Morristown, NJ housing market
The typical Morristown home is worth about $911,000, up 6.6% in a year, 57% above the New Jersey typical home. Homes typically sell in 14 days, a little above asking.
Home values, sales, trends and how Morristown compares with the towns next door — updated as new data is published.
Morristown at a glance
A seller's market
Supply is tight — about 2.8 months of homes for sale at the current pace. Buyers should expect competition on well-priced homes.
Typical home value, 2016–2026
Show as a table
| January | Morristown | New Jersey |
|---|---|---|
| 2017 | $561,000 | $317,000 |
| 2018 | $585,000 | $330,000 |
| 2019 | $600,000 | $343,000 |
| 2020 | $595,000 | $358,000 |
| 2021 | $634,000 | $394,000 |
| 2022 | $685,000 | $441,000 |
| 2023 | $722,000 | $471,000 |
| 2024 | $783,000 | $511,000 |
| 2025 | $836,000 | $551,000 |
| 2026 | $875,000 | $568,000 |
| August 2026 | $911,000 | $580,000 |
65 new homes permitted in 2025
Builders were permitted 65 new homes in Morristown in 2025: 20 single-family houses and 45 in buildings with two or more homes, worth about $12.2 million to build. That's 3.2 per 1,000 residents, about the pace of New Jersey as a whole. Over the past 10 years, Morristown has permitted 1,176 homes in all.
Homes vs. people, 2010–2020
Between the 2010 and 2020 censuses, Morristown gained 1,769 residents while 1,409 new homes were permitted: about 1.3 new residents 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 Morristown 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) | 40 | 10 | 30 | $7.4 million |
| 2025 | 65 | 20 | 45 | $12.2 million |
| 2024 | 69 | 20 | 49 | $12.8 million |
| 2023 | 73 | 24 | 49 | $13.2 million |
| 2022 | 84 | 10 | 74 | $14.4 million |
| 2021 | 127 | 12 | 115 | $24.4 million |
| 2020 | 96 | 11 | 85 | $12.8 million |
| 2019 | 62 | 8 | 54 | $8.9 million |
| 2018 | 64 | 2 | 62 | $18.4 million |
| 2017 | 274 | 40 | 234 | $41.8 million |
| 2016 | 262 | 13 | 249 | $52.6 million |
| 2015 | 209 | 7 | 202 | $21.8 million |
| 2014 | 212 | 12 | 200 | $27.2 million |
| 2013 | 298 | 7 | 291 | $32.7 million |
| 2012 | 18 | 18 | 0 | $2.3 million |
| 2011 | 6 | 0 | 6 | $609,000 |
| 2010 | 4 | 4 | 0 | $577,000 |
| 2009 | 16 | 6 | 10 | $888,000 |
| 2008 | 60 | 0 | 60 | $4 million |
| 2007 | 129 | 5 | 124 | $9.7 million |
| 2006 | 307 | 2 | 305 | $54.3 million |
| 2005 | 18 | 7 | 11 | $1.9 million |
| 2004 | 24 | 8 | 16 | $2.9 million |
| 2003 | 10 | 8 | 2 | $1 million |
| 2002 | 9 | 9 | 0 | $986,000 |
| 2001 | 23 | 15 | 8 | $2.6 million |
| 2000 | 149 | 0 | 149 | $300,000 |
Morristown's permit office reported 4 of 12 months in 2025; the Census estimated the rest.
How Morristown 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.
7.5 years of income
The typical Morristown home costs about 7.5 years of the town's median household income, more than across New Jersey (5.6 years).
How Morristown 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 Morristown is $3,240 a month, utilities included: roughly what a modest, recently rented unit costs. Renters already in Morristown pay a median of $2,274, so moving in tends to cost more than staying put. A two-bedroom takes about 32% of the town's median household income, above the 30% guideline for affordable housing.
Studio $2,370 · 4 bedrooms $4,610
U.S. Department of Housing and Urban Development, FY2026 Fair Market Rents by ZIP code (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, August 2026. Sales, days on market and supply: Redfin Data Center, May 2026. Income, ownership, taxes and rent: U.S. Census Bureau, American Community Survey. New homes: U.S. Census Bureau, Building Permits Survey. Fair Market Rents: U.S. Department of Housing and Urban Development. Listings link to their publishers.