Published September 28, 2026 in Market Update

Millburn homes are still moving fast, even with a little more supply

By Lena Pesso

Real estate, Millburn NJ

If you're watching the calendar and wondering whether to wait, here's the part that matters most. The Real Estate Data Aggregator counted a median of 12 days on market in ZIP 07041 for the three months ending July 31, 2026. That's 3 days shorter than the same period a year ago. The well-priced homes are not sitting.

Days on market is the count from the day a home lists to the day it goes under contract. A town-wide median blends fast and slow homes together. In Millburn right now, the Real Estate Data Aggregator shows 42.9% of homes went under contract within two weeks of listing. That share is up 1 point from a year ago. The quick homes are still quick.

What "above list" actually means here

A sale price above list can sound like a red flag. In Millburn it usually isn't. The Real Estate Data Aggregator put the average sale-to-list ratio at 106.9% for the three months ending July 31, 2026. In this market, many sellers intentionally list below expected value to draw competing offers. A ratio above 100% is the normal result of that strategy, not a sign that buyers overpaid.

Prices and volume: two different stories

The Real Estate Data Aggregator recorded a median sale price of $1,510,000 in ZIP 07041 for the three months ending July 31, 2026. That's up 13.3% from the same period a year ago. At the same time, only 22 homes sold, down 35.3% from a year earlier. Fewer closings at higher prices is a pattern worth understanding. In a ZIP code where monthly volume can be 8 to 15 sales, one or two high-end closings can move the reported median meaningfully. The price-per-square-foot trend and days on market are steadier reads of where the market actually sits.

A little more supply, but not a slow market

Supply is the one thing that shifted noticeably. The Real Estate Data Aggregator shows 2.8 months of supply for the three months ending July 31, 2026, up 1.2 months from a year ago. Homes for sale rose 11.1% year over year to 20. More choices for buyers is a real change. But 2.8 months is still well below the 5 to 6 months that economists generally describe as a balanced market. Buyers have a little more room to breathe. They don't have unlimited time.

Rates are higher than most forecasts expected

One honest headwind for buyers: mortgage rates. Housing Wire reported that rates climbed to 7.49% before settling at 7.43% last week. Housing Wire's 2026 forecast had anticipated rates between 5.75% and 6.75%. Being above that range does affect what buyers can afford, and it's part of why fewer homes are closing even as prices hold. That tradeoff is real, and worth building into any plan.

One more piece of context: ATTOM reported that 51.6% of mortgaged residential properties in New Jersey were equity-rich in Q2 2026. That's a higher share than the 41.1% ATTOM counted nationally over the same period. For Millburn homeowners thinking about what they've built, that broader New Jersey number is a useful backdrop.

One last thing worth saying plainly: ZIP 07041 covers both Millburn proper and Short Hills, and those two areas price differently. A block near the Short Hills train station reads differently from one closer to downtown Millburn. The ZIP code numbers above are the honest starting point, not the whole picture for your specific street.