The Morris housing market finished the year with a welcome burst of price appreciation, the result of low levels of inventory, coupled with strong buyer demand. After a surprising pricing decline in the third quarter, prices came back in the fourth, rising almost 3% on average and 5% at the median. That helped Morris close the year (barely) in the black, with the average and median both up just a tick. Inventory continued to stay well below the six‑month level, though, which is holding back sales: transactions were down 6% for the quarter, and finished the year down about 1%. Going forward, we do believe that prices have room for growth, and that rising prices will eventually attract more sellers, and more inventory, into the market.
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