Navigating the Morris County Housing Market: Mid-Summer 2026 Update

As we approach the middle of July, we are entering the time of year when the frenzied spring real estate market typically transitions into a slower summer pace. But if you own a home in Morris County, New Jersey, you will want to pay close attention to this week's data.

In my latest local market update for the week of July 10th, the numbers reveal a market that is still fiercely competitive. As a Coldwell Banker Global Luxury specialist, I consistently track these metrics to ensure buyers and sellers are operating with the most accurate information available.

Here is a breakdown of exactly what is happening in our local neighborhoods right now.

Inventory Rebounds Post-Holiday, But Remains Extremely Tight The week surrounding the 4th of July is traditionally slow for new listings, as sellers prefer not to debut their homes during a major holiday. Coming out of the long weekend, we saw a strong 80% rebound in new inventory, with 45 homes coming onto the market. The average list price for these new homes was $1,168,000.

Despite this influx of new properties, total active inventory across the towns we track (including Morristown, Chatham, Madison, and Randolph) currently sits at just 268 homes. That represents only a 3% increase from the prior week.

Prices Are Still Pushing Well Over Asking The defining characteristic of this mid-summer market is that the "slowdown" is primarily affecting inventory, not buyer demand. There are simply too many highly qualified buyers leftover from the spring market competing for too few homes.

This dynamic is clearly visible in this week's closed sales data. The 22 properties that closed this past week sold for an average of 9.5% above their list price, with an average sale price of $1,167,000.

Sellers in several Morris County towns saw massive premiums this week:

• Chester: Homes sold for an average of 12.5% above list price.
• Chatham & Randolph: Homes sold for an average of 11% above list price.
• Morristown: Homes sold for an average of 10.6% above list price.

The Bottom Line While we did see a drop in homes going under contract this week (24 properties) and an increase in days on market (up to 32 days), these figures are largely the result of the holiday weekend and buyers turning their attention to older inventory due to the lack of new options.

If you are a homeowner considering selling, the conditions remain heavily in your favor. If you are a buyer, partnering with a well-connected, top-producing agent is essential to finding success in a market defined by low supply.

Ready to Make Your Move? Whether you are looking to maximize the return on your property or secure a new home in Morris County, expert guidance is key. Let’s discuss how this local data impacts your real estate goals.

Visit bruenrealestate.com to learn more, or contact me directly to schedule a confidential consultation.

📞 Phone: 973-294-8887 ✉️ Email: ryan@bruenrealestate.com