New Listing
9
$295,000
50 Elm St Unit 4B
Morristown, NJ 07960
1 bd1 ba
Condo15,682 sqft lot
View photos & details
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Compass Real Estate · Morristown, NJ
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Morristown, NJ Housing Market
Strong seller's market+4.7% YoY
Zillow, August 2026 · Refreshes monthlyRedfin, through May 2026 · No longer updatingFreddie Mac via FRED, September 2026 · Refreshes weekly
The typical home in Morristown, NJ is worth $910,456, rose 4.7% over the past year (Zillow Home Value Index, August 2026). The last median sale price Redfin published was $835,000, +13.1% year over year (through May 2026). With 2.8 months of supply and homes going under contract in about 14 days, Morristown is a strong seller's market. At today's 7.03% 30-year fixed rate, 20% down on a $910,456 home is about $4,861/mo in principal and interest.
Key numbers for Morristown, NJ
Typical home value
$910,456
+4.7% in 12 months
Zillow, August 2026
Typical asking rent
$2,995/mo
Zillow Observed Rent Index
Zillow, August 2026
Median sale price
$835,000
+13.1% year over year
Redfin, through May 2026
Days on market
14
Fast-moving
Redfin, through May 2026
Active listings
37
2.8 months of supply
Redfin, through May 2026
30-yr fixed rate
7.03%
Freddie Mac weekly average
Freddie Mac via FRED, September 2026
Median household income
$115,409
Home costs 7.9x income
U.S. Census ACS, 2023
Sale-to-list ratio
105.1%
Selling above asking
Redfin, through May 2026
Zillow figures are as of August 2026 and refresh monthly. Redfin figures are through May 2026 — Redfin stopped publishing its public market trackers in June 2026, so those numbers are final, not current. Mortgage rates come from Freddie Mac via FRED and update weekly.
Is Morristown a buyer's or seller's market?
Strong seller's market2.8 months of supply14 days on market105.1% of asking
Morristown, NJ is a strong seller's market, based on 2.8 months of supply and homes selling in about 14 days. Under 4 months of supply tilts the market toward sellers: homes clear faster than they are replaced, so concessions are scarce.
Inputs are Redfin's final published period (May 2026). How we classify markets · Where the data comes from
What does the Morristown housing market data show?
Every row below is Redfin's final published month for Morristown, NJ. Redfin, through May 2026
| Metric | Value |
|---|---|
| Median sale price | $835,000 |
| Median list price | $1.10M |
| Year-over-year price change | +13.1% |
| Median price per sq ft | $458/sq ft |
| Median days on market | 14 days |
| Active inventory | 37 listings |
| Months of supply | 2.8 months |
| Sale-to-list price ratio | 105.1% |
| Homes sold (that month) | 13 |
| New listings (that month) | 25 |
| Listings with a price cut | 16.2% |
| Market condition | Strong seller's market |
How to read these numbers
- Median sale price
- Half the homes that closed sold for more than this, half for less. It moves with what kind of home sold that month, so a quiet month with two big sales can swing it. Redfin's figure for Morristown is frozen at May 2026.
- Typical home value (ZHVI)
- Zillow's estimate of what a mid-market home in Morristown is worth right now, whether or not it sold. It is smoother than the median sale price and it still refreshes monthly, which is why this page leads with it.
- Months of supply
- How long it would take to sell every active listing at the current pace. Under 3 favors sellers, over 6 favors buyers, and 3 to 6 is the balanced band.
- Days on market
- Median time from listing to accepted offer. Short means you should have financing ready before you tour; long means there is room to negotiate on price and repairs.
- Sale-to-list ratio
- Sale price divided by the last asking price. Above 100% means bidding above asking is normal here; below 100% means the typical buyer got a discount.
- Price per square foot
- The size-adjusted price. Use it to compare a 1,400 sq ft house to a 2,600 sq ft house, not to value your own home — lot, condition and age move it a lot.
- Listings with a price cut
- Share of active listings that dropped their asking price in the month. A high share is the earliest visible sign that sellers are ahead of what buyers will pay.
