Morris, NJ housing market
Home prices around Morris have risen about 55% over the past 5 years. Builders were permitted 14 new homes in 2025.
Home values, sales, trends and how Morris compares with the towns next door — updated as new data is published.
Home prices up 55% in 5 years
The federal house price index for the ZIP codes around Morris rose 55% over the past 5 years, slower than across New Jersey (63%). Last year prices rose 9.3%. Carrying the Census median home value forward with that index puts the typical Morris home at roughly $1,205,000 today.
Show as a table
| Year | Change that year | Since 2000 | New Jersey since 2000 |
|---|---|---|---|
| 2025 | +9.3% | +160% | +191% |
| 2024 | +9.5% | +138% | +174% |
| 2023 | +9.4% | +118% | +152% |
| 2022 | +11% | +99% | +128% |
| 2021 | +6.7% | +79% | +98% |
| 2020 | +1.5% | +68% | +79% |
| 2019 | 0% | +65% | +73% |
| 2018 | +2.9% | +65% | +68% |
| 2017 | +2.1% | +61% | +62% |
| 2016 | +3.6% | +57% | +59% |
| 2015 | +1.2% | +52% | +55% |
| 2014 | +5.2% | +50% | +52% |
| 2013 | +1.2% | +43% | +48% |
| 2012 | −1% | +41% | +47% |
| 2011 | −2.6% | +42% | +52% |
| 2010 | −3.7% | +46% | +59% |
| 2009 | −5.6% | +52% | +66% |
| 2008 | −5.7% | +61% | +81% |
| 2007 | −0.5% | +71% | +90% |
| 2006 | +6.6% | +71% | +91% |
| 2005 | +17% | +61% | +75% |
| 2004 | +11% | +38% | +51% |
| 2003 | +5.1% | +25% | +31% |
| 2002 | +9.9% | +18% | +22% |
| 2001 | +7.8% | +7.8% | +9.7% |
| 2000 | — | — | — |
How Morris ranks on rising home prices →
Federal Housing Finance Agency House Price Index (annual, developmental) for ZIP codes 07960, 07950, weighted by land area. It tracks repeat sales and appraisals of the same homes, so it shows how prices changed, not what homes cost. The estimated value scales the Census (ACS 2020-2024) median home value by that change.
14 new homes permitted in 2025
Builders were permitted 14 new homes in Morris in 2025, all in buildings with two or more homes, worth about $2.5 million to build. That's 0.6 per 1,000 residents, slower than across New Jersey (3.1). Over the past 10 years, Morris has permitted 713 homes in all.
Homes vs. people, 2010–2020
Between the 2010 and 2020 censuses, Morris gained 668 residents while 674 new homes were permitted: about 1 new resident per new home. Building outpaced population growth, which usually means smaller households or homes used part of the year. Across New Jersey: 2 new residents per new home.
How Morris ranks on housing keeping up with growth →
Residents: U.S. Census Bureau, 2010 and 2020 censuses. New homes: permits issued 2010–2019.
Show as a table
| Year | New homes | Single-family | 2+ per building | Value |
|---|---|---|---|---|
| 2026 (Jan–Aug) | 11 | 7 | 4 | $4 million |
| 2025 | 14 | 0 | 14 | $2.5 million |
| 2024 | 29 | 29 | 0 | $8.6 million |
| 2023 | 41 | 41 | 0 | $11.3 million |
| 2022 | 48 | 48 | 0 | $14.5 million |
| 2021 | 77 | 77 | 0 | $22.9 million |
| 2020 | 113 | 113 | 0 | $27.4 million |
| 2019 | 140 | 140 | 0 | $25.3 million |
| 2018 | 149 | 149 | 0 | $27.2 million |
| 2017 | 65 | 65 | 0 | $12.9 million |
| 2016 | 37 | 37 | 0 | $8.4 million |
| 2015 | 72 | 72 | 0 | $16.7 million |
| 2014 | 66 | 66 | 0 | $16.7 million |
| 2013 | 54 | 54 | 0 | $11.9 million |
| 2012 | 26 | 26 | 0 | $5.7 million |
| 2011 | 23 | 23 | 0 | $5.9 million |
| 2010 | 42 | 42 | 0 | $5.5 million |
| 2009 | 39 | 39 | 0 | $5.4 million |
| 2008 | 56 | 56 | 0 | $6.2 million |
| 2007 | 120 | 120 | 0 | $7.8 million |
| 2006 | 18 | 18 | 0 | $7.4 million |
| 2005 | 14 | 14 | 0 | $5.1 million |
| 2004 | 13 | 13 | 0 | $4.8 million |
| 2003 | 16 | 16 | 0 | $7.4 million |
| 2002 | 10 | 10 | 0 | $2.5 million |
| 2001 | 14 | 14 | 0 | $2.8 million |
| 2000 | 20 | 20 | 0 | $4.4 million |
How Morris ranks on new homes being built →
Homes authorized by building permits, counted in the year the permit was issued. U.S. Census Bureau, Building Permits Survey, through August 2026.
Morris and its neighbors
| Town | Typical value | 1-yr change | 2-bed rent | New homes 2025 | Median income |
|---|---|---|---|---|---|
| Morris | — | +9.3%† | $3,240 | 14 | $204,951 |
| Hanover | — | +5.3%† | $3,300 | 115 | $156,956 |
| Harding | — | +7.7%† | $3,130 | 3 | $222,429 |
| Parsippany-Troy Hills | — | +6.5%† | $2,710 | 153 | $112,327 |
| Morris Plains | $732K | +4.4% | $3,310 | 1 | $154,923 |
| Denville | — | +4.7%† | $2,520 | 93 | $160,817 |
† FHFA price index change, where Zillow has no home value for the town.
3.7 years of income
The typical Morris home costs about 3.7 years of the town's median household income, less than across New Jersey (5.6 years).
How Morris ranks on affordability →
Home value ÷ ACS median household income.
Owners, rent & taxes
U.S. Census Bureau, ACS 2020-2024.
A two-bedroom rents for about $3,240
HUD's Fair Market Rent for a two-bedroom in Morris is $3,240 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Morris pay a median of $2,437, so moving in tends to cost more than staying put. A two-bedroom takes about 19% of the town's median household income.
Studio $2,370 · 4 bedrooms $4,610
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (07950, 07960; Newark, NJ HUD Metro FMR Area), weighted by land area. A Fair Market Rent is the 40th-percentile rent plus utilities for a standard unit. Median rent: U.S. Census Bureau, American Community Survey.
Home values: Zillow Home Value Index (ZHVI), Zillow Research. Sales, days on market and supply: Redfin Data Center. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Price trend: Federal Housing Finance Agency House Price Index. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.