Located just thirty miles from the amenity-laden metropolitan hub of New York City lies Morris County, a New Jersey haven known for its rich history and natural beauty. The area is home to numerous attractions, such as Hacklebarney State Park and an array of retail and culinary options. All of this, combined with vast housing opportunities, makes Morris County a highly desirable location for families, retirees, and business professionals seeking a tranquil environment close to the city. Those looking to enter the market should stay informed of market trends and conditions in order to make smart decisions.
But is 2023 a good time to buy or sell real estate in Morris County? If you’re ready to take advantage of everything the market has to offer, take a look at Morris County’s real estate market forecast for 2023.
What drives market fluctuations
Several factors that influence real estate markets include housing inventory levels, buyer demand, economic upturns and downturns, and interest rates, just to name a few. This year, the Federal Reserve raised interest rates to combat elevated inflation levels, causing the market to slow down. Higher interest rates mean less borrowing power for buyers. This could be a deterrent for individuals and couples who are otherwise ready to enter the market and purchase a home.
However, it’s important to note that Morris County real estate boasts great value and appreciation rates continue to rise, making this New Jersey paradise one of the most sought after destinations when it comes to purchasing traditional or luxury real estate. Buyers shouldn’t shy away from the market just because interest rates are high — if they find a home they love, they should react quickly.
Market trends in Morris County
Morris County is experiencing rising home prices. In May 2023 the median home price was $550,000, which is up 5.5% over last year. The good news for buyers is that the county’s housing inventory has boasted a slight increase, allowing more opportunity to purchase. In May, a staggering 500 homes were sold compared to 291 in April. Foreclosures are currently listed at 66.
How has COVID-19 affected Morris County real estate
Interest rates were at historic lows at the beginning of the pandemic, allowing buyers to take advantage of greater opportunities. However, housing supply couldn’t keep up with demand, thus creating more competition between buyers, rising home prices, and giving sellers the upper hand. Many buyers found themselves in bidding wars and passing on contingencies in order to stand out above the competition. Now, with the sight uptick in housing supply, many buyers have more options to choose from.
A positive growth in net population
Morris County boasts broad range of amenities for residents. The area is home to a top rated school system, various green spaces offering opportunities, a diverse dining scene, thrilling attractions, and world class shopping. In August 2022, New Jersey itself was named one of the top 20 states to open a business. Many people migrated from New York City to Morris County to enjoy a more laid back lifestyle without sacrificing access to the city for work or entertainment. Because of this, population growth increased from 509,277 in 2020 to 511,151 in 2022.
Why people love living in Morris County
High-performing schools attract new residents
Morris County values its education system as much as its community, creating an excellent quality of life for locals. The county’s schools offer a plethora of exciting learning opportunities for young residents, from highly distinguished programs to team-building athletics. Along with these superior K-12 institutions, Morris County has a prestigious local college: County College of Morris. This public, two-year school offers programs related to technology, education, health care, business management, fashion, and other lucrative fields.
Attractions abound at every corner
After taking all of these wonderful Morris County, NJ features into account, it’s clear that it’s simply a wonderful place to live. Locals and tourists enjoy easy access to an array of historical sites, such as the Cross Estate Gardens and Cultural Center at Lake Hopatcong Station.
Dining and retail options are also vast, ranging from high-end boutiques to popular retail chains. Residents can indulge in a smorgasbord of culinary delights, from steaks, seafood, and classic comfort fare to the delectable entrees at Black Horse Tavern and Pub, a top-rated local favorite.
Morris County continues to maintain and create new attractions and activities for locals and visitors to enjoy. The Den Brook Trail in Denville is the latest of the area’s projects. This rejuvenating hiking path reflects the city’s vibrant flora and fauna as it winds through the Ninkey Forge Historic District. Nature enthusiasts have numerous recreational activities to choose from. Many residents soak up the sunshine with a leisure boat ride at Lee’s County Park Marina or spend the day biking at Marty’s Reliable Cycle.
Neighbors have the opportunity to enjoy each other’s company at the various community festivals and events held throughout the county. Popular local favorites include For the Culture, By the Culture at Morris Museum, Oktoberfest at Hillside Hose Company, and Stone Soup Symphony Concert on the Green in Morristown.
Ready to enter the market?
Knowing the ins and outs of the Morris County real estate market is wise, but you’ll also want to partner with a real estate professional who thoroughly understands the intricacies and complexities of buying and selling properties to ensure you’re successful in your real estate endeavors. If you’re ready to embark on your real estate journey, contact Jennifer Pickett, Morris County real estate agent. Her individualized approach, dedication to client satisfaction, intricate knowledge, marketing and communication skills, and premier negotiation methods have earned her the 2020 NJAR Circle of Excellence Award. Prospective clients can reach her at (973) 417-8150 or [email protected]. If you’re ready to take the plunge into the Morris County housing market, contact her today to begin your home search.