Morristown, NJ is a desirable place to live, evidenced by its median housing value of $728,200 being significantly higher than the US median value of $338,100. Although it is higher than the US median value, the rate of house appreciation in Morristown is 6.48%, lower than the 8.27% appreciation rate across the US. This indicates that while Morristown has experienced an overall increase in housing prices over the past year, those increases have not been as drastic as they have been in other parts of the country.
The median home cost in Morristown is $728,200. Home appreciation the last 10 years has been 44.3%. Home Appreciation in Morristown is up 12.1%.
Average Age of Homes
- The median age of Morristown real estate is 56 years old
The Rental Market in Morristown
- Renters make up 54.6% of the Morristown population
- 5.0% of houses and apartments in Morristown, are available to rent
DID YOU KNOW
Buying a home is the biggest single purchase most people make during their lives. The second largest is most often an automobile.