Morris County, New Jersey Housing Market Prices
Morris County Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 53% above the New Jersey median Among the 3 most expensive counties in New Jersey$539,796
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Median rent 11% above the New Jersey median Among the 3 most expensive counties in New Jersey$1,903
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Morris County | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $539,796 | $352,792 | $248,835 |
| Price Trend (Annual %) | 7.2% | 4.4% | 7.5% |
| Median Gross Rent | $1,903 | $1,719 | $1,407 |
| Rent Trend (Annual %) | 4.0% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Morris County is about 53% higher than in New Jersey. Rent is about 11% higher than the New Jersey average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Morris County, up about 7.2% and 4.0% a year respectively. Home prices are changing faster.
Median rent in Morris County rose about 40.3% between 2015 and 2024, from $1,357 to $1,903. Over the same span, rent in New Jersey rose about 44.3%.
Affordability
On average, housing unit costs 3.9 yearly household incomes in Morris County.
Buying the median-priced home in Morris County costs roughly 23.6 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Morris County. The price-to-rent ratio in New Jersey is about 17.1.
| Metric | Morris County | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $539,796 | $352,792 | $248,835 |
| Median Household Income | $137,937 | $103,817 | $80,455 |
| Price-to-Income Ratio | 3.9 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Morris County rose about 56.6%, while median household income rose about 39.5% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Morris County | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 72.0% | 59.1% | 58.5% |
| Rental Rate | 24.9% | 33.5% | 31.2% |
| Vacancy Rate | 3.1% | 7.5% | 10.2% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Morris County has a homeownership rate of 72.0%, higher than the New Jersey average of 59.1%. Its housing vacancy rate is 3.1%, compared with 7.5% in New Jersey.
Housing Stock
| Metric | Morris County | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.62 people | 2.61 people | 2.53 people |
| Median Structure Built Year | 1970 | 1968 | 1978 |
| Median Number of Rooms | 6.6 | 5.7 | 5.5 |
The typical housing unit in Morris County was built around 1970. On average, 2.6 people live in a home with about 6.6 rooms, staying for about 17.0 years on average.
Morris County, NJ Housing Compared With Nearby Counties
Morris County, NJ is typical in size for this group, 514,287 residents against a local median of 520,457, so the measures below are close to a like for like comparison. Morris County, NJ's median home price, at $539,796, runs 78% above the $304,018 typical of the counties around it.
Homeownership tells the same story from another angle: 74.3% against a local median of 57.4%, 30% above it. The one measure here that carries a verdict is homeownership, and at 30% above the local median it puts Morris County, NJ at the better end of the local range. The counties themselves spread $219,501 on median home price, so Morris County, NJ sits at one end of an already wide local range rather than apart from it. Morris County, NJ has the highest median home price of the 6 areas compared here.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Morris County, NJ | 514,287 | $539,796 #1/6 | $1,903 #2/6 | 74.3% #3/6 |
| Passaic County, NJ | 520,457 | $376,251 | $1,621 | 53.1% |
| Essex County, NJ | 861,155 | $295,435 | $1,531 | 44.9% |
| Somerset County, NJ | 349,714 | $304,018 | $2,033 | 74.3% |
| Union County, NJ | 578,268 | $435,289 | $1,730 | 57.4% |
| Sussex County, NJ | 145,409 | $215,788 | $1,585 | 83.8% |
Frequently Asked Questions
Common questions about the housing market in Morris County, New Jersey.
What is the median home price in Morris County, New Jersey?
The median home price in Morris County, New Jersey is $539,796, higher than the New Jersey average of $352,792.
What is the average home price in Morris County, New Jersey?
The typical home price in Morris County, New Jersey, reported as the median sale price, is $539,796. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Morris County, New Jersey?
The median gross rent in Morris County, New Jersey is $1,903 per month, higher than the New Jersey average of $1,719.
What was the median gross rent in Morris County in 2020?
In 2020, the median gross rent in Morris County, New Jersey was $1,622 per month.
What is the price-to-rent ratio in Morris County, New Jersey?
The price-to-rent ratio in Morris County, New Jersey is about 23.6, meaning it would take roughly 23.6 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Morris County.
Are home prices or rent rising faster in Morris County, New Jersey?
Both home prices and rent are rising in Morris County, up about 7.2% and 4.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Morris County, New Jersey?
72.0% of households in Morris County, New Jersey own their home, higher than the New Jersey average of 59.1%.
What is the vacancy rate in Morris County, New Jersey?
The housing vacancy rate in Morris County, New Jersey is 3.1%, lower than the New Jersey average of 7.5%.
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