Morris County Real Estate Market Update

Prices: Stable, With Hot Pockets

The countywide median sale price sits around $640K, roughly flat year-over-year — but the county average hides big differences between towns. Morristown has been running hot, with median sale prices around $810K, homes averaging 4 offers, and sales closing about 4% above list in roughly 18 days. Meanwhile, towns like Boonton and parts of Parsippany still offer entry points in the $400Ks–$500Ks.

Mortgage Rates: Mid-6s Are the New Normal

Per Freddie Mac's survey (Aug 27, 2026), the 30-year fixed averages 6.66%, the 15-year 5.98%, FHA around 6.38% and VA around 6.49%. Most forecasts don't expect sub-6% rates this year. The practical takeaway: waiting for rates to fall often costs more than it saves if prices keep firming — many buyers are choosing to buy the right home now and refinance later if rates drop.

Inventory: Better, But Still Tight

At roughly 3 months of supply, Morris County has more breathing room than the 1–2 month frenzy of recent years — buyers have more choice and slightly more negotiating leverage. But in desirable school districts (Mountain Lakes, Montville, Morristown-adjacent boroughs) well-priced homes still draw multiple offers within days. Preparation — pre-approval, clear priorities, a decisive agent — still wins.

For Sellers

This remains a strong seller's environment for well-presented, correctly priced homes. Overpricing and chasing the market down with cuts costs sellers real money in 2026. Strategic prep — paint, decluttering, professional photography — and pricing right from day one is how homes like Romila's 30 Powerville Rd listing sold 12% above list in 10 days.

For Buyers

Know your true monthly cost — not just principal and interest, but NJ property taxes (often ~2.2% of value), insurance, and maintenance. Try the True Cost Calculator, explore NJHMFA first-time buyer assistance ($10,000–$15,000 forgivable loans), and note the 2026 conforming loan limit of $832,750 — above that, you're in jumbo territory with different qualification rules.

Sources: Freddie Mac Primary Mortgage Market Survey, Redfin, Realtor.com/FRED. Figures are county-level estimates as of August 2026 and vary by town and property type.