Real Estate Market Trends Report for Morris County, NJ – April 2024

Current Market Overview

Morris County’s real estate market is showing significant strength and dynamism as we move further into 2024. The data indicates a robust seller’s market, characterized by quick sales and high demand.

Morris County Residential Market Trends - Realtors Property Resource - April 2024

Key Data Points

Median Sold Price: The median sold price for properties (including single-family homes, condos, townhomes, and apartments) is currently at $640,000, showing a 1.54% increase month-over-month.
Days on Market: Properties are selling quickly, with the median number of days on the market standing at 14, a decrease of 6.67% from the previous month.
Price per Square Foot: The average price per square foot has increased to $348, marking a significant 7.1% rise month-over-month.

Key Observations

Strong Demand: There is a consistent demand for properties, as evidenced by the increase in the total dollar volume of sales by 31.3% month-over-month, totaling $261,728,740.
Limited Supply: With only 1.41 months of inventory available, down 23.68% from the previous month, the market is skewed towards sellers. This low inventory level contributes to the competitive environment and rising prices.
List to Sold Price Ratio: The average list to sold price ratio is an impressive 105.74%, indicating that most homes sell for more than their listed price, a sign of strong competition among buyers.

Market Trends Over Time

Median Estimated Property Value: The median estimated value of homes has been on an upward trajectory, reaching $634,100, an increase of 0.7% from last month and 8% over the past 12 months.
New Listings and Active Listings: There’s a significant increase in new listings, with 641 properties listed this month, a 27.9% increase. This suggests that while the market is competitive, more sellers are entering the market.

Expert Analysis and Recommendations

Buyers: Prospective buyers should be prepared for a competitive market. Quick decision-making and flexibility in terms and offers will be crucial in securing a property. Pre-approval for financing can give buyers an edge in negotiations.
Sellers: With the market heavily favoring sellers, it’s an opportune time to list properties. Pricing strategically, just above market rates, can attract multiple offers, potentially leading to a sale above the listed price.
Investors: The rising price per square foot and robust demand indicate a healthy appreciation of property values. Investors should consider the long-term growth potential, especially in sought-after neighborhoods.

Bottom Line

Morris County’s real estate market is vibrant and poised for continued growth. Both sellers and buyers need to navigate this dynamic environment with strategic planning and informed decision-making. For more details and personalized advice, contact our real estate experts at Countryside Homes NJ and RE/MAX Select.

Client Testimonials for Countryside Homes NJ

At Countryside Homes NJ and RE/MAX Select, we pride ourselves on delivering exceptional service to our clients. But don’t just take our word for it—read what our satisfied customers have to say. From first-time homebuyers to seasoned real estate investors and new home builders, our clients appreciate our dedication, expertise, and commitment to their success. Here are some of their stories.

David R. New Homeowner

Collaborating with Keith LaBrunda and Heather Montalbano from Countryside Homes NJ and RE/MAX Select streamlined the home-buying process for me. They were attentive to my needs and preferences, ensuring they understood exactly what I was seeking in a home and what was within my financial comfort zone. Keith and Heather provided invaluable assistance during the offer stage, sharing insightful details that enabled me to place a successful bid on my desired property. They recommended associates to assist me with securing a mortgage, conducting home inspections, and acquiring homeowner's insurance. Post-purchase, they continued to be a resource, suggesting local companies to contact for internet, water, waste management, oil, and other essential services. The experience of purchasing a home with Keith LaBrunda and Heather Montalbano was seamless and enjoyable.

Rachel and Andre First Time Homebuyer

As first-time homebuyers, the process of finding and purchasing a home felt daunting. But from the moment we reached out to Heather and Keith at Countryside Homes NJ and RE/MAX Select, our worries were put to rest. Their team was incredibly patient, answering all our questions and guiding us through every step. They took the time to understand our needs and preferences, ensuring that we found the perfect home in a neighborhood we love. We were especially impressed by their vast knowledge of the local market and their commitment to ensuring we got the best deal possible. We can't thank them enough for making our dream of homeownership a reality. If you're in the market for a new home, we highly recommend Heather and Keith at Countryside Homes NJ and RE/MAX Select. They truly go above and beyond for their clients!

Prestia Family New Homeowners

From the moment we began our home search, Heather at Countryside Homes NJ and RE/MAX Select stood out as the epitome of professionalism and dedication. Her team's in-depth knowledge of the Rockaway Borough area and their unwavering commitment to our needs made our home buying journey not only smooth but truly enjoyable. As new homeowners in Rockaway Borough, NJ, we can confidently say that choosing Heather at Countryside Homes NJ and RE/MAX Select was the best decision we made. Her expertise, patience, and genuine care for our family's needs transformed what could have been a stressful process into a memorable and joyous occasion. We are beyond grateful for her support and would highly recommend her and her team to anyone looking to find their dream home. Thank you for turning our dreams into reality!