Home Values Increase Slightly In Morristown, Bucking State Trends

MORRISTOWN, NJ— Bucking overall state trends, Morristown saw an increase in its home values over the past four years.

In the last decade Morristown homes saw increases, something that didn't happen in most towns. Homes increased 4.2 percent in value.

The median value of Morristown homes is now $404,800, over the state median of $316,000/

A map, provided by NJ Spotlight, details what towns saw changes in their home values, using U.S. Census data to show the pain most homeowners are feeling as they watched their home values drop as much as 20 percent since their pre-2010 levels, when the Great Recession hit.

On the map, green is good, tan is mediocre and brown is bad. The vast majority of towns are bad — or very bad. Run your cursor over Stafford Township - Manahawkin - in Ocean County, for instance, and you'll see that home values have dropped 19 percent in the past seven years.

The median decline in residential values in New Jersey was close to 11 percent, according to the 2015 American Community Survey data released last week and published on NJ Spotlight.

The reports said the typical home in the state was valued at almost $316,000 when averaged over the 2011-2015 period — 11.5 percent less than the 2006-2010 community survey estimate.

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