Morristown, New Jersey Housing Market Prices
Morristown 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 148% above the New Jersey median$875,000
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Median rent 32% above the New Jersey median$2,273
Housing Market Overview
| Metric | Morristown | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $875,000 | $352,792 | $248,835 |
| Price Trend (Annual %) | 295.6% | 4.4% | 7.5% |
| Median Gross Rent | $2,273 | $1,719 | $1,407 |
| Rent Trend (Annual %) | 5.4% | 4.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Morristown is about 148% higher than in New Jersey. Rent is about 32% 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 Morristown, up about 295.6% and 5.4% a year respectively. Home prices are changing faster.
Median rent in Morristown rose about 54.5% between 2015 and 2024, from $1,471 to $2,273. Over the same span, rent in New Jersey rose about 44.3%.
Affordability
On average, housing unit costs 7.2 yearly household incomes in Morristown.
Buying the median-priced home in Morristown costs roughly 32.1 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 Morristown. The price-to-rent ratio in New Jersey is about 17.1.
| Metric | Morristown | New Jersey Avg | US Average |
|---|---|---|---|
| Median Home Price | $875,000 | $352,792 | $248,835 |
| Median Household Income | $121,462 | $103,817 | $80,455 |
| Price-to-Income Ratio | 7.2 | 3.4 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Morristown rose about 211.9%, while median household income rose about 89.5% 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 | Morristown | New Jersey Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 35.5% | 59.1% | 58.5% |
| Rental Rate | 61.4% | 33.5% | 31.2% |
| Vacancy Rate | 3.1% | 7.5% | 10.2% |
| Median Tenure (years) | 10.0 | 16.0 | 15.0 |
| Median Year Moved In | 2016 | 2010 | 2011 |
Morristown has a homeownership rate of 35.5%, lower 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 | Morristown | New Jersey Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.21 people | 2.61 people | 2.53 people |
| Median Structure Built Year | 1974 | 1968 | 1978 |
| Median Number of Rooms | 4.2 | 5.7 | 5.5 |
The typical housing unit in Morristown was built around 1974. On average, 2.2 people live in a home with about 4.2 rooms, staying for about 10.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Morristown, New Jersey.
What is the median home price in Morristown, New Jersey?
The median home price in Morristown, New Jersey is $875,000, higher than the New Jersey average of $352,792.
What is the average home price in Morristown, New Jersey?
The typical home price in Morristown, New Jersey, reported as the median sale price, is $875,000. 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 Morristown, New Jersey?
The median gross rent in Morristown, New Jersey is $2,273 per month, higher than the New Jersey average of $1,719.
What was the median gross rent in Morristown in 2020?
In 2020, the median gross rent in Morristown, New Jersey was $1,940 per month.
What is the price-to-rent ratio in Morristown, New Jersey?
The price-to-rent ratio in Morristown, New Jersey is about 32.1, meaning it would take roughly 32.1 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 Morristown.
Are home prices or rent rising faster in Morristown, New Jersey?
Both home prices and rent are rising in Morristown, up about 295.6% and 5.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Morristown, New Jersey?
35.5% of households in Morristown, New Jersey own their home, lower than the New Jersey average of 59.1%.
What is the vacancy rate in Morristown, New Jersey?
The housing vacancy rate in Morristown, New Jersey is 3.1%, lower than the New Jersey average of 7.5%.
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