Perhaps you are already familiar with the Morris County, NJ, area. You may have heard of its stellar reputation as precisely the kind of place where people would like to raise a family or simply live on their own and enjoy their hobbies and passions. If you have not heard about Morris County, NJ, you are missing out on a great place. This area has many appealing reasons for people to want to move there, and right now it is in the midst of a real estate boom.
While it is true that much of the country has seen elevated real estate prices in the last year to eighteen months, rapid cooling of those markets is taking place from coast-to-coast. However, at least so far, Morris County seems to have been insulated from declining real estate prices. It seems that people just can't get enough of Morris County properties at this time.
What are the sales trends in the area?
It is always wise to look at the sale trends and the home valuations in a certain community to get a sense of the stability in that area when it comes to the local housing market. Here is a quick breakdown of the median sale price for different-sized homes from April 2022 to May 2022:
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One Bedroom: $311K in April, $308.5K in May.
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Two Bedrooms: $390K in April, $374.3K in May.
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Three Bedrooms: $486.5K in April, $570K in May.
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Four Bedrooms: $675K in April, $737.9K in May.
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Five Bedrooms: $980K in April, $1.1M in May
This breakdown appears to indicate that while there was a slight dip in the prices of one and two-bedroom homes, those declines were more than made up for by increases in the price of larger homes.
The median income in Morris County and the surrounding areas is relatively high, so the fact that there are many homes on the higher end of the spectrum that are selling at a higher price tag makes sense. People with more money to spend on homes seem to be ready to purchase in places they know are of the highest value, which means putting down money to work on larger homes.
How many homes are selling in the area?
We are happy to offer Morris County property and have been thrilled to have participated in the sale of some of the approximately 500 homes that have sold in the area in the last year. Buyers are under some pressure due to higher property values and higher mortgage rates, but there are still enough people willing to put some money down to help push things along that homes are still moving.
The previous year was a high-water mark in many respects as people from all over the country were buying homes in various communities. Morris County homes for sale also flourished during that time. More homes sold through this point in 2021 than they have in 2022. However, comparing the two time periods may be a little misleading as 2021 was such a hot market. This year is still holding up reasonably well for itself despite the various headwinds that are taking place throughout the economy.
This means there are reasons to still be optimistic about the state of the local real estate economy in Morris County, even if it is a bit shakier elsewhere. It seems that people are willing to pay more money for properties that present true value to them.
What are some reasons for confidence in this market?
Any buyer has to stop and ask themselves why they are buying into a certain neighborhood in the first place. They wouldn't be doing their proper due diligence if they didn't have a slate of reasons why they are so confident in the market that they are willing to purchase a home in the area. Luckily, there are a host of valuable reasons to consider having faith in the condition of the real estate market in Morris County, NJ, including:
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Great school system — Morris County, NJ, schools receive incredibly high marks across the board. The New Jersey Board of Education has consistently given letter grades of A and A+ to many schools that serve the Morris County, NJ, area. That should tell you something about the level of confidence that the public officials in the area have in these schools. The schools receive a considerable amount of money from the large tax base that exists in the area, and they invest that money wisely in the school system.
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High median income levels — The people of Morris County have the third-highest median income level of any county in the country. The importance of that from a real estate perspective is that it means that the people who live there have the disposable income to invest in keeping their properties well kept. It is an expectation in the area that properties will be well maintained, which helps to protect the property values of everyone in the community.
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Prices holding steady despite economic shakiness elsewhere — There have been consistent prices offered on homes in the Morris County area despite the fact that many other areas are not seeing the same steady prices. One and two-bedroom homes have dipped slightly from April to May, but not nearly as much as they have elsewhere. Besides that, the three, four, and five-bedroom homes actually increased in their median sale price over that same period.
It is reasonable to be shaken by some of the things happening in the economy right now, but you shouldn't let fear drive you to make irrational decisions. The reality is, there are a lot of reasons to have confidence in the Morris County, NJ, market, and it may turn out to be one of the best places where one can place their money in real estate at this time.
Follow the trends
We fully understand the urge that many have to follow the market trends for a while longer before deciding if they are ready to jump right in or not. The reality is that everyone has different financial goals in mind when they set out to figure out what is best for themselves and their financial future. If you want to give it a little extra time to see how economic conditions play out, then you should feel comfortable doing that.
Checking out our page of home listings in the area regularly is a great way to keep tabs on pricing in the area. We update that page often as new information comes in, and we try to keep it as relevant and up-to-date as possible. We understand that many people are counting on us for the information they need about the Morris County, NJ, market, and we don't want to let them down. Thus, you will see that we have incorporated as much information as possible on those pages to keep them fresh.
Let us work with you to find your Morris County, NJ home
Finally, we ask that you allow us to help you find the Morris County, NJ, home you need. It is best when we can work together hand-in-hand to help you find the listings that make the most sense for your needs. We have a lengthy database of information about homes in the area, and we also have experts who know how to find the ideal home for your needs. Put both things together, and you have exactly what you need to get into the property of your dreams.
You can choose to settle down wherever you would like, but we believe there is a strong case to be made for the Morris County, NJ, area, and we are willing to stand by that assertion. Check out our properties today!