Are We Hitting a "Summer Slowdown" in Morris County Real Estate?

As we close out July, Morris County residents are likely wondering: has the classic summer real estate slowdown finally arrived? Tracking the market over the past two weeks has been like riding a wave. Just when we saw a surprising resurgence of fresh inventory hit the market, this past week delivered a completely different story.

I regularly track data across Morristown, Chatham, Madison, Harding, Morris Plains, Mendham, Chester, Bernardsville, Basking Ridge, and Randolph to help my clients navigate these shifting tides. Here is what you need to know about our local neighborhoods right now.

Inventory Dips, But Buyers Are Still Pouncing This past week, only 39 new homes hit the market across these towns, representing a steep 38% drop from the prior week. Despite this dip in new options, total active inventory stayed perfectly flat at 275 homes.

Buyers, however, did not take a vacation. Driven by the influx of homes from the week prior, 48 homes went under contract—a 45% increase week-over-week. The properties that went under contract did so in an average of just 27 days.

Record-Breaking Closings and Over-Asking Sales The biggest headline this week is the sheer volume of closings. Thirty-two homes successfully closed, marking a staggering 256% jump over the previous week. This is a normal seasonal trend as the final rush of spring deals officially crosses the finish line.

On average, homes sold for $1,325,000, bringing in 5.5% above the asking price. But real estate is local, and every town performed a bit differently:

• Chatham led the pack with homes selling an average of 15.3% over list price.
• Basking Ridge followed closely at 11.3% over asking.
• Morristown and Morris Township homes sold for a solid 4.6% above list.
• Morris Plains saw homes sell exactly at list price, while Harding experienced a slight dip, closing at 0.5% below asking.

Why You Need to Think About Fall... Today If the market does slow down in August, you can bet that it will roar back to life the Tuesday after Labor Day. The Fall market is highly active but incredibly short. Once the holiday season begins, buyer attention shifts.

If you are thinking about listing your home this autumn, do not wait until September to call your agent. We need to get your property photographed right now while the sun is shining and the landscaping is green.

Want to know what your home is worth in today's shifting market? Visit bruenrealestate.com to learn more about my data-driven approach to real estate. To discuss your specific neighborhood or to start planning your Fall listing, call me directly at 973-294-8887 or email ryan@bruenrealestate.com.