07960, Morristown, NJ

The 7960 zip code of Morristown, NJ is a suburban area located within Morris County. As of the 2010 census, the population was 34,814. The median household income was $106,547 and the median family income was $122,906. The per capita income was $48,739.

According to Zillow’s analysis of recent home sales data in this zip code, the average home value in this area is $269,000. This is above the statewide average of $227,500 and well above the national average of $183,700. In addition, Morristown has a low unemployment rate (3%) and a high percentage of families with children under 18 living in households (46%). These factors are likely contributing to its high home values.

Interestingly enough, despite its high home values and strong economy overall, this zip code has seen some declines in home values over the past few years. Between January 2013 and January 2017 alone (the most recent period for which data is available), the average home value decreased by 5%. However, given that Morristown still boasts an above-average median household income compared to other areas in New Jersey and nationwide as well as a low unemployment rate (3%), it seems that these decreases are more than offsetting by other factors such as increased demand from buyers or investors than from everyday homeowners looking to sell their homes.