07885 — Morris County, New Jersey Market Snapshot
Housing market data for zip code 07885 in Morris County, New Jersey. Updated monthly with median prices, days on market, and more.
Market Sales Data
28 sales in 2026 (year to date)
Median Sale Price
$494,500
Days to Sell
29
Homes Sold
28
Inventory
14
Sale-to-List
102.5%
New Listings
31
Price/SqFt
$352
Pending Sales
29
Conforming Loan Available
Most homebuyers in 07885 can comfortably use conventional financing. The median home price of $494,500 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 07885 are moving quickly at 29 days on market, indicating healthy buyer demand. Well-priced homes are likely seeing multiple offers.
Sale-to-List Ratio
Homes in 07885 are selling 2.5% above asking price on average, signaling strong competition. Buyers should budget above list price.
Conforming Loan Feasibility
Most homebuyers in 07885 can comfortably use conventional financing. The median home price of $494,500 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 07885 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 07885
To purchase the median home at $494,500 with 5% down at today's rate of 6.75%, the estimated monthly payment is approximately $3,939.
Monthly Payment
$3,939
Income Required
$168,801
Principal & Interest
$3,047/mo
Down Payment (5%)
$24,725
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 07885.
Estimated Monthly Payment
$3,210
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