Morris County Housing Market Update

Hello, Morris County neighbors!

As a local real estate expert with Coldwell Banker, I track the exact data of our hyper-local housing market every single week. Whether you’re just curious about the house that sold down the street or you're planning a move, here is everything you need to know about what happened in our local real estate market during the first week of May 2026.

This week’s data covers Morristown, Chatham, Madison, Harding, Morris Plains, Mendham, Chester, Bernardsville, Basking Ridge, and Randolph.

The spring market is officially in full swing. Overall, we are still dealing with low inventory and very high buyer competition. If you have a home priced under $1 million, the standard playbook still applies: list it, show it through the weekend, and expect multiple offers by Monday.

However, we are seeing an interesting trend in the higher-end market (specifically homes priced over $1.5 million). Buyers are still out touring these homes in droves, but they are becoming much more methodical. They are taking their time, weighing their options, and being a bit more particular before submitting an offer. As a result, average days on the market might start to tick up slightly as these buyers take a breath before making a decision.

What Sold? We saw a massive surge in closings this week! 20 homes officially sold, which is a 350% increase from the prior week.

• Average List Price: $976,000
• Average Sale Price: $1,025,000
• The Over-Ask Premium: On average, homes sold for 5.2% above asking price.

Who Paid the Highest Premiums? Every single town that had a closing this week saw homes sell above their list price. Here is a quick look at how far over asking buyers went in a few of our local towns:

• Morris Plains: +12% above asking
• Morristown/Morris Township: +7.8% above asking
• Chatham: +7% above asking
• Chester: +4.5% above asking
• Madison: +4% above asking
• Mendham: +3.7% above asking

What's Available Now?

• Total Inventory: There are currently 254 homes on the market across these towns (unchanged from last week).
• New Listings: 68 new homes hit the market this week (53 single-family homes and 15 condos/townhomes).
• Luxury Pricing: The average list price for this week's new inventory is $1,465,000. Harding topped the charts with an average list price of $2.9 million, followed by Chatham at $2.24 million.

What Went Under Contract?

• 50 homes went under contract this week.
• These homes had an average list price of $1,027,000 and spent an average of 19 days on the market before securing a buyer.

It remains an incredibly strong seller's market, but buyer behavior is evolving. Proper strategy is everything right now.

Curious about how these local trends affect the value of your specific home? I’m always here to help my neighbors navigate the market. Reach out to me directly at 973-294-8887, email me at ryan@bruenrealestate.com, or visit bruenrealestate.com to chat about your home's potential in today's competitive landscape!