Morris County Real Estate Market Update | July 2025 Snapshot

The July 2025 numbers are in, and the Morris County real estate market continues to show strength even as the pace of growth begins to normalize. If you’re thinking about buying or selling in towns like Morristown, Mendham, Randolph, Chester, or Morris Plains, here’s what the latest housing trends mean for you.

Morris County Housing Market Overview

As of the end of July, the average estimated market value in Morris County sits at $735,000, up 5.7% year-over-year.

• Active listings: 497 homes (down from 557 in June)

• Months of supply: 1.65 (tight market conditions)

• Long-term growth: Since 2020, home values in Morris County are up nearly 65%, though the rate of appreciation is beginning to slow toward more historical norms of 3–5% annually.

Morristown Real Estate Market

The Morristown housing market continues to be competitive:

• Average home value: $967,000

• Year-over-year growth: +6.3%

• Active listings: 26

• Months of supply: 1.37 (down from 1.68 last month)

A late spring market surge contributed to more homes being listed in June and July, keeping Morristown a top destination for buyers.

Mendham Housing Market Trends

Mendham home values remain strong, averaging over $1 million.

• Year-over-year growth: +2.8%

• Months of supply: About 1.5, showing a balanced but competitive market

Mendham, along with Chester, saw improvement this month as inventory tightened again, signaling continued demand in these luxury markets.

Randolph Real Estate Market

The Randolph housing market is holding steady and even climbing:

• Average home value: $865,000 (up $10,000 from June)

• Year-over-year growth: +5.5%

• Months of supply: 1.3 (down from nearly 1 month ago)

With more buyers expected to re-enter the market post-Labor Day, Randolph is well-positioned for strong activity into the fall.

Chester Housing Market Snapshot

Chester has shown one of the most impressive performances in Morris County this year.

• Average home value growth: +11.7% year-over-year

• Months of supply: 2 (down from 3 months in June)

Even with slowing growth compared to last month’s +16%, Chester remains a healthy and attractive market for both buyers and sellers.

Morris Plains Real Estate Market

The Morris Plains housing market is steady heading into late summer:

• Average home value: $755,000

• Year-over-year growth: +4.6%

• Months of supply: Little change from June

Many buyers paused over the summer, but with slightly more favorable interest rates, demand is expected to return as families come back from vacation.

What This Means for Morris County Buyers & Sellers

While appreciation is slowing from the record-breaking pace of recent years, Morris County real estate remains strong. Inventory is still tight, keeping the market in favor of sellers, but buyers may benefit from improving interest rates heading into the fall.