07856 — Morris County, New Jersey Market Snapshot
Housing market data for zip code 07856 in Morris County, New Jersey. Updated monthly with median prices, days on market, and more.
Market Sales Data
24 sales in 2026 (year to date)
Median Sale Price
$484,500
Days to Sell
18
Homes Sold
24
Inventory
11
Sale-to-List
102.8%
New Listings
26
Price/SqFt
$358
Pending Sales
22
Conforming Loan Available
Most homebuyers in 07856 can comfortably use conventional financing. The median home price of $484,500 is well below the 2026 conforming loan limit of $1,209,750, meaning buyers can put as little as 3-5% down without hitting jumbo loan territory.
Market Insights
Market Temperature
Homes in 07856 are moving quickly at 18 days on market, indicating healthy buyer demand. Well-priced homes are likely seeing multiple offers.
Sale-to-List Ratio
Homes in 07856 are selling 2.8% above asking price on average, signaling strong competition. Buyers should budget above list price.
Conforming Loan Feasibility
Most homebuyers in 07856 can comfortably use conventional financing. The median home price of $484,500 is well below the 2026 conforming loan limit of $1,209,750, meaning buyers can put as little as 3-5% down without hitting jumbo loan territory.
Loan limits in 07856 are set at the county level.
2026 Loan Limits — Morris County
| Property Units | Conforming Limit | FHA Limit |
|---|---|---|
| 1 Unit | $1,209,750 | $1,249,125 |
| 2 Units | $1,548,975 | $1,599,375 |
| 3 Units | $1,872,225 | $1,933,200 |
| 4 Units | $2,326,875 | $2,402,625 |
Affordability Snapshot — Zip 07856
To purchase the median home at $484,500 with 5% down at today's rate of 6.75%, the estimated monthly payment is approximately $3,862.
Monthly Payment
$3,862
Income Required
$165,518
Principal & Interest
$2,985/mo
Down Payment (5%)
$24,225
Based on 30-year fixed at 6.75%, 1.8% property tax, $1,800/yr insurance, 28% DTI guideline.
Mortgage Calculator
Estimate your monthly payment for a home in 07856.
Estimated Monthly Payment
$3,148
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