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

Current Market Overview: May 2025 Analysis

Welcome to the latest update on the Morris County, New Jersey, real estate market from Countryside Homes NJ and RE/MAX Town & Valley. As your trusted local real estate experts, we’re diving into the May 2025 market trends for single-family homes, condos, townhouses, and apartments, based on data from the Realtors Property Resource (RPR). This comprehensive analysis will help buyers, sellers, and investors understand the current dynamics of this vibrant market and make informed decisions.

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

A Strong Seller’s Market in Morris County

Morris County’s residential real estate market remains firmly in seller’s market territory as of May 2025, characterized by low inventory, high demand, and properties selling above their list prices. The Months Supply of Inventory stands at a lean 1.62 months, unchanged from the previous month but down 17.8% compared to May 2024. This low inventory level indicates that demand continues to outpace supply, creating a competitive environment where homes sell quickly and often at premium prices.

The List to Sold Price Percentage is an impressive 106.3%, meaning homes are selling, on average, for 6.3% above their asking price. This metric underscores the intense buyer competition and the strength of the market for sellers. Properties are also moving swiftly, with a Median Days in RPR of just 14 days for sold listings, reflecting a fast-paced market where well-priced homes attract immediate interest.

Key Market Metrics: A Closer Look

Let’s break down the key data points from the May 2025 report to provide a clearer picture of the market dynamics.

New Listings

Number of New Listings: 576 properties
Median List Price: $700,000 (up 0.1% month-over-month)
Trend: The number of new listings increased by 9.7% from the previous month, signaling a slight uptick in seller activity. However, the median list price remained nearly flat, suggesting price stability despite growing inventory.

The modest increase in new listings is a positive sign for buyers, as it provides slightly more options in a market where inventory has been consistently tight. However, the low month-over-month price growth indicates sellers are pricing properties competitively to attract buyers quickly.

Active Listings

Number of Active Listings: 635 properties
Median List Price: $725,000
Trend: Active listings saw a 7% month-over-month increase, reflecting a gradual buildup of available properties. The median list price for active listings is slightly higher than new listings, suggesting that some properties may be premium or larger homes remaining on the market.

The increase in active listings is a welcome development for buyers, but with only 1.62 months of inventory, the market remains highly competitive. Buyers need to act quickly and be prepared to make strong offers to secure their desired properties.

New Pending Listings

Number of Pending Listings: 508 properties
Median List Price: $699,000 (up 5.9% month-over-month)
Median Days in RPR: 16 days
Median Price per Square Foot: $349
Total Sales Volume: $401,434,932 (up 9.9% month-over-month)
Median Living Area: 2,004 square feet (up 2.2% month-over-month)

Pending listings, which represent properties under contract, surged by 13.1% compared to the previous month, indicating robust buyer demand. The median list price for pending listings rose significantly, suggesting that buyers are willing to pay a premium for desirable properties. The median price per square foot also increased by 3.6%, reflecting rising property values and demand for quality homes. The total sales volume grew by nearly 10%, driven by both the increase in pending sales and higher prices.

The median days in RPR of 16 days for pending listings reinforces the speed at which properties are moving from listing to contract. This rapid turnover highlights the importance of pre-approval and readiness for buyers looking to compete in this market.

Sold Listings

Number of Sold Listings: 371 properties
Median Sold Price: $700,000 (up 16.3% month-over-month)
Median Days in RPR: 14 days
Median Price per Square Foot: $346
Total Sales Volume: $305,404,888 (up 25.3% month-over-month)
Median Living Area: 2,040 square feet

The sold listings data further confirms the strength of the Morris County market. The median sold price jumped by 16.3% from the previous month, aligning closely with the median list price for new and pending listings. This significant price increase, combined with a 25.3% rise in total sales volume, indicates strong buyer demand and a willingness to pay top dollar for properties. The median price per square foot of $346 remains competitive, and the median living area of 2,040 square feet suggests that larger homes are in demand.

The 14-day median days in RPR for sold listings is among the lowest in recent years, emphasizing the speed of transactions. Sellers are benefiting from quick sales and strong offers, often exceeding asking prices, as evidenced by the 106.3% list-to-sold price ratio.

What This Means for Buyers and Sellers

For Buyers

Morris County’s seller’s market presents challenges for buyers, but opportunities exist for those who are prepared. Here are some tips to navigate the market:

Act Quickly: With properties selling in just 14-16 days, buyers must be ready to make decisions and submit offers promptly. Pre-approval for a mortgage is essential to strengthen your offer.
Be Competitive: The 106.3% list-to-sold price ratio means many homes are selling above asking price. Work with your real estate agent to craft a strong offer, potentially including escalation clauses or waiving certain contingencies, if feasible.
Explore New Listings: The 9.7% increase in new listings offers slightly more inventory, so monitor the market closely for fresh opportunities.
Consider Flexibility: With a median sold price of $700,000 and a median price per square foot of $346-$349, buyers may need to adjust expectations or explore different property types (e.g., condos or townhouses) to find options within their budget.

For Sellers

Sellers in Morris County are in an advantageous position, but strategic pricing and presentation are still critical. Here’s how to maximize your sale:

Price Competitively: While homes are selling above asking price, setting a realistic list price can attract multiple offers and drive up the final sale price.
Highlight Property Features: With a median living area of around 2,000 square feet and strong demand for mid-sized homes, emphasize your property’s space, upgrades, and location to stand out.
Work with a Professional: A skilled real estate agent can help you navigate the competitive market, stage your home effectively, and negotiate the best terms.
Capitalize on Low Inventory: With only 1.62 months of inventory, your property is likely to attract significant interest, so ensure it’s market-ready to sell quickly.

Looking Ahead: Morris County’s Real Estate Outlook

The Morris County real estate market in May 2025 is characterized by strong demand, limited supply, and rising prices, making it a prime seller’s market. The slight increase in new and active listings suggests that more sellers are entering the market, which could provide some relief for buyers in the coming months. However, with inventory levels still low and properties selling above asking price in under two weeks, competition remains fierce.

Economic factors, such as interest rates and regional employment trends, will continue to influence the market. Morris County’s proximity to New York City, excellent schools, and desirable suburban lifestyle make it a perennial favorite for families and professionals, sustaining demand even in a high-price environment.

Partner with Countryside Homes NJ

Whether you’re buying, selling, or investing in Morris County, the team at Countryside Homes NJ and RE/MAX Town & Valley is here to guide you through every step of the process. Our deep knowledge of the local market, combined with personalized service, ensures you achieve your real estate goals. Contact us today to discuss how we can help you navigate this dynamic market and make the most of the opportunities available in May 2025.

Source: Realtors Property Resource, LLC, May 2025 Market Trends for Morris County, NJ (Single-Family Homes, Condos, Townhouses, and Apartments).

Client Testimonials for Countryside Homes NJ

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