Market Overview
Home Prices in Morristown, NJ
The median home value in Morristown, NJ is $920,716 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 5.9% compared to a year ago and up 4.5% from two years prior.
Compared to the U.S. national median of $410,000, homes in Morristown are priced125% above average. Morristown is part of the New York-Newark-Jersey City, NY-NJ-PA metro area.
Over the past five years, Morristown home values have risen by approximately34.9%, reflecting strong long-term appreciation in this market.
Price History
Morristown Home Price Trend
City Comparison
Morristown vs. National Median
At $920,716, homes in Morristown cost 125% above the national median of $410,000. Buyers in Morristown should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Morristown?
20% Down Payment
$184,143
on $920,716
Monthly P&I
$4,802/mo
30-yr @ 6.8%
Total Monthly Est.
~$6,099/mo
incl. taxes & insurance
Income Needed
$243,960
gross annual (30% rule)
10% Down Option
$92,072
+ PMI applies
Loan Amount (20% dn)
$736,573
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Morristown, NJ?
The median home value in Morristown is $920,716 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 5.9% year-over-year.
How much have home prices changed in Morristown?
Over the past year, home values in Morristown have increased by 5.9%. Over five years, prices have risen approximately 34.9%.
How much do I need to earn to buy a home in Morristown?
To comfortably afford the median home price of $920,716 with a 20% down payment ($184,143) at today's rates (6.8%), you'd need a gross annual income of approximately $243,960. This assumes keeping total housing costs at or below 30% of gross income.
How does Morristown compare to the national average home price?
The national median home value is approximately $410,000. At $920,716, homes in Morristown are 125% above the national average.
What metro area is Morristown part of?
Morristown is part of the New York-Newark-Jersey City, NY-NJ-PA metropolitan area. Home prices and market conditions can vary across the broader metro region.