Home prices
The price of the median home in Morristown is $472,000. This is about $187,320 (28%) lower in comparison to its nearby areas.It is about $254,500 (117%) higher in comparison to the US as a whole, and is roughly $134,000 (22%) lower compared to the city of New York.
Rents
The median rent in Morristown is $1,729 a month. Compared to the surrounding areas this is roughly $311 (15%) lower.It is about $667 (62%) higher in comparison to the United States as a whole, and in comparison to the city of New York it is about $286 (19%) higher.
Nearby places
Morris Plains
Morris Plains is about 2 miles north from Morristown. Housing prices there are a bit more expensive. The median home price in Morris Plains is $517,500, which is $45,500 (8%) higher than Morristown. Rents there are a bit more expensive. Morris Plains's median rent is $2,524 per month, which works out to $795 (31%) higher than Morristown.
Madison
Madison is roughly 3 miles southeast of Morristown. Its real estate prices are a lot more expensive. The median home value in Madison is $724,700, which works out to $252,700 (34%) higher than Morristown. Rent there is pretty similar. Madison's median monthly rent is $1,807, which works out to $78 (4%) higher than Morristown.
Florham Park
Florham Park is about 3 miles east from Morristown. Its housing prices are a bit more expensive. Florham Park's median home cost is $645,800, which comes out to $173,800 (26%) higher than Morristown. The rent there is a little more expensive. Florham Park's median monthly rent is $2,441, which is $712 (29%) higher than Morristown.
Chatham
Chatham is approximately 5 miles southeast of Morristown. The housing prices there are substantially more expensive. The median home price in Chatham is $746,300, which comes out to $274,300 (36%) higher than Morristown. Its rents are somewhat more expensive. In Chatham the median rent is $1,845 per month, which comes out to $116 (6%) higher than Morristown.
Mendham
Mendham is about 5 miles west of Morristown. Housing prices there are a bit more expensive. The median home value in Mendham is $662,300, which is $190,300 (28%) higher than Morristown. Its rents are somewhat less expensive. In Mendham the median monthly rent is $1,581, which works out to $148 (9%) lower than Morristown.
