Somerset & Morris County Housing Market Update | July 2026

If you're thinking about buying a home, moving up, refinancing, or simply keeping an eye on the local market, here's a look at what's happening across Somerset and Morris Counties this week.

Somerset County Market Update

Somerset County continues to demonstrate strong buyer demand, particularly for well-priced homes.

According to the latest monthly housing data:

Single-Family Homes

New Listings: 316
Median Sale Price: $727,500
Median Days on Market: 30

Townhomes & Condominiums

New Listings: 130
Median Sale Price: $497,000
Median Days on Market: 30

Inventory This Week

Compared to last week:

Total Active Listings: 791 (down 32)
Single-Family Homes: 454 (down 5)
Condominiums: 95 (down 1)
Townhomes: 147 (up 10)
Multi-Family Properties: 27 (down 1)

The increase in available townhomes offers additional opportunities for buyers, while the overall decline in inventory means desirable homes continue to attract strong interest.

Morris County Market Update

Morris County remains one of North Jersey's most active housing markets.

Latest monthly statistics show:

Single-Family Homes

New Listings: 612
Median Sale Price: $775,000
Median Days on Market: 28

Townhomes & Condominiums

New Listings: 144
Median Sale Price: $555,000
Median Days on Market: 24

Inventory This Week

Compared to last week:

Total Active Listings: 1,009 (down 68)
Single-Family Homes: 636 (down 52)
Condominiums: 102 (unchanged)
Townhomes: 141 (down 5)
Multi-Family Properties: 28 (up 1)

The biggest shift this week was the reduction in available single-family homes. As inventory tightens, buyers who are pre-approved and ready to move are often in the strongest position when the right home comes to market.

Mortgage Market Update

Mortgage financing conditions improved modestly this week as average mortgage rates edged slightly lower.

Although today's rates remain above the historic lows many homeowners remember, buyers are discovering that the right financing strategy often matters more than waiting for the "perfect" rate.

Every buyer's situation is unique, and there are a variety of loan options available that can help make homeownership more affordable.

Economic Outlook

Recent economic reports continue to send mixed signals.

Slower job growth, persistent inflation concerns, and ongoing discussions surrounding future Federal Reserve policy are all influencing financial markets and mortgage pricing.

While headlines often focus on where rates may go next, successful buyers are typically those who prepare early rather than trying to perfectly time the market.

Enjoy the Holiday Weekend

The Fourth of July holiday always brings great energy throughout Somerset and Morris Counties.

If you're looking for something to do this week, consider catching a Somerset Patriots game, exploring Downtown Somerville, spending time around Morristown Green, or attending one of the many community celebrations and fireworks displays happening throughout the area.

Final Thoughts

Inventory continues to remain relatively limited across much of North Jersey, creating opportunities for well-prepared buyers.

Whether you're purchasing your first home, moving to your next home, refinancing, or simply planning for the future, having a mortgage strategy in place before you need it can make the entire process smoother and less stressful.

If you'd like to discuss your options or simply have questions about today's market, I'd be happy to help.

Richard L. Bolt
Mortgage Loan Officer | NMLS #222703

Office: 908-332-8575

Email: richard.bolt@citywidehm.com