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:
- 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.
- 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.
- 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.
- 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.