Morris Plains Home Sells for $1.33 Million, Leading Local Market

A single-family home located at 711 Park Road in Morris Plains has emerged as the most expensive residential property sold in the Parsippany-Troy Hills area during the week of February 16-22, 2023. The property was purchased for $1,325,000, reflecting the ongoing demand for housing in this region. This sale was part of a broader market trend, with a total of 12 residential properties changing hands in the area, averaging $636,944 or $345 per square foot.

The most notable transactions include a variety of single-family homes that have attracted buyers at various price points. Below are details of the ten highest sales recorded during this week.

Highlights of Recent Sales

Starting with the highest sale, the residence at 711 Park Road features a spacious living area of 4,009 square feet and was built in 2004. The price per square foot for this property was approximately $331, indicating a competitive market for larger homes.

Following closely is a property at 25 Glenbrook Road in Morris Plains, which sold for $890,000. This home, constructed in 1920, offers 1,848 square feet of living space, translating to a price of $482 per square foot, showcasing the area’s appeal for historic homes.

Another significant transaction occurred at 33 Continental Road, where a 3,461 square-foot home was sold for $850,000. Built in 1993, the price per square foot for this residence was about $246, reflecting a strong interest in properties from that era.

A few properties sold for $830,000 each, including homes at 2 Castaby Way in Mount Tabor and 35 Ferncliff Road in Morris Plains. The former offers 2,660 square feet, while the latter has a living area of 1,602 square feet, demonstrating a diverse range of options for buyers in this price range.

The mid-range market saw homes priced around $800,000, such as the sale of the property at 15 Beech Drive, which features a living area of 2,129 square feet. This sale further highlights the ongoing demand for family-sized homes in the region.

Market Overview

Overall, the average price of $636,944 for homes sold in this week reflects a robust market, where buyers are willing to invest significantly in residential properties. The recorded sales indicate a healthy real estate environment in the Parsippany-Troy Hills area, with various options catering to different buyer preferences and budgets.

The data provided includes only those sales where the title was officially recorded during the week of February 16, regardless of the actual sale date. This ensures that the figures accurately represent the most recent transactions in the local market. As the region continues to develop, it will be interesting to watch how these trends evolve in the coming months.