Somerset & Morris County Housing Market Update | May 2026

The spring market is still moving — but buyers and sellers are behaving very differently depending on price point and location.

In Somerset County, inventory softened slightly this week, especially in single-family homes, while condos and townhomes saw increases. Morris County held steady overall, but single-family inventory continued to rise while condos tightened.

A few quick trends:
• Morris County remains the faster-moving market overall
• Buyers are becoming more payment-focused
• Well-priced homes are still moving quickly
• Sellers need stronger pricing and presentation as inventory grows

One standout luxury listing this week is 89 Mosle Rd in Peapack Gladstone — a premium Somerset Hills property featuring 3.5 acres, gated entry, pool, and turnkey upgrades.

On the financing side, mortgage rates continue reacting to economic headlines, but the bigger story remains affordability and payment strategy. Buyers waiting for “perfect timing” are still facing competition on the best homes.

Bottom line:
The market is active — but strategy matters more than ever.

? Text MARKET PULSE to 908-332-8575 to get added to the weekly local housing market email.

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Richard L. Bolt
Mortgage Loan Officer
NMLS #222703
Cornerstone First Mortgage