Morris County Homes Selling 9.1% Over Asking: Local Real Estate Market Update

Morris County Real Estate Update: Homes Are Selling 9.1% Over Asking Price!

A quick look at local housing numbers before the 4th of July weekend, brought to you by local real estate expert Ryan Bruen.

Happy 4th of July weekend, Morris County! Before we dive into the fireworks and barbecues, let’s take a quick look at what is happening in our local housing market.

As a top-producing agent and a member of the Coldwell Banker Global Luxury network, I track these numbers weekly to give my clients the best possible edge. This week, we are seeing the massive payoff from the busy spring market.

Sellers Took a Holiday Break

It is no surprise that homeowners do not want to deal with selling their house during a holiday week. We saw a 60% drop in new listings this past week, with only 25 homes hitting the market. Because of this, our total number of available homes stayed flat at just 261 properties.

Homes Are Selling Fast and High

While new listings slowed down, closed sales absolutely took off. Buyers and sellers rushed to close their deals before the long weekend. We saw 53 homes close this week, and the numbers are incredible:

• Average time on the market: Just 17 days
• Average sale price: $1,044,000
• Average amount over asking price: 9.1%

How Did Your Town Do?

Every single town we track saw homes sell for well over their original list price. Buyers are still willing to pay a premium for the right home. Here is a quick breakdown of how much higher homes sold compared to what they asked for:

• Harding: 13.7% above asking
• Morris Plains: 12.3% above asking
• Madison: 10.2% above asking
• Chatham: 9.4% above asking
• Morristown: 7.5% above asking
• Chester: 7.4% above asking
• Mendham: 7.0% above asking
• Randolph: 6.4% above asking

What This Means For You

Even with a slight holiday slowdown, buyer demand in Morris County is still incredibly strong. If you are thinking about selling, there are still plenty of buyers out there. If you are buying, you need an experienced guide to help you put together a winning offer without overpaying.

Whether you are stepping into your first home or selling a luxury property, I have the experience, local knowledge, and global marketing tools to help you succeed.

Visit bruenrealestate.com to learn more, or reach out to me directly at 973-294-8887 or ryan@bruenrealestate.com. Have a safe and happy July 4th weekend!