Morris County Real Estate Update: Are Bidding Wars Making a Comeback this Summer?

If you’ve been keeping an eye on the Morris County housing market, you might have expected things to cool down as we head deeper into summer. Instead, we are experiencing a delayed "spring market" surge, and the competition for top-tier homes is as fierce as ever.

As a top-producing agent with Coldwell Banker Global Luxury serving Morris County, I track the hyper-local data week by week. The numbers from late June reveal a deeply fragmented market where location and condition mean everything.

Current Inventory and Surging Sale Prices Across Morristown, Chatham, Madison, Harding, Morris Plains, Mendham, Chester, Bernardsville, Basking Ridge, and Randolph, total inventory currently sits at 301 homes. This past week, 58 new properties hit the market, and 47 homes went under contract.

The most eye-opening data comes from the 42 homes that successfully closed this week. The average sale price was $1,468,000—which is an average of 7.5% over the asking price.

The Hyper-Local Breakdown The real story is how wildly the data varies from town to town. If you have a fully updated, turnkey home in a highly desirable neighborhood, buyers are engaged in intense bidding wars. Look at the premiums buyers paid over the asking price in these specific towns this past week:

• Madison: +28% over asking
• Bernardsville: +16% over asking
• Chatham: +15% over asking
• Basking Ridge: +4.6% over asking
• Morristown: +2.5% over asking

However, the market is no longer offering a blank check for every property. We saw homes in Mendham close at an average of 2.7% below asking price.

The Return of the Discerning Buyer What we are witnessing is a return to normal real estate fundamentals. Over the last few years, a severe lack of inventory meant buyers would compromise on almost anything. Today, if a home is situated on a busy road or requires substantial renovations, buyers are pushing back. Those homes are sitting on the market longer (the average days on market ticked up to 24 days this week) and are subject to traditional negotiations.

Guidance for the Local Community If you are a Morris County homeowner thinking of selling, you can absolutely still achieve a premium price—but your home's presentation, marketing, and initial pricing strategy must be flawless. If you are a buyer, this late wave of new inventory is exactly what you’ve been waiting for, provided you have an expert negotiator by your side.

Let’s navigate this market together. To see how much your specific neighborhood's values have changed, or to start your home search, visit BruenRealEstate.com.

Ryan Bruen | Coldwell Banker Realty

📞 973-294-8887

✉️ ryan@bruenrealestate.com