Northern NJ

Morristown + Essex

The markets in northern New Jersey see the most stable price action anywhere in the nation. In 2024, average sales prices were up 27% compared to the previous year to $5.8M. This builds upon a baseline with prices trading in the $4-5M range for most of the last 7 years. 2024 represents the first year where the market convincingly broke the $5M threshold and is one of only a few markets in our analysis in which the peak year in the last decade was 2024.

Highlights

• After years of sideways motion, 2024 was the strongest year for top sale prices

• Average sales prices were $5.8M, up 27% compared to 2023

• A worrying trend: average DOM is growing rapidly

Pay the price for record averages

With a 27% YoY increase in sales prices, this market is moving against the greater East Coast region trend, which generally saw a drawdown in prices in 2024. However, another place where northern New Jersey moves against the trend is in sales cycle lengths: since 2021, every year has seen properties move slower than the previous year, in what now represents a troublesome trend line. 

On average, it took sellers in Morristown and Essex 493 days to sell their property after initially listing, compared to 319 days for the US average. Whilst those who sold within 180 days could expect to match or even top their listing price, those who sold slower averaged a 17% delta to initial listing prices. Combined with the rapidly lengthening sales cycles, it is prudent to maintain momentum as a seller.