Somerset & Morris NJ Fall Market Watch – What August Data Means for Your Next Move
Somerset County NJ Real Estate | Morris County NJ Housing Market | Mortgage Options September 2026
September 18, 2026 • 5 min read
By Richard Bolt, Mortgage Loan Officer, NMLS #222703 — serving homebuyers and homeowners throughout New Jersey.
Somerset & Morris Fall Housing Market 2026
The fall market is taking shape across Somerset and Morris Counties, and one of the biggest developments is inventory.
More homes are coming onto the market, giving buyers additional choices. But that doesn't necessarily mean the market has become easy. Well-priced homes are still attracting attention, particularly in Morris County.
Here's what the latest numbers tell us.
Somerset County: Moderation, Not a Meltdown
Single-Family Homes
Somerset County recorded 220 new single-family listings and 220 closed sales in August, with a median sale price of $789,306.
The median price was 4.6% lower than August 2025, while closed sales declined 9.1% year over year. Homes spent a median of 32 days on the market.
There were 440 single-family homes for sale, representing 2.6 months of supply, while sellers averaged 102.6% of list price.
For buyers, slightly softer pricing and additional inventory may provide a little more breathing room. For sellers, pricing appropriately for today's market remains important.
Condos & Townhomes
Somerset's attached-home market tells a somewhat different story.
August brought 102 new condo and townhome listings, up 14.6% year over year, while inventory climbed to 187 homes for sale — a 53.3% increase from the previous year.
The median sale price reached $470,000, up 4.4% annually.
That's potentially good news for buyers looking for alternatives to single-family homes, particularly first-time buyers and downsizers.
Morris County: Competition Remains Strong
Single-Family Homes
Morris County recorded 430 new single-family listings in August, up 17.5% year over year, along with 394 closed sales.
The median sale price climbed to $843,750, a 10.3% year-over-year increase.
Homes sold in an average of just 24 days, with 673 homes available and approximately 2.2 months of supply. The average sale-to-list ratio was 104.8%.
So while Morris County buyers are seeing more listings, desirable homes can still generate significant competition.
Condos & Townhomes
Morris County had 114 new attached-home listings and 91 closed sales in August.
The median sale price reached $592,500, up 10.1% year over year. Inventory stood at 159 homes, representing approximately 1.9 months of supply.
This remains a relatively tight segment of the market.
Inventory Watch: Fall Selection Is Growing
Here's one of the numbers I'm watching most closely.
Comparing September 18 with the September 11 baseline, Somerset County active inventory increased from 838 to 880 homes — 42 additional listings.
Single-family inventory increased to 491, condos to 92, townhomes to 189, and multifamily properties to 23.
Morris County saw an even larger increase, moving from 1,013 active listings to 1,111 — an increase of 98 homes.
Single-family inventory reached 694, condos 92, townhomes 148, while multifamily inventory remained at 28.
For buyers who felt there simply wasn't enough to choose from earlier in the year, the expanding fall inventory is worth watching.
Featured Mortgage Product: Bank Statement Loans
Self-Employed? Your Tax Returns May Not Tell the Whole Story.
Business owners and self-employed borrowers can sometimes run into an unusual problem when applying for a traditional mortgage:
Their business may be doing well, but their tax returns don't show enough qualifying income.
That's where a Bank Statement Loan may be worth exploring.
Depending on the program and borrower qualifications, bank statement mortgage programs may allow qualifying income to be evaluated using deposits reflected on personal or business bank statements rather than relying primarily on traditional tax-return income calculations.
These programs may be useful for certain business owners, independent contractors, consultants, entrepreneurs and other self-employed borrowers.
If you've previously been told you don't qualify for the mortgage you need because of the income shown on your tax returns, don't automatically assume homeownership is out of reach.
There may be another way to document your income.
Bank statement loans aren't right for everyone, and requirements can differ from traditional mortgage programs. Rates, down-payment requirements, documentation and underwriting guidelines can also vary.
The first step is determining whether the program fits your particular financial situation.
What Does This Mean for Buyers This Fall?
Increasing inventory can create more opportunities, but financing still needs to be part of the strategy.
Knowing your purchasing power before you begin making offers can help you understand not only how much home you may qualify for, but which mortgage programs may be available to you.
That's especially important for self-employed buyers whose financial picture doesn't fit neatly into a traditional mortgage box.
Let's Review Your Options
Planning to buy a home this fall?
Or are you self-employed and wondering whether a Bank Statement Loan could help you qualify?
Let's take a look at the numbers together.
Richard L. Bolt
Mortgage Loan Officer | NMLS #222703
Cornerstone First Mortgage | NMLS #173855
Mobile Office: 908-332-8575
Email:rbolt@cfmtg.com
Ready to get started? Complete my online mortgage pre-approval application.
Prefer to talk first? Schedule a convenient 20-minute virtual meeting or call.
All loans are subject to applicable underwriting guidelines, credit and property approval. Program availability, terms and qualification requirements are subject to change. Not all applicants will qualify.