- Typical asking rent (ZORI)
- Zillow's repeat-rent index for asking rents on new leases. Paired with the home value it gives the price-to-rent ratio in the rent-vs-buy section below.
How have Morristown home prices moved?
Over the last three years the median sale price in Morristown, NJ rose 50.5%, from $555,000 to $835,000. The live Zillow value series has rose 4.7% in the last 12 months, which is the more current read now that Redfin's series has stopped. 16.2% of Morristown listings cut their asking price in the final Redfin month — a modest share, which is what a market looks like when sellers are pricing close to where homes actually clear. For prices to fall meaningfully from here, supply would have to keep building past 2.8 months while the sale-to-list ratio slips below its current 105.1%. Watch those two together — they move before the median does.
Redfin, through May 2026 — the chart ends at Redfin's final published month.
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What does it cost to buy a home in Morristown?
Priced off the typical home value of $910,456 at the current 7.03% 30-year fixed rate. These are principal and interest only — property taxes, homeowner's insurance, HOA dues and mortgage insurance are on top, and they vary enough by property that we will not guess them for you.
| Down payment | Cash at close | Loan amount | Monthly P&I |
|---|---|---|---|
| 20% | $182,091 | $728,365 | $4,861/mo |
| 5% | $45,523 | $864,933 | $5,772/mo |
Zillow, August 2026 for the price · Freddie Mac via FRED, September 2026 for the rate
What income do you need?
Lenders generally want housing costs under 28% of gross income. On the 20%-down payment of $4,861, that implies roughly $208,308 a year before you add taxes and insurance. The median household in Morristown earns $115,409, about $92,899 short of that threshold — the typical local household needs a larger down payment, a co-borrower, or a home below the typical home value to fit the 28% rule. That puts the price-to-income ratio at 7.9x — well above the 3x that was historically considered affordable, which is why down payment size drives who can buy here.
Run it with your own numbers: affordability calculator · mortgage calculator
Buying in Morristown in the next 12 months?
Tell us your timeline. We send the Morristown market brief: the price ranges that actually clear, how long homes sit, and what to fix on your credit before you apply.
Is it cheaper to rent or buy in Morristown?
Typical asking rent in Morristown, NJ is $2,995/mo, against a typical home value of $910,456. That is a price-to-rent ratio of 25.3x, which means renting tends to be the cheaper monthly option unless you stay long enough for appreciation to close the gap. Compared head to head, 20% down puts principal and interest at $4,861 a month — $1,865 more than renting before taxes and insurance, so the ownership case here rests on equity and appreciation rather than monthly cash flow.
Zillow, August 2026 for both value and rent
Add your own down payment, tax rate and time horizon in the rent vs. buy calculator.
Is inventory rising or falling in Morristown?
Active listings in Morristown, NJ went from 19 in May 2025 to 37 in May 2026, a +94.7% change. Rising inventory is the single most useful leading indicator for buyers: more choice, longer marketing times, and more sellers willing to negotiate before price cuts show up in the median.
| Month | Active listings | New listings |
|---|---|---|
| June 2025 | 23 | 19 |
| July 2025 | 10 | 7 |
| August 2025 | 10 | 9 |
| September 2025 | 19 | 19 |
| October 2025 | 19 | 12 |
| November 2025 | 11 | 4 |
| December 2025 | 12 | 6 |
| January 2026 | 16 | 12 |
| February 2026 | 17 | 10 |
| March 2026 | 22 | 15 |
| April 2026 | 30 | 24 |
| May 2026 | 37 | 25 |
Redfin, through May 2026
How does Morristown compare to New Jersey and the U.S.?
Morristown homes sell for $835,000 — 44% above the New Jersey median of $579,900. Against the national median of $410,700, Morristown runs 103% higher. Year-over-year, Morristown moved +13.1% against New Jersey's +3.7% — a bigger swing than the state as a whole.
| Market | Median sale price | YoY | Days on market |
|---|---|---|---|
| Morristown, NJ | $835,000 | +13.1% | 14 days |
| New Jersey statewide | $579,900 | +3.7% | 35 days |
| United States | $410,700 | not published | not published |
City and state rows: Redfin, through May 2026 · U.S. row: Freddie Mac via FRED, April 2026 (MSPUS, quarterly)
What to do next in Morristown
What buyers should watch
- Months of supply, currently 2.8. It turns before price does — when it climbs past 6, sellers start taking offers they would have rejected a quarter earlier.
