07940 — Morris County, New Jersey Market Snapshot
Housing market data for zip code 07940 in Morris County, New Jersey. Updated monthly with median prices, days on market, and more.
Market Sales Data
33 sales in 2026 (year to date)
Median Sale Price
$1,417,000
Days to Sell
16
Homes Sold
33
Inventory
12
Sale-to-List
113.1%
New Listings
36
Price/SqFt
$586
Pending Sales
43
Jumbo Loan Likely Needed
The median home in 07940 at $1,417,000 exceeds the 2026 conforming loan limit of $1,209,750 by $207,250. Most buyers here will need jumbo loans, which typically require higher credit scores, larger down payments, and come with different rate pricing.
Market Insights
Market Temperature
Homes in 07940 are moving quickly at 16 days on market, indicating healthy buyer demand. Well-priced homes are likely seeing multiple offers.
Sale-to-List Ratio
Homes in 07940 are selling 13.1% above asking price on average, signaling strong competition. Buyers should budget above list price.
Conforming Loan Feasibility
The median home in 07940 at $1,417,000 exceeds the 2026 conforming loan limit of $1,209,750 by $207,250. Most buyers here will need jumbo loans, which typically require higher credit scores, larger down payments, and come with different rate pricing.
Loan limits in 07940 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 07940
To purchase the median home at $1,417,000 with 5% down at today's rate of 6.75%, the estimated monthly payment is approximately $11,007.
Monthly Payment
$11,007
Income Required
$471,711
Principal & Interest
$8,731/mo
Down Payment (5%)
$70,850
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 07940.
Estimated Monthly Payment
$8,920
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