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Is New Vernon, NJ 07976 a buyer’s or seller’s market?

3 months ending August 31, 2026 · Source: Redfin

New Vernon is a balanced market. With about null months of supply, well-priced homes can still draw more than one offer, but buyers have some room to negotiate.

Not ranked this month. Fewer than 15 sales in the 3-month window, so the numbers can swing too much to compare fairly. How the heat score works

Months of supply—Under 4 months = seller’s market
Sold above original list20%Share of sales, last 3 months
Median sale-to-list99.7%Sold price ÷ list price
Median days on market37Listing to accepted offer
Median price per sq ft$596▲ +7.7% vs. last year

The New Vernon housing market right now

In the three months ending August 31, 2026, 20% of homes in New Vernon, NJ 07976 sold above their list price and the typical home went under contract in 37 days. With only 5 sales, these figures can swing a lot from month to month.

Compared with the same period a year earlier, the share selling over asking rose from 0%, homes sold faster (127 days then) and the median sale price fell 40% to $1,779,230. Overall, New Vernon is more competitive than a year ago, so tougher for buyers.

Within Morris County, homes here sell more slowly than in 98% of the county’s ZIP codes, and sell less often over asking than in 98%.

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

Run the numbers for 07976

Prefilled for 07976Can I win this house?Multiple-offer likelihood for a listing Prefilled for 07976Over-asking calculatorTypical range over list ToolOffer strength scoreHow your offer looks to a seller ToolAppraisal gapCash needed if it appraises low

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 →

Where New Vernon is

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Questions about New Vernon real estate

How fast do homes sell in New Vernon?

The typical home went under contract in 37 days in the latest three months.

Do homes in New Vernon sell over asking?

20% of homes sold above their original list price, and the typical sale closed at 99.7% of the list price.

What are property taxes in New Vernon?

About 2.00% of a home’s value a year in Morris County, where towns range from 0.98% to 2.84%, or roughly $8,016 on a $400,000 home.

What is the median home price in New Vernon?

The median sale price was $1,779,230 in the three months ending August 31, 2026, about $596 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