Is Parsippany, NJ 07054 a buyer’s or seller’s market?

The Parsippany housing market right now

In the three months ending August 31, 2026, 62% of homes in Parsippany, NJ 07054 sold above their list price, the typical home went under contract in 18 days and there were 2.4 months of supply. Under four months of supply means sellers have the edge: expect competition for well-priced homes. That’s based on 43 home sales.

Compared with the same period a year earlier, the share selling over asking fell from 69%, homes sold faster (21 days then) and the median sale price rose 16% to $847,633. Overall, Parsippany is less competitive than a year ago, which gives buyers more room.

Within Morris County, homes here sell faster than in 52% of the county’s ZIP codes, and sell less often over asking than in 61%. On our competition score, Parsippany ranks #97 of 444 NJ ZIP codes with enough sales (score 89 out of 100).

Nearby, buyers who want less competition could look at Hibernia 07842 (0% sold over asking) or New Vernon 07976 (20% sold over asking), while Kenvil 07847 (100% sold over asking) and Mount Tabor 07878 (100% sold over asking) are even more competitive.