Morris County Housing Market Update: July 2021

July 2021 Housing Market

New residential listings – 874

Sold listings – 745

Average Sold Price – $648,494

Days on Market – 27

Sale price to Original listing price – 102%


New residential listings – 1002

Sold listings – 858

Average Sold Price – $676,236

Days on Market – 31

Sale price to Original listing price – 102%


New residential listings –  down 4.3%

Sold listings – down 12.8%

Average Sold Price – down 13.25%

Days on Market – 4 days shorter

Sale price to Original listing price – same


Morris County Absorption Rate

Months of Supply for July 2021 was 1.59 compared to 1.42 of June 2021.

And let’s compare July 2021 to July 2019 when the months of supply was 4.17.



If we look at months of inventory, even though it went up slightly. It is still incredibly low for Morris County, NJ. Just for a little perspective, the months of supply for July 2019 was 4.17 that is technically edging into a flat market.

Months of supply is how we guage what market we are in. How many months would it take to meet the current buyer demand. Anything under 4 months supply is considered a seller’s market, anything between 4 to 6 months is considered a flat market. And over 6/7 months supply is a buyers market.

We saw the numbers go slightly down from June to July 2021, but that’s not really surprising. Summer time is historically a slower market, people like to enjoy their summers. They go on vacations, they are home, most people take this time to get their homes ready to bring to market in the fall. Same thing for buyers, they put their home search on hold so they can enjoy the sumer weather.

SO this data is not surprising at all. Just remember this market can change at any given moment and we will be ready for it! I will keep an eye on this data to see where things trend during August.

And if you’re thinking about selling or know someone who is thinking about buying a home, I’d love to help out.

And remember, having the right realtor is a key to getting the home of your dreams! The past year has been something else…one thing I have learned from it…

I am going to continue growing my business with love and integrity.

Remember:  It’s All About The People , and It’s All About The Journey !