Is Mendham, NJ 07945 a buyer’s or seller’s market?
Mendham is a seller’s market. With about 1.4 months of supply and 57% of recent sales closing above the original list price, competing offers are common on well-priced homes. Buyers here often have a pre-approval in hand and a plan for the appraisal gap before touring.
#43 of 112 ZIP codes in Essex, Morris, Union, Sussex & Hunterdon, NJ, and #105 of 531 across all the markets we track.
Based on share sold above original list, sale-to-list ratio, months of supply and days on market for the 3 months ending August 31, 2026. How the heat score works
The Mendham housing market right now
In the three months ending August 31, 2026, 57% of homes in Mendham, NJ 07945 sold above their list price, the typical home went under contract in 14 days and there were 1.4 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 rose from 47%, homes sold faster (26 days then) and the median sale price fell 12% to $1,134,009. Overall, Mendham is more competitive than a year ago, so tougher for buyers.
Within Morris County, homes here sell faster than in 91% of the county’s ZIP codes, and sell less often over asking than in 74%. On our competition score, Mendham ranks #39 of 444 NJ ZIP codes with enough sales (score 94 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.
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Nearby markets
Boonton 07005Seller’s market $365 /sq ftBudd Lake 07828Seller’s market $325 /sq ftButler 07405Seller’s market $342 /sq ftCedar Knolls 07927Seller’s market $392 /sq ft Browse all markets →Towns like Mendham nearby
Find towns like Mendham in other states →Where Mendham is
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Questions about Mendham real estate
Is Mendham a buyer’s or seller’s market?
A seller’s market: there were 1.4 months of supply in Mendham, NJ 07945 in the three months ending August 31, 2026. Under four months usually favors sellers, and more than six favors buyers.
How fast do homes sell in Mendham?
The typical home went under contract in 14 days in the latest three months.
Do homes in Mendham sell over asking?
57% of homes sold above their original list price, and the typical sale closed at 104.8% of the list price.
What are property taxes in Mendham?
About 1.99% of a home’s value a year in Mendham Boro, Morris County, or roughly $7,956 on a $400,000 home.
What is the median home price in Mendham?
The median sale price was $1,134,009 in the three months ending August 31, 2026, about $389 per square foot.
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Market data describes housing activity only. Figures are rolling 3-month values from Redfin and may be revised. Methodology