- The share of listings cutting price, currently 16.2%. A listing that has already cut once is the one most likely to accept below asking.
- The gap between 5% and 20% down here is $911 a month in principal and interest alone, before mortgage insurance. That gap, not the price, is usually what decides your timeline.
- Rate moves. At 7.03%, every full point of rate change moves the payment on a $910,456 home more than a 5% price change does.
- Your credit tier before you shop, not after — it sets the rate you are quoted. Run your numbers first.
What sellers should know
- The median Morristown listing goes under contract in 14 days. If yours passes that mark, the market is telling you the price is wrong — not that you need more showings.
- Homes here close at 105.1% of asking. Price at the number you want and let competition do the rest.
- In the last published month Morristown added 25 new listings against 13 sales — more competition arriving than clearing, so early timing matters.
- Your equity moved +4.7% in the last 12 months on the Zillow value series. That, not the price you paid, is what sets your net proceeds.
- Comparable ZIP-level pricing inside Morristown varies more than the citywide median suggests — check the ZIP pages below before you set a number.
Homes for sale in Morristown
There are currently 37 homes listed for sale in Morristown, New Jersey. The median listing price is $1.1M. Featured listings range from $295,000 to $1,299,000.
New Listing
35
$475,000
7 Prospect St Unit 410
Morristown, NJ 07960
1 bd1 ba
Condo
Ryan Dougherty · COMPASS NEW JERSEY, LLC
View photos & details
New Listing
30
$500,000
1 Lyons Pl
Morristown, NJ 07960
2 bd2 ba1,296 sqft$386/ft²
House6,098 sqft lot
View photos & details
New Listing
22
$525,000
14G Dorado Dr Unit G
Morristown, NJ 07960
2 bd3 ba
Condo2.44 acres
Michelle Slinger · RE MAX HERITAGE PROPERTIES
View photos & details
New Listing
26
$589,900
78 Wildflower Ln Unit 1604
Morristown, NJ 07960
2 bd3 ba
Townhouse
EXP Realty, LLC
View photos & details
New Listing
26
$589,900
78 Wildflower Ln
Morristown, NJ 07960
2 bd3 ba
Condo4,792 sqft lot
View photos & details
New Listing
41
$650,000
8 Grant St
Morristown, NJ 07960
3 bd3 ba
House3,049 sqft lot
View photos & details
New Listing
23
$675,000
38 Keats Way
Morristown, NJ 07960
2 bd3 ba1,392 sqft$485/ft²
Condo2,614 sqft lot
View photos & details
New Listing
28
$734,990
79 Rhyan Dr
Morristown, NJ 07054
3 bd3 ba1,676 sqft$439/ft²
Townhouse
Reshni Mahtani · ELEVENX
View photos & details
New Listing
26
$749,999
15 House Rd
Morristown, NJ 07960
4 bd2 ba
House10,019 sqft lot
View photos & details
New Listing
47
$1,150,000
20 Fieldstone Dr
Morristown, NJ 07960
5 bd3 ba3,157 sqft$364/ft²
House30,928 sqft lot
View photos & details
New Listing
45
$1,299,000
2 Barnstable Ct
Morristown, NJ 07960
4 bd3 ba
House18,295 sqft lot
View photos & details
Looking to buy in Morristown?
Get connected with a local real estate expert — free, no obligation.
Active listings
37
Homes on market
Median list price
$1.1M
Avg. days on market
14
Days until sale
New this week
25
Newly listed
Price drops:16.2%of listings
Sale-to-list:105.1%
How much do homes cost in Morristown by property type?
How the Morristown, NJ market breaks down across single-family homes, condos and townhouses. Redfin, through May 2026
| Property type | Median price | Price / sq ft | Homes sold | Days on market |
|---|---|---|---|---|
| Single-family | $835,000 | $458/sq ft | 13 | 14 days |
| Condo / co-op | $522,500 | $384/sq ft | 2 | 201 days |
| Townhouse | $690,000 | $408/sq ft | 1 | 77 days |
Who lives in Morristown?
American Community Survey estimates for Morristown. U.S. Census ACS, 2023
Population
20,256
Households
8,907
Median income
$115,409/yr
Median age
34 years
Owner-occupied
36.1%
Median home value
$552,800
Median gross rent
$2,171/mo
Mean commute
24.4 min
36.1% of occupied homes in Morristown are owner-occupied, and the rest are rented — which is the share that decides how much of the local housing stock ever reaches the for-sale market. The Census self-reported median home value is $552,800 against Zillow's $910,456 typical value; the gap is normal — ACS asks owners what they think their home is worth, Zillow models transactions. Census median gross rent (all leases, including long-held ones) is $2,171/mo, below Zillow's $2,995/mo asking rent on new leases — the difference is roughly what a mover pays over a stayer.
Which public schools serve Morristown?
12 schools tracked · 4,781 students
The largest public schools serving Morristown, NJ by enrollment, drawn from the National Center for Education Statistics. School quality is a commonly cited factor in home-buying decisions — these are the campuses families in this area are most likely to encounter.
Morristown High School
Grades 9-12 · 1,856 students
Frelinghuysen Middle School
Grades 6-8 · 1,026 students
Normandy Park School
Grades K-5 · 361 students
Sussex Avenue School
Grades 3-5 · 336 students
Thomas Jefferson School
Grades 3-5 · 305 students
Hillcrest School
Grades K-2 · 268 students
Alexander Hamilton
Grades 3-5 · 248 students
Unity Charter School
Grades K-8 · 244 students
Source: National Center for Education Statistics, Common Core of Data directory. Updated annually. Ratings and test scores are not currently displayed.
Which cities are near Morristown, NJ?
Ordered by distance from Morristown, not by size. Compare Morristown side by side with any of them.
Which ZIP codes are in Morristown?
These are the ZIP codes we see on active Morristown listings. Redfin did not publish a matching ZIP-level sale row for the same period, so we are not ranking them by price here — each ZIP page shows exactly what we hold for it.
Morristown housing market FAQ
Is Morristown a buyer's or seller's market?
Morristown, NJ is currently a strong seller's market. That read comes from 2.8 months of supply, homes going under contract in about 14 days, and sellers getting 105.1% of their asking price in the last month Redfin published (May 2026).
How much do homes cost in Morristown?
The typical home in Morristown, NJ is worth $910,456 (Zillow Home Value Index, August 2026). The median sale price in the last month Redfin published was $835,000, about $458 per square foot.
Is Morristown cheaper than the rest of New Jersey?
Morristown's median sale price of $835,000 is 44% higher than the New Jersey statewide median of $579,900, and 103% above the U.S. median of $410,700. Both figures are for the same period.
How long do homes take to sell in Morristown?
Homes in Morristown, NJ spent a median of 14 days on market before going under contract, versus 35 days statewide. Under three weeks means well-priced listings move before most buyers can schedule a second showing. (Redfin, through May 2026.)
What income do you need to buy a home in Morristown?
At the current 30-year fixed rate of 7.03%, 20% down on a $910,456 home is about $4,861 a month in principal and interest. Lenders typically want that under 28% of gross income, which works out to roughly $208,308 a year before taxes, insurance, HOA dues or mortgage insurance. The local median household income is $115,409.
Are home prices rising in Morristown?
The typical home value in Morristown, NJ rose 4.7% over the last 12 months, from $869,688 to $910,456 (Zillow, August 2026). This is the live series — it refreshes monthly.
What are the cheapest ZIP codes in Morristown?
Morristown ZIP-level sale prices are not all published for the same period, so ranking them would compare different months. The ZIP pages listed on this page show what we hold for each one individually.
Is now a good time to buy in Morristown?
That depends on your timeline, not on a headline. What the data says today: Morristown, NJ is a strong seller's market with 2.8 months of supply, the 30-year fixed rate is 7.03%, and the price-to-rent ratio of 25.3x means renting tends to be the cheaper monthly option unless you stay long enough for appreciation to close the gap. Properties Incorporated publishes the data; it does not give financial advice.
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