towns like Randolph and Morristown. Getting pre-approved and working with a knowledgeable local agent will help you move quickly when the right home appears.

Ready to Talk Real Estate in Morris County?

If you or someone you know is thinking about selling—or wants to get ahead of the spring market—I’d love to have that conversation.