Data through September 2026 · updated 2026-11-07 · free, from Zillow, Realtor.com, the Census Bureau and other public sources
Typical home value$701,797+3.9% YoY · prices are rising fast
Market right nowBalanced marketMore homes for sale than last year, 12% have cut their price
Income needed to buy, per year$152,135About 1.1× the local median income ($137,213): a stretch for a typical household
Days on market35 daysSlower than a year ago: buyers have time to negotiate
Next 12 months+2.8%Zillow expects prices to rise slightly
The typical home in Morris County, NJ is worth $701,797, up 3.9% from a year ago. That is slightly above what local incomes have historically supported: fair value is about $643,532, so the area is 9.1% overvalued. It is a balanced market: homes take about 35 days to sell, listings are up 28% from a year ago, 12% of listings have had a price cut. Zillow expects prices to rise about 2.8% over the next year. A household needs about $152,135 a year to afford the typical home here at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $137,213. Typical rent is $2,909 a month, or $2,842 for a house. In the latest IRS figures, 760 more people moved out than in.
Home value over time
Solid: typical home value · dashed: fair value (household income × the 20-year average price-to-income ratio). Sources: FHFA, Zillow, U.S. Census Bureau.
Prices and affordability
Typical home value
$701,797
Change in 1 year
+3.9%
Overvalued %
+9.1%
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Fair home value
$643,532
Change in 5 years
+32.4%
Zillow forecast, next 12 months
+2.8%
Home value to income
5.1×
Monthly mortgage payment (20% down)
$3,803
Income needed to afford it
$152,135
Property tax rate
1.72%
Rent and investing
Typical rent
$2,909
Typical rent for houses
$2,842
Price-to-rent ratio
20.1×
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HUD Fair Market Rent, 2 bedrooms
$2,233
Gross rental yield
4.97%
Cap rate (estimate)
3.23%
Market activity
Listings vs a year ago
+28.4%
Days on market
35
Listings with a price cut
11.9%
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Homes for sale
891
Pending sales per 100 listings
66
Asking price per sq ft
$333
People and jobs
Median household income
$137,213
Population change (1 year)
+0.6%
Unemployment rate
5.2%
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Population
524,251
Income adjusted for cost of living
$121,859
Net moves in (IRS)
−760
Cost of living (US = 100)
112.6
Schools, risk and environment
School rating (1 to 10)
7.6
FEMA hazard risk score (0 to 100)
92.9
Unhealthy air days a year
3
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Flood risk score
96.3
Wildfire risk score
30.0
Walkability (1 to 20)
9.7
Road, rail and air noise
53 dB
Questions people ask
Is Morris County, NJ overvalued?
Home prices in Morris County, NJ are slightly above what local incomes have historically supported: fair value is about $643,532, so the area is 9.1% overvalued.
Is Morris County, NJ a buyer's or seller's market?
Morris County, NJ is a balanced market: homes take about 35 days to sell, listings are up 28% from a year ago, 12% of listings have had a price cut.
Are home prices going down in Morris County, NJ?
Home values in Morris County, NJ are up 3.9% over the last year. Zillow's forecast for the next 12 months is +2.8%.
How much do you need to earn to buy a home in Morris County, NJ?
A household needs about $152,135 a year to afford the typical home in Morris County, NJ at today's 7.18% mortgage rate (20% down, payment at 30% of income); the median household earns $137,213.