Published October 11, 2026 in Market Update

Millburn inventory is up, but the market is still moving fast

By Lena Pesso

Real estate, Millburn NJ

If you've been watching Millburn and feeling like you never had enough time to decide, the three months ending August 31, 2026 brought a small shift. The Real Estate Data Aggregator counted 16 homes for sale in ZIP 07041, up 33.3% from the same period last year. That's a little more breathing room. But it hasn't slowed the market down much.

Days on market measures how long a home sat before a buyer signed. The Real Estate Data Aggregator put the median at 15 days in ZIP 07041, exactly where it was a year ago. More inventory came in, but pace didn't change.

What buyers are paying

The sale-to-list ratio tells you how close buyers are paying to what sellers asked. A number above 100% means the home sold for more than its list price. The Real Estate Data Aggregator put that figure at 105.9% for the three months ending August 31, 2026. That's down 1.4 points from a year ago, a small softening. But it still means buyers are paying above asking, on average.

In Millburn, a sale above list price is not unusual. It often just means the home was listed below expected value to draw competition. That's a common local pricing strategy, not a sign that buyers overpaid.

Most homes still sold above list price

The Real Estate Data Aggregator found that 79% of homes in ZIP 07041 sold above list price in the three months ending August 31, 2026. That's up 17.9 points from a year ago. Even as the sale-to-list ratio dipped slightly, more homes were crossing the finish line above asking, not fewer.

Fewer homes sold, but prices still rose

The Real Estate Data Aggregator counted 19 homes sold in ZIP 07041 in the three months ending August 31, 2026. That's down 47.2% from the same period in 2025. Fewer closings in a thin market like this can move the median price sharply, in either direction, without the underlying market actually changing. The median sale price rose 17.2% to $1,574,000. That number deserves some context.

With only 19 closings, one or two high-end sales can pull the median up on their own. Price-per-square-foot is a steadier signal in a month like this. Still, the direction is consistent with what the rest of the data shows: buyers are paying above list, and they're doing it quickly.

What mortgage rates mean for this market

Rates shape what buyers can afford, and that shapes what sellers can expect. Housing Wire reported on October 10, 2026 that the 10-year Treasury yield held a key level last week, which kept mortgage rates from climbing further. Housing Wire's 2026 forecast put rates in a range of 5.75% to 6.75% for the year.

The National Association of Home Builders said on October 9, 2026 that rates in the 7.5% range could become the new normal until certain global issues settle. That's a wider range than Housing Wire's forecast. The honest answer is that no one knows exactly where rates land. What we do know is that Millburn buyers are still showing up and still paying above list, even in the current rate environment.

Housing Wire also reported on October 8, 2026 that mortgage applications fell 4.2% in the week ending October 2, as borrowing costs rose. The Mortgage Credit Availability Index dropped to 107.1 in September, which signals that lenders tightened their standards a bit. These are national figures, not Millburn-specific. But they're part of the backdrop every buyer here is working within.

Speed still matters

The Real Estate Data Aggregator found that 35% of homes in ZIP 07041 went under contract within two weeks of listing, in the three months ending August 31, 2026. That's down 1.4 points from a year ago, a small dip. But it still means more than one in three listings found a buyer inside 14 days.

The town-wide median of 15 days blends fast-moving homes with ones that sat longer. A well-prepared, correctly priced home tends to move in the first group. A home that needs work or starts too high tends to drift into the second. The average masks that gap.

Supply is up, but still low

Months of supply measures how long it would take to sell every home currently listed, at the current pace of sales. The Real Estate Data Aggregator put that figure at 2.6 months in ZIP 07041 for the three months ending August 31, 2026. That's up 1.6 months from a year ago. Six months is the traditional dividing line between a buyer's market and a seller's market. At 2.6 months, Millburn is still well on the seller's side.

One more thing worth saying: ZIP 07041 covers both Millburn proper and parts of Short Hills. Those two areas run at meaningfully different price levels. A town-wide median tells you the direction, but it won't tell you what a specific block will fetch. That part takes a closer look.