Parsippany-Troy Hills, NJ real estate: the numbers, explained.

Home values in Parsippany-Troy Hills

The NJ Division of Taxation’s 2026 Average Residential Statistics show an average residential sale price of $638,060 across 334 sales used in that report.

The Census Bureau’s survey puts the median value of owner-occupied homes, as estimated by owners, at $536,200 (2020–2024 average), compared with a Morris County town median of $592,600.

Parsippany-Troy Hills property taxes

Parsippany-Troy Hills’s 2025 general tax rate was 3.452 per $100 of assessed value, and its effective tax rate was 2.452%, higher than the Morris County town median of 2.004% and higher than the statewide municipal median of 2.141%. That ranks it #36 lowest of 39 Morris County municipalities by effective rate. The average residential tax bill was $10,852 on an average assessment of $314,365 across 14,365 residential properties.

Applied to the average sale price of $638,060, the effective rate implies roughly $15,645 a year ($1,304 a month) in property tax. The Division publishes the effective rate for comparing towns, not for computing a specific bill, so use it as a ballpark.

What it costs to own vs. rent

For a $638,060 home with 20% down ($127,612) and a 30-year fixed loan at 7.18%, Freddie Mac’s national average for the week of November 5, 2026, principal and interest come to about $3,458 a month. With estimated property tax that’s about $4,762, before insurance, any HOA fee and utilities. For comparison, the Census median gross rent in Parsippany-Troy Hills is $1,736.

Run my numbers for Parsippany-Troy HillsRent vs buy here

Who lives in Parsippany-Troy Hills

About 56,397 people live in Parsippany-Troy Hills. 59.6% of occupied homes are owner-occupied (county town median 81.9%). 51.5% of housing units are single-family detached houses. The median resident age is 42.5, and 60.5% of adults 25 and older hold a bachelor’s degree or higher. Median household income is $112,327, lower than the county town median of $154,923.

The median home in Parsippany-Troy Hills was built in 1969. Much of the housing predates 1978, so buyers should plan for older-home checks: lead-based paint disclosure, an oil-tank sweep if the house ever had oil heat, knob-and-tube or older electrical, galvanized plumbing, and a sewer-line scope. See the NJ inspection checklist.

Commuting from Parsippany-Troy Hills

Workers in Parsippany-Troy Hills average 27.6 minutes each way (those who don’t work from home), shorter than the Morris County town median of 29.6 minutes. 3.3% commute by public transportation, so most commuters drive and 21.6% work from home.

Schools

I don’t republish unofficial school scores. For Parsippany-Troy Hills, start with the New Jersey Department of Education’s School Performance Reports, then confirm the exact school assignment for any address with the district, since some NJ towns send students to regional or neighboring high schools. See how to research NJ schools.

Downtown, food and things to do

The best way to judge Parsippany-Troy Hills’s restaurants, parks and weekend life is in person. Visit on a weeknight and a Saturday morning, check the town recreation calendar and walk the blocks you’d live on. My town scouting checklist shows what to look for.

My take for buyers, sellers and renters

• Buyers: taxes run above the county median, so budget on the tax bill, not just the price. Ask for the current bill on every listing.
• Sellers: with fewer public market indexes for Parsippany-Troy Hills, a comparable-sales analysis matters more. Get a free home value.

Nearby towns at a similar price