January Sales for Morris & Middlesex Counties

Morris County

Single Family Homes for January
Key Metrics       2024       2025      Change
New Listings      257        250      – 2.7%
Closed Sales     182        242      + 33.3%
DOM*                 36         38        + 5.6%
Median PX        $655K    $680K   +  3.8%
% of PX           102.4%  102.5%    + 0.1%
Inventory          505       358    – 29.1%
Months Supply   1.7        1.1    – 35.3%
*Days on Market

Middlesex County
Single Family Homes for January
Key Metrics       2024       2025     Change
New Listings      344        348     + 1.2%
Closed Sales      261        308     + 18.0%
DOM*                 40         46     + 15.0%
Median PX        $489K    $570K    + 16.6%
% PX Rec’d      103.7%    102.6%    – 0.4%
Inventory            940         778     – 17.2%
Month Supply      2.6         2.1      – 19.2%
*Days on Market

These trends could present challenges for home buyers in several ways:

1. Rising Prices: Both Morris and Middlesex counties saw increases in median home prices. This makes affordability a concern for many buyers, especially first-time purchasers or those with limited budgets.
2. Tightened Inventory: With the decline in inventory and months of supply, there are fewer homes on the market. This could lead to more competition among buyers, bidding wars, and reduced negotiating power.
3. Shortened Time to Decide: The slight rise in days on market suggests either a slowdown in buyer demand – which is clearly not the case – or an unaffordability factor that is making the cost of homeownership further out of reach. 
4. Financial Challenges: Higher prices may require larger down payments and increase mortgage obligations. Coupled with rising interest rates (if applicable), this could make financing more difficult.