Surprising Mid-July Shifts in the Morris County Real Estate Market

As we move past the middle of July, real estate activity in Morris County generally begins a seasonal "summer slowdown." However, the latest weekly data suggests a different narrative is unfolding, marked by a sudden and significant surge in housing inventory.

As a local market expert and a member of the Coldwell Banker Global Luxury network, I track the specific data trends across Morristown, Chatham, Madison, Harding, Morris Plains, Mendham, Chester, Bernardsville, Basking Ridge, and Randolph. Here is what you need to know about your local market right now.

By the Numbers: A Sudden Bump in Supply

After months of stagnant inventory and week-over-week fluctuations of just 1% or 2%, the market finally saw a breakthrough.

• Active Inventory Jumps: There are currently 297 homes actively on the market, an 11% increase from last week.
• New Listings Surge: 60 new properties were listed this week (a 33% increase). Notably, Morristown and Morris Township led the charge with a 240% week-over-week increase in new listings.
• Days on Market: The average days on market for homes going under contract rose slightly to 38 days.

Sellers Are Still Seeing Premium Returns

Despite the rise in supply, buyer demand remains incredibly strong, as evidenced by this week's closed sales data.

52 homes successfully closed this week, with an average sale price of $1,370,000. On average, these homes sold for 6.9% above their asking price. Bidding wars and premium pricing were especially prevalent in Madison (where homes sold 15% above asking), Chatham (12% above asking), and Chester (10% above asking).

What This Means for You

From a market-health standpoint, an increase in inventory is exactly what we need. For buyers, it provides much-needed options and a slightly better negotiating position. For homeowners looking to sell and stay local, this unlocks the inventory needed to confidently list your current property and successfully purchase a new one without taking on unnecessary risk.

While it might seem early, the fall real estate market is just around the corner. Because that particular season starts quickly and ends quickly, preparation must begin now. Whether you are looking to maximize your home's equity or secure a new property, you need a data-driven strategy and elite representation.

Are you thinking about making a move this fall? Let's build your strategy today.

👉 Visit bruenrealestate.com to learn more.

📞 Call/Text: 973-294-8887

✉️ Email: ryan@bruenrealestate.com