Morristown, NJ—07960
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Morristown, NJ
As of Oct '25, the median home price in Morristown, NJ is $858,000, with a year-over-year change of 3.6%. This indicates that home prices in Morristown, NJ are increasing. According to Zillow, the 1-year price projection is 1.2%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $858,000 | 3.6% |
| Single Family | $903,000 | 3.3% |
| Condos | $576,000 | 3.0% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $362,000 | 2.0% |
2 Bed | $594,000 | 2.9% |
3 Bed | $812,000 | 4.6% |
4 Bed | $1,003,000 | 4.3% |
| 5 Bed | $1,374,000 | 5.7% |
% of Housing Stock
Rental Trends — Morristown, NJ
As of July '25, Rentcast reports the average rent in Morristown, NJ is $3,580, with a year-over-year rent change of 1.1%. Per bedroom, the median rent as of July '25 in Morristown, NJ is studios: $2,040, 1-bedrooms: $2,630, 2-bedrooms: $3,480, 3-bedrooms: $4,330, 4-bedrooms: $5,560. The most common rental property sizes in Morristown, NJ are 1-bedroom and 2-bedroom, accounting for 42.8% and 28.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,250 | $3,580 |
| Studio Rent | $1,900 | $2,040 |
| 1 Bed Rent | $2,470 | $2,630 |
| 2 Bed Rent | $3,400 | $3,480 |
| 3 Bed Rent | $4,000 | $4,330 |
| 4 Bed Rent | $5,700 | $5,560 |
% of Rental Stock
Property Listings — Morristown, NJ
As of Oct '25, Realtor.com reports that the median days on market for a home in Morristown, NJ is 31. This is a decrease of -10.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 12.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $917,000 | 1.0% |
Listing Count | 97 | -9.0% |
| Listings as % of Homes | 0.4% | -9.0% |
Days on Market | 31 | -10.0% |
Demographics — Morristown, NJ
As of the latest ACS Survey released in 2023, Morristown, NJ has a population of 46,200, which has increased by 2.8% over the past 5 years. Morristown, NJ is a moderately popular place for families, as children make up 19.1% of the population. The area has a highly educated workforce, with 67.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 21.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 46,200 | 2.8% |
% Under 18 | 19.1% | 7.3% |
% Seniors | 17.5% | 0.0% |
% WFH | 21.4% | 151.8% |
% w/ College Degree | 67.6% | 4.5% |
As of the latest ACS Survey released in 2023, Morristown, NJ is a predominantly white area, with 67.4% of the population identifying as white. The white population has shrunk by 3.3% in the last 5 years. The second most common race or ethnicity in Morristown, NJ is hispanic, making up 17.4% of the population. Foreign-born residents account for 14.7% of the population in Morristown, NJ, and this percentage has decreased by 25.4% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 67.4% | -3.3% |
% Black | 6.0% | -7.7% |
% Hispanic | 17.4% | 3.6% |
% Asian | 4.7% | -9.6% |
% Foreign Born | 14.7% | -25.4% |
Mortgage and Risk — Morristown, NJ
According to HUD data as of 2023, there were 602 mortgage originations in Morristown, NJ, of which 96.0% of loans were conventional mortgages. The average loan-to-value was 54.0%, with 7.0% above 90% LTV (normal). This implies small mortgage risk in Morristown, NJ. Investor activity is low, as 2.0% of loans were by investors. 10.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 602 |
% Conventional Loans | 96.0% |
% Government Loans | 4.0% |
% Investor Loans | 2.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 10.0% |
Loan Activity
Rentals and Section 8 — Morristown, NJ
As of 2024, the percent of homes in Morristown, NJ under the Section 8 program is 9.2%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Morristown, NJ, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 798 |
Total Units Section 8 | 798 |
% Rentals under Section 8 | 9.2% |
% Occupied Section 8 | 90.5% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $70 | $2,470 | $2,540 |
| 2 Bedroom | -$330 | $3,400 | $3,070 |
| 3 Bedroom | -$130 | $4,000 | $3,870 |
| 4 Bedroom | -$1,300 | $5,700 | $4,400 |
Affordability — Morristown, NJ
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.8 |
| Median Home Price | $858,000 |
| Median Household Income | $149,000 |