Real Estate Market Trends Report for Morris County, NJ – February 2025

Current Market Overview: February 2025 Analysis

Welcome to the latest update on the real estate market in Morris County, New Jersey, brought to you by Countryside Homes NJ and RE/MAX Town & Valley. As your trusted local real estate experts, we’re diving deep into the February 2025 market trends for single-family homes, condos, townhouses, and apartments (SF + Condo/TH/Apt). Based on data from the Realtors Property Resource (RPR), this comprehensive analysis will help you understand the current dynamics, whether you’re buying, selling, or simply keeping an eye on the market.

Morris County Residential Market Trends - Realtors Property Resource - February 2025

Market Overview: A Seller’s Market Persists

Morris County continues to exhibit a strong seller’s market in February 2025, characterized by low inventory and high demand. With just 1.02 months of inventory—a 2% increase month-over-month (MoM)—properties are moving quickly, and supply remains tight. Typically, a balanced market has 4-6 months of inventory, so this figure underscores the competitive environment for buyers. The sold-to-list price ratio of 103% (up 0.63% MoM) further confirms that homes are selling above asking price, reflecting robust buyer interest and bidding activity.

Pricing Trends: Median Sold Prices Climb

The median sold price for properties in Morris County reached $615,000, marking a significant 5.38% increase MoM. This upward trend suggests that property values are appreciating steadily, a boon for sellers looking to capitalize on equity gains. Meanwhile, the median list price for new listings was $649,000 (up 2.2% MoM), and for active listings, it stood at $679,000 (up 2.3% MoM). The slight premium on active listings indicates sellers are pricing optimistically, buoyed by market strength.

Interestingly, the median estimated property value—based on public records and listings—hit $690,880, up 0.9% MoM and a striking 9.4% year-over-year. This disparity between sold prices and estimated values suggests potential room for further appreciation, particularly as demand outpaces supply.

Time on Market: Properties Moving Faster

The median days in RPR (Realtors Property Resource) for sold properties was 29 days, a 16% increase MoM. While this indicates a slight slowdown from January, 29 days remains a brisk pace, reinforcing the seller’s market dynamic. For new pending listings, the median days in RPR dropped to 17 days (down 26.1% MoM), signaling that fresh inventory is being snapped up even faster. Pending listings overall lingered slightly longer at 20 days (down 31% MoM), but the rapid absorption rate highlights sustained buyer urgency.

Inventory and Activity: A Closer Look

New Listings: The median list price for new listings was $649,000, with a modest 2.2% MoM increase. While the number of new listings isn’t specified, the pricing trend suggests sellers are confident in the market’s ability to support higher asks.
Active Listings: A total of 399 properties were active, with a median list price of $679,000 (up 2.3% MoM). This limited pool of available homes continues to fuel competition among buyers.
New Pending Listings: With 289 properties going pending at a median list price of $639,900 (up 5.3% MoM), demand remains strong. The total dollar volume for these transactions was $225,629,290 (up 4.3% MoM), reflecting healthy market activity.
Pending Listings: The broader pending category included 510 properties, with a median list price of $650,000 (up 0.2% MoM) and a total dollar volume of $409,368,323 (up 10% MoM). The 8.1% MoM increase in the number of pending properties indicates a surge in buyer commitments.
Sold Listings: A robust 413 properties closed at a median sold price of $615,000 (up 5.4% MoM), with a total dollar volume of $295,933,408 (up 23.8% MoM). The 23.8% MoM increase in dollar volume is particularly noteworthy, driven by both higher prices and a 17.3% jump in the number of sales.

Square Footage and Price Per Square Foot

New Pending Listings: Median living area was 1,991 sqft (up 3.5% MoM), with a median price per square foot of $334 (up 1.2% MoM).
Pending Listings: Median living area rose to 2,032 sqft (up 0.5% MoM), with a median price per square foot of $337 (up 2.1% MoM).
Sold Listings: Median living area was 2,000 sqft (up 2.7% MoM), with a median price per square foot of $332 (up 2.8% MoM).

These metrics show a slight increase in property sizes alongside rising per-square-foot costs, aligning with the overall price appreciation trend.

What This Means for Buyers and Sellers

For Sellers: The seller’s market remains in your favor. With homes selling above list price, low inventory, and quick sales, now is an excellent time to list your property. Pricing strategically—around or slightly above the median—can attract competitive offers and maximize returns.
For Buyers: The market is challenging but not insurmountable. Be prepared to act fast, offer competitively (potentially above asking), and work with a knowledgeable agent to navigate the limited inventory. The rapid pace of new pending listings (17 days) underscores the need for decisiveness.

Looking Ahead

As we move into spring 2025, Morris County’s real estate market shows no signs of cooling. Rising prices, tight inventory, and strong demand suggest continued appreciation, though the slight uptick in days on market and inventory could hint at a gradual balancing—if only marginally. At Countryside Homes NJ and RE/MAX Town & Valley, we’re here to guide you through these trends, whether you’re looking to buy your dream home or sell at peak value.

For personalized insights or to explore your options, Contact us today. Let’s make your real estate goals a reality in this dynamic Morris County market!

Data sourced from Realtors Property Resource, LLC, reflecting listings and public records for February 2025.

Client Testimonials for Countryside Homes NJ

At Countryside Homes NJ and RE/MAX Town & Valley, 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

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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 Town & Valley, 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 Town & Valley. 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 Town & Valley 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 Town & Valley 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!

Donna Buyer

Keith takes you through every step of buying a home with ease. It helps tremendously that he has extensive knowledge about the inner workings of a home so he can tell you how it should be. From his top notch contacts to his tireless energy, Keith does his best to keep the transaction on track. Keith is genuinely happy to introduce you to your new home and neighborhood ensuring you'll fit right in. I have worked with many realtors along the way and none are as diligent, generous, and trustworthy as Keith. I am very grateful to have had Keith as my buyer's agent...every exchange should be as good.

Mike Buyer

Truly was a pleasure working with Keith and Heather, I could call them any time with any question or problem and they would respond immediately, if they didn't have an the answer or solution at hand, they would find a way to get it ASAP. Truly appreciate their efforts and attention. They truly understood what we were looking for. In many cases they were willing to go investigate the property on our behalf and we truly trusted their analysis and ability to understand exactly what we wanted and/or needed.