Your Morris County Housing Market Guide: What 7% Home Value Growth Means for You

I know many of you have been asking me what's really going on with our local housing market – especially with all the conflicting headlines you're seeing. So I wanted to sit down and share what the latest numbers are actually telling us, in plain English, about our Morris County communities.

The short story? It's complicated, but there are some clear patterns that can help you make better decisions whether you're thinking about buying, selling, or just trying to understand what your home is worth these days.

Let's Start With The Good News

Your home is still gaining value. Despite all the uncertainty, homes in Morris County are still appreciating at about 7% per year. That's meaningful wealth building for those of us who own homes here.

We're seeing more choices. The number of homes for sale has increased by 43% since January, which means if you've been looking to buy, you finally have more options than we've seen in years.

Our local economy is holding up. New Jersey added 4,800 jobs in April alone, and while that's not as strong as last year, it shows our communities are still attracting employers and workers.

Here's What's Actually Happening Street by Street

Let me break down what I'm seeing in different price ranges, because honestly, it feels like we're living in three different markets:

If You're Looking at Homes Under $400K

This is where I'm seeing the biggest struggle. Sales in this price range are down 15% this year. Between mortgage rates sitting around 6.8% and our property taxes (let's be honest – they're high), many first-time buyers are getting squeezed out. If you're a seller in this range, you might need to be more flexible on price or timing.

The Middle Market ($400K - $2.5M)

This is where most of us live, and it's actually pretty stable. Homes are selling, prices are holding steady, and while it might take a bit longer than during the crazy pandemic years, deals are getting done.

Luxury Homes ($2.5M+)

Here's something interesting – luxury home sales are actually up 13% this year. These buyers often pay cash or aren't as affected by interest rates, so they're still active in the market.

What I'm Seeing Town by Town

Every Morris County town has its own personality, and that shows up in the housing data:

Chatham Borough and Township continue to be steady performers – great schools and train access keep demand strong.

Denville Township is tracking right with county averages – solid middle market activity.

Parsippany, with its larger inventory, gives buyers more choices and a bit more negotiating room.

Some of our smaller towns like Boonton can swing dramatically month to month just because there aren't many sales, so don't read too much into short-term numbers there.

Beyond Houses: What's Happening With Local Businesses

Since many of you work in commercial real estate or own businesses, I thought you'd want to know how those markets are doing too:

Office Buildings Are Stabilizing

After years of uncertainty, our local office market is actually doing better than the national average. Companies are still leasing space, but they're being pickier – they want nice, updated buildings with good parking and amenities. The old, dated office parks are struggling, but quality buildings in places like Morristown and Summit are holding their own.

Warehouses and Distribution Centers

This one's interesting. We've had a lot of new warehouse construction, which has created more available space than we've seen in years. But here's the thing – we're still one of the tightest industrial markets in the country because of our location near the ports and major highways. Long-term, that's a good thing for property values.

Retail and Shopping

Local retail is actually doing okay, supported by our strong employment and the fact that people still need to shop for daily needs close to home. Though let's be real – shopping patterns have changed permanently, and landlords are having to be more creative with their spaces.

What This Means for You and Your Family

If You're Thinking About Selling:

• Good news: Your home has likely gained significant value over the past few years
• Reality check: It might take longer to sell than during the pandemic craziness, and you might need to price it right from the start
• Timing: If you need to sell, don't wait for "perfect" conditions – they might not come

If You're Looking to Buy:

• More choices: Finally, you have options again
• Budget reality: Make sure you can truly afford the monthly payments at current rates and property tax levels
• Don't wait for rates to drop dramatically: They might, but they might not

If You're Staying Put:

• Enjoy the equity: Your home is likely worth significantly more than you paid
• Consider improvements: With more inventory available, making your home stand out matters more than it did two years ago

Looking Ahead: What Should We Expect?

I wish I had a crystal ball, but here's what the data suggests:

In the next 6-12 months, I expect we'll see continued moderate price growth (maybe 3-5% instead of 7%), more homes for sale, and a gradual return to more "normal" market conditions.

The Federal Reserve is taking a wait-and-see approach with interest rates, which means we shouldn't expect dramatic changes anytime soon. They're watching inflation, which is still a bit higher than they'd like.

The big picture: Morris County remains one of the most desirable places to live in New Jersey. We have great schools, convenient commuting options, and strong local communities. Those fundamentals remain unchanged by short-term market shifts.

A Few Personal Observations

Having lived and worked in this market for years, here's what I keep coming back to:

Don't let perfect be the enemy of good. Whether you're buying or selling, waiting for the "perfect" moment might mean missing good opportunities that are available right now.

Focus on your family's needs first. Market timing is beneficial, but if you need more space, want to downsize, or have found your dream home, those life factors usually take precedence over trying to time the market perfectly.

Stay local. National headlines about housing markets often don't reflect what's happening right here in Morris County. Our market has its own rhythm and drivers.

Questions I'm Getting A Lot

"Should I refinance now or wait?" If you can improve your rate by at least 0.75%, it's probably worth exploring. Don't wait for rates to hit 4% again – that might not happen anytime soon.

"Is this a good time to downsize?" If your kids have moved out and you're ready for less maintenance, the expanded inventory gives you more options. Just be realistic about what your current home will sell for.

"Are we heading for another 2008-style crash?" I don't see those conditions. We don't have the same lending problems or oversupply issues. This feels more like a return to normal market conditions after some unusually busy years.

The Bottom Line

Our Morris County housing market is going through a normal adjustment after some pretty extraordinary years. Prices are still rising, just not as dramatically. Sales are slower, but still happening. And most importantly, this remains a great place to live and own property.

If you're making a housing decision, focus on your family's needs, be realistic about the current market conditions, and don't try to time things perfectly. Good opportunities exist for both buyers and sellers who approach the market with reasonable expectations.

As always, if you have specific questions about your situation or your neighborhood, don't hesitate to reach out. I'm here to help our community navigate these changes together.

Best, 

David

Market data current through July 2025. Information compiled from local MLS data, New Jersey Association of Realtors, and leading commercial real estate research firms.