Morris County Real Estate: Is the Local Housing Market Beginning to Shift?

If you are following the Morris County housing market, you might be getting mixed signals—and for good reason. As a local real estate expert with Coldwell Banker Realty, I review the neighborhood data week by week, and the latest figures show that we are currently experiencing a divided market.

Across Morristown, Chatham, Madison, Harding, Morris Plains, Mendham, Chester, Bernardsville, Basking Ridge, and Randolph, the real estate landscape is requiring a hyper-local approach. Some homes are still flying off the market with multiple offers, while others are beginning to sit and eventually negotiate down from their list price.

Inventory Shifts and Sky-High Sales This past week, 60 new homes hit the market—a 12% drop from the week prior. The average list price of these new properties (which included 43 single-family homes and 17 condos/townhomes) was $1,227,000. Overall active inventory crept up slightly to 258 homes, though inventory dropped in places like Madison and Harding while rising in Morristown and Chatham.

For sellers, the most exciting news comes from the closed sales data. We saw 36 homes close this week, selling for an average of 8.5% above list price. Every single town saw homes sell at or above asking. The most astronomical numbers came from Madison (where homes sold an average of 21.7% over list price), Chatham (15% over), and Morris Plains (13% over).

A Look at the Future: Are Homes Sitting Longer? While the closed sale numbers are fantastic, they reflect deals negotiated about two months ago. If we look at the 44 homes that went under contract just this past week, a different story begins to emerge.

The average days on market for these pending homes was 19 days. However, we saw substantial spikes in how long it took homes to sell in certain towns. Morristown and Morris Township saw a 133% increase in days on market for their under-contract properties. Chester saw a 155% increase, and Mendham saw a 39% increase.

What's Next? Is the market beginning to slow down? Are we seeing the start of a price correction, or is this just a temporary anomaly in specific zip codes? As a top-producing agent in the Coldwell Banker Global Luxury network, I will be watching these numbers closely in the coming weeks. Whether you are buying or selling, navigating a divided market requires professional strategy, pristine marketing, and a deep understanding of town-by-town data.

Curious about the value of your home or looking to make a move? Visit bruenrealestate.com to search for homes and learn more about my services.

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📧 Email: ryan@bruenrealestate.com