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

Current Market Overview: January 2025 Analysis

Welcome to the latest real estate market update for Morris County, New Jersey, brought to you by Countryside Homes NJ and RE/MAX Town & Valley! As we dive into the data for January 2025 we’ll explore the key trends shaping the local residential real estate market for single-family homes, condos, townhouses, and apartments. Whether you’re a buyer, seller, or simply curious about the local housing landscape, this comprehensive analysis will provide valuable insights into what’s driving the Morris County market today.

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

A Seller’s Market Persists in Morris County

Morris County continues to exhibit characteristics of a strong seller’s market in January 2025. One of the standout indicators is the Months Supply of Inventory, which sits at a mere 0.96 months. This figure represents a significant 12.7% decrease month-over-month (MoM) and an even steeper 34.7% decline year-over-year. In real estate, a months supply of inventory below 4 typically signals a seller’s market, where demand outpaces supply. At less than one month, Morris County’s inventory is exceptionally tight, giving sellers a clear advantage as competition among buyers remains fierce.

Pricing Trends: Median Sold Prices on the Rise

The median sold price for properties in January 2025 reached $650,000, reflecting a healthy 4.8% MoM increase. This uptick suggests that buyer demand remains robust, pushing prices higher despite the limited inventory. Comparatively, the median sold price from public records was slightly lower at $616,500, up a modest 0.7% MoM. The discrepancy between these figures may indicate that higher-end or move-in-ready listings are commanding premiums in the current market.

On the listing side, the median list price for new listings in January was $629,000, up 6.6% MoM, while pending listings showed a median list price of $649,900 (specific MoM change not provided). The fact that sold prices are exceeding list prices—evidenced by the sold-to-list price ratio of 102.4% (up 0.91% MoM)—further underscores the competitive nature of the market. Buyers are willing to bid above asking to secure properties, a hallmark of a seller-driven environment.

Time on Market: Properties Moving Slower but Still in Demand

The median days in RPR (Realtors Property Resource) for sold listings climbed to 25 days, a notable 31.58% MoM increase. For new pending listings, the median was slightly lower at 23 days, up 7.5% MoM. While these figures indicate a slight slowdown in how quickly properties are moving from listing to sale, 25 days remains a relatively brisk pace, especially in a winter market like January. The uptick could reflect buyers taking a bit more time to deliberate in a high-price environment or a slight seasonal cooling, but demand clearly remains strong.

Inventory and Sales Volume: A Closer Look

The scarcity of available homes is a defining feature of Morris County’s market. With just 0.96 months of inventory, the supply is critically low, putting upward pressure on prices and creating urgency for buyers. Meanwhile, total sales volume for new pending listings hit $223,424,137, up 7.8% MoM, signaling robust transaction activity despite the constrained supply.

The median living area of sold properties was 1,970 square feet, a 1.9% MoM increase, suggesting that slightly larger homes are gaining traction. This could reflect a preference among buyers for more space, possibly driven by hybrid work arrangements or growing families. The median price per square foot for pending listings rose to $337, up 3.1% MoM, reinforcing the trend of increasing value across the board.

Estimated Property Values: A Look Ahead to February

Looking forward, the median estimated property value for February 2025 is projected at $690,880, a 0.9% MoM increase from January. Over the past 12 months, this value has risen by 12.4%, outpacing national and state averages. This steady appreciation highlights Morris County’s resilience and desirability, likely fueled by its proximity to New York City, excellent schools, and charming suburban communities.

What This Means for Buyers

For prospective buyers, the January 2025 data paints a challenging picture. With inventory at historic lows and homes selling above list price, competition is intense. The 102.4% sold-to-list price ratio means you’ll need to act quickly and be prepared to offer above asking—potentially with minimal contingencies—to secure your dream home. The 25-day median time on market suggests that while there’s a bit more breathing room than in peak seasons, hesitation could still cost you. Partnering with a skilled real estate agent who knows the Morris County market is essential to navigate these conditions successfully.

What This Means for Sellers

Sellers, on the other hand, are in an enviable position. The tight inventory and rising prices create an ideal environment to list your property. With homes selling for 2.4% above list price on average and inventory below one month, you’re likely to see multiple offers and a quick sale—provided your home is priced competitively and presented well. The 4.8% MoM increase in median sold price to $650,000 also suggests that now could be a prime time to capitalize on your home’s equity before market dynamics shift.

Broader Market Context

Morris County’s trends align with broader patterns in the New Jersey suburbs, where demand for spacious, family-friendly homes near urban centers remains high. The 12.4% annual increase in estimated property values far exceeds typical inflation rates, signaling strong long-term investment potential. However, the slight uptick in days on market and moderating MoM price growth (e.g., 0.7% in public records) could hint at early signs of stabilization—something worth monitoring as we move into spring.

Bottom Line

The Morris County real estate market in January 2025 is a dynamic, seller-driven landscape characterized by low inventory, rising prices, and strong buyer demand. Whether you’re looking to buy or sell, understanding these trends is key to making informed decisions. At Countryside Homes NJ and RE/MAX Town & Valley, we’re here to guide you every step of the way—whether it’s finding your perfect home or maximizing your sale price in this competitive market.

Ready to take the next step? Contact us today for personalized advice tailored to your real estate goals in Morris County. Let’s make 2025 the year you plant your roots and grow your dreams—with the Countryside Team!

Data sourced from Realtors Property Resource, LLC, reflecting market trends for single-family homes, condos, townhouses, and apartments in Morris County, NJ, as of January 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.

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Prestia Family New Homeowners

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Donna Buyer

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Mike Buyer

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