REAL-TIME MARKET NUMBERS
Morristown, NJ 07960
Single-Family Homes
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Morristown, NJ 07960
Thu Apr 25 2024
This week the median list price for Morristown, NJ 07960 is $955,000 with the market action index hovering around 55. This is an increase over last month's market action index of 49. Inventory has increased to 34.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Strong Seller's Market
Home sales continue to outstrip supply and the Market Action Index has been moving higher for several weeks. This is a Seller’s market so watch for upward pricing pressure in the near future if the trend continues.
Real-Time Market Profile
| Median List Price | $955,000 | |
| Median Price of New Listings | $1,200,000 | |
| Per Square Foot | $398 | |
| Average Days on Market | 49 | |
| Median Days on Market | 11 | |
| Price Decreased | 12% | |
| Price Increased | 3% | |
| Relisted | 21% | |
| Inventory | 34 | |
| Median Rent | ||
| Market Action | 55 | |
| Strong Seller's Market | ||
We continue to see prices in this zip code hovering around these current levels, even though they bumped up a bit this week. Look for a persistent up-shift in the Market Action Index before we see prices move significantly from here.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $2,485,000 | 4,951 | 2.5 - 5 acres | 6 | 5.3 | 64 | 2 | 0 | 14 |
| $1,285,000 | 2,643 | 1 - 2.5 acres | 4 | 3.8 | 47 | 3 | 1 | 7 |
| $775,000 | 2,202 | 0.25 - 0.5 acre | 5 | 3 | 62 | 3 | 1 | 7 |
| $625,000 | 1,745 | 6,500 - 8,000 sqft | 4 | 2 | 71 | 1 | 1 | 14 |