Morris County Real Estate Market Update – March 2024

Morris County Market Overview

Hi, I’m Chris Baggio with Keller Williams and the Crawford Lorenzo Home Selling Team, bringing you my first monthly market update! Let’s dive into the latest real estate trends for Morris County as of February 2024.

Median Home Value: $710,000

Year-over-Year Price Growth: +9.3%

Active Listings: 299

Months of Supply: Less than 1 month

What Does This Mean?

A common question I get is: “How’s the market doing?” The key indicator here is months of supply. Anything under 4 months of inventory indicates a seller’s market. Since Morris County currently has less than one month of supply, we are in an extreme seller’s market, pushing prices higher. Now, let’s look at how specific towns are performing.

Morristown Market Update

Median Home Value: $900,000+

Year-over-Year Price Growth: +9%

Active Listings: 17

Months of Supply: <1 month

Market Insight: With such a low inventory, Morristown remains highly competitive for buyers.

Mendham Market Update

Median Home Value: Just under $1 million

Year-over-Year Price Growth: +12%

Active Listings: 11

Months of Supply: Just over 1 month

Market Insight: Mendham has seen one of the strongest price surges in the county.

Randolph Market Update

Median Home Value: $800,000+

Year-over-Year Price Growth: +7.6%

Active Listings: 11

Months of Supply: 0.67 months

Market Insight: Given Randolph’s size, only 11 available homes is remarkably low, driving up competition.

Chester Market Update

Median Home Value: Nearing $1 million

Year-over-Year Price Growth: +6.6%

Active Listings: 9

Months of Supply: 1.1 months

Market Insight: Chester’s luxury market remains strong with steady price appreciation.

Morris Plains Market Update

Median Home Value: $700,000+

Year-over-Year Price Growth: +11.4%

Active Listings: 5

Months of Supply: Less than 0.5 months

Market Insight: With only 5 homes on the market, Morris Plains has one of the lowest inventories in the area, making it a prime seller’s market.

Key Takeaways

Low Inventory: The supply of homes remains critically low across Morris County.

High Demand: Buyers are still actively searching despite a slower winter season.

Rising Home Values: Prices continue to climb due to limited availability.

Thinking About Selling? Let’s Talk!

If you or someone you know is considering selling or wants to know how much their home is worth, give me a call!

Chris Baggio – Keller Williams Metropolitan

📞 201-388-0768
📧 [email protected]

Thanks for reading, and stay tuned for next month’s update!