A Tale of Two Real Estate Markets in Morris County: What Buyers and Sellers Need to Know

If you are following the Morris County real estate market this spring, you might be hearing mixed messages. Some neighbors claim homes are selling in a single weekend for wildly over the asking price, while others are noticing "For Sale" signs lingering a bit longer than usual.

As a top local real estate agent with the Coldwell Banker Global Luxury network, I closely track the data for Morristown, Chatham, Madison, Harding, Morris Plains, Mendham, Chester, Bernardsville, Basking Ridge, and Randolph. Right now, both of those neighbors are correct. We are currently experiencing a clear divide in the housing market.

The Mid-Market vs. The Luxury Market For homes priced in the lower to mid-market range (under $1 million to $1.2 million), the frenzy continues. These homes are flying off the shelves with wild bidding wars, multiple offers, and final sale prices landing significantly above the original list price.

However, the higher-end luxury market (generally homes listed at $1.3 million to $1.5 million and up) is telling a different story. Buyer activity is slowing down. When looking back at the 149 homes listed in these towns during the month of April, a staggering 37% of them did not sell (23% are still active, and 13% were taken off the market).

Sellers in the luxury bracket need to be aware that the ambitious, sky-high pricing strategies that worked last year are no longer a guaranteed success. To attract buyers today, we have to look closely at current comparables and avoid pricing based on past anomalies.

A Look at This Week’s Market Stats: Despite the cooling at the top, the overall market remains highly competitive. Here is a snapshot of the latest weekly data:

• Inventory is creeping up: We saw 63 new listings come to market (average list price $1,225,000), bringing our total active inventory to 287 homes—a 3% increase over last week.
• Speed to Contract: 43 homes went under contract in an average of just 16 days on the market (a 23% decrease in time compared to last week).
• Sale Prices are Soaring: 24 homes closed this week. On average, they sold for 11.8% above the asking price.

We saw some truly wild numbers across our local towns this week. While Harding homes sold right at asking price, other towns saw massive premiums. Basking Ridge sold at 6.7% over ask, Chatham at 9.7%, Morristown/Morris Township at 10.7%, and Randolph at 11%. The highest premiums this week belonged to Bernardsville (14% over ask), Madison (22.5% over ask), and Mendham, which closed out at an incredible 23% above the list price.

Navigate the Market with Expert Guidance Whether you are trying to win a bidding war on your dream home or strategically price your luxury estate to sell, having an experienced, top-producing agent in your corner is more important than ever.

If you want to know exactly how these numbers impact the value of your specific property, let's talk.

Contact me today to discuss your real estate goals and learn more at bruenrealestate.com.

Ryan Bruen Coldwell Banker Realty

Call/Text: 973-294-8887

Email: ryan@bruenrealestate